TD Securities
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Issuance slowed in the sovereign, supranational and agency bond market this week thanks to Chinese New Year and the anticipation of US Federal Reserve chairperson, Janet Yellen's testimony to US Congress.
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A window for sovereign, supranational and agency issuance opened after the Federal Open Market Committee (FOMC) meeting on Wednesday, with deals likely to get done before the inevitable slowdown accompanying the start of the Chinese new year on February 8.
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Export Development Canada (EDC) has printed $1bn no-grow three year dollar benchmark that brought in a large order book and priced tightly, despite volatility elsewhere in markets. -
Export Development Canada is to price a $1bn no-grow February 2019 benchmark on Tuesday, ahead of this week’s Federal Reserve rates meeting.
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The Province of Ontario last Friday took advantage of a calm end to a volatile week, pricing its second green bond in Canadian dollars at the very tight end of guidance.
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The carnage afflicting worldwide financial markets played into a trio of issuers’ hands this week, with each one able to attract strong demand from investors seeking safety in uncertain times.
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A storming start to the supranational and agency sterling market showed no signs of abating this week as issuance volume reached a record year-to-date high — and another issuer lined up a deal for Friday.
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The World Bank and Cades were both able to bring large deals at the short end of the dollar curve on Thursday, despite a difficult market backdrop for issuers.
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Bank Nederlandse Gemeenten (BNG) is the first SSA borrower this week to brave the dollar bond market as tricky conditions in other markets make life tough for issuers.
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FMS Wertmanagement has added £150m to a two year benchmark due to mature in April 2018.
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The Inter-American Development Bank has printed a £250m December 2019 bond that has set a new record for year-to-date supranational and agency sterling issuance.
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A strong start to public sector dollar issuance in 2016 fell away this week, as volatile swap spreads returned and worries over the health of the Chinese economy made printing further along the curve difficult.
