TD Securities
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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. -
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.
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The Japan Bank for International Cooperation priced a 10 year benchmark while the Province of Ontario placed a three year bond on Wednesday. Both issuers impressed bankers away from the trades, coming as they did amid difficult conditions.
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A pair of SSAs are set to bring dollar deals on Wednesday, despite worries over the health of the Chinese economy making life difficult for other issuers in the currency on Tuesday.
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Both KfW and the Council of Europe hit the books in sterling-denominated deals that raised £300m apiece.
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European Investment Bank rounded off a strong week for Australian dollar issuance from public sector borrowers, printing a five year note on Thursday.
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Supranational and agency borrowers have long anticipated a wave of demand from American investors as US government sponsored enterprise issuance dwindles. But this week there were concrete signs that the dollar bond market has shaken off the problems that prevented the big switch. Craig McGlashan reports.
