TD Securities

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.

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.

Both KfW and the Council of Europe hit the books in sterling-denominated deals that raised £300m apiece.

European Investment Bank rounded off a strong week for Australian dollar issuance from public sector borrowers, printing a five year note on Thursday.

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.

Public sector borrowers enjoyed a storming sterling market this week and, with many of the supporting factors still in place, SSA bankers are confident that more deals will follow.

The Inter-American Development Bank raised $3bn on Thursday amid a buoyant dollar market for public sector borrowers at the start of 2016.

The sterling market enjoyed a second record breaking day in a row on Wednesday as FMS Wertmanagement printed its largest ever deal in the currency — and sterling investors were impatient for an upcoming World Bank deal.

The World Bank printed a five year Kangaroo note on Wednesday to kick off the Australian dollar market for the year, which could be set for a bumper couple of months.

Last year’s difficult dollar conditions looked firmly in the past on Tuesday as a pair of issuers tapped different parts of the curve for big deals — and other issuers readied themselves for trades.

The European Investment Bank blew the doors off the sterling market with a record breaking deal on Tuesday, and two other issuers quickly followed.

A pair of SSA heavyweights are limbering up for the first public sector dollar benchmarks since the US Federal Reserve raised rates late in 2015 — and plenty more could follow ahead of the next Fed conflab.