TD Securities
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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.
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The Inter-American Development Bank raised $3bn on Thursday amid a buoyant dollar market for public sector borrowers at the start of 2016.
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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.
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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.
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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.
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The European Investment Bank blew the doors off the sterling market with a record breaking deal on Tuesday, and two other issuers quickly followed.
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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.
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With plenty of cash to deploy following a large number of redemptions, sterling investors piled into what looks likely to be KfW’s last sterling offering of the year on Tuesday.
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Europe's high yield market has made a remarkable comeback in the past fortnight, crowned this week when Ball Corp, the US can maker, priced a €2bn-equivalent bond, highlighting the bullishness of euro markets inflated by QE, writes Victor Jimenez.
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Ball Corp, the US metal packaging manufacturer, wants to issue its first euro bond as part of a €1.5bn-equivalent deal to support the purchase of UK can maker Rexam.
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BNP Paribas has tapped the Australian dollar market with a 10 year note on Wednesday, drawing demand from Asian investors.
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