TD Securities
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The higher level of new issue premium SSAs have to pay in dollars is set to be showcased this week, after a pair of European borrowers hit screens on Monday with benchmarks in the currency.
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Several public sector borrowers are tipped to come into a reopened dollar market next week — but some SSA bankers warned that conditions are still not at full strength. -
Conditions across both euros and dollars are as healthy for public sector borrowers as they have been for several weeks and, while issuance was low this week, bankers are confident that volumes will grow.
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A German agency is set to bring the second dollar benchmark from an SSA this week — quadrupling the number of such deals in September so far.
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A supranational is set to bring only the third dollar benchmark from an SSA since the start of September, after mandating banks for a deal on Monday afternoon.
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A trio of European public sector issuers tapped Kangaroo and Kauri deals on Wednesday as bankers bemoaned the shortage of larger deals in Australian dollars.
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Public sector borrowers have been printing floating rate medium term notes in dollars as investors look to avoid interest rate risk ahead of Thursday’s US Federal Reserve meeting, say bankers.
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The dollar pipeline for SSAs showed no signs of closing on Thursday, as an agency mandated, a supranational printed, and bankers suggested that next week will be even busier.
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The dollar market for SSAs kept up this week’s sizzling form on Wednesday, as another issuer mandated for a benchmark — bringing the total for what is historically a quiet week to four deals.
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Eurofima has added to a 2025 Kangaroo line and more long dated taps in Australian dollars from other issuers are expected, say niche currency bankers.
