TD Securities

Public sector bond markets are under threat from violent price moves and low liquidity for months to come, warned SSA bankers, after government bonds sold off sharply on Wednesday.

Inter-American Development Bank and KfW have got away with pricing dollar benchmarks of identical tenors on the same day although neither borrower tightened pricing from the initial price thoughts level.

European Investment Bank tapped a 2021 sterling floating rate note for £250m on Wednesday. Some sterling buyers are moving from the short end to the belly of the curve in search of yield, said SSA bankers.

Asian Development Bank on Wednesday sold its first bond in Canadian dollars this year, which was also its largest print in the currency on a single visit.

FMS Wertmanagement placed a short three year bond in sterling on Tuesday, while the European Investment Bank announced a tap of a 2021 line in the currency.

Asian Development Bank on Monday mandated banks for its first bond in Canadian dollars this year.

KfW’s second Canadian dollar deal of the year enjoyed strong demand from international investors on Thursday.

KfW has more than doubled the original target for its debut Kauri bond, as investors flocked to the long awaited deal.

KfW has opened books on its first Kauri bond, a trade that has been years in the making, according to lead bankers on the deal.

L-Bank mandated banks on Thursday for its inaugural Kauri bond, while Export Development Canada opened a tap of a 2019 Kangaroo.

European Investment Bank’s first five year Kangaroo deal for more than a year attracted strong interest from Asian investors this week.

A pair of issuers were able to access sterling in size this week as European investors increasingly seek to buy in the currency.