TD Securities
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KfW is set to price its first Canadian dollar deal of the year on Thursday, after mandating banks for a five year bond on Wednesday afternoon. -
High grade borrowers were thin on the ground in the US market this week as volatility roiled equities and earnings blackouts loomed large.
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Investors flocked to Quebec’s first dollar benchmark in nearly two years this week. Although the province had intended to issue $1bn, the scale of the demand enabled it to print its largest ever deal in the currency.
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TD Securities has been on a mission. From its profitable but limited redoubt covering the niche currencies, it has fought its way into one of the biggest, toughest markets in fixed income — that for dollar agencies.
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Royal Bank of Canada and Toronto Dominion returned to the dollar covered bond market this week, taking the number of benchmark issues in the currency this month to four. The two $1.75bn triple-A five year deals priced at 27bp and 29bp over mid-swaps, respectively. While the two deals became joint largest dollar deals this year, it was RBC’s deal was the tightest in dollars for several years.
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Asian Development Bank has hopes of printing in Canadian dollars again soon, having this week sold its first deal in the currency in over seven years and its first debut seven year deal in Canadian dollars.
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National Australia Bank attracted a high level of European demand for a dollar denominated deal on Tuesday. The unusually broad distribution paid testimony not only to the novel syndication approach, but also the tempting outright yield relative to what would have been seen in euros.
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A trio of issuers printed oversubscribed deals in dollars this week, including the Inter-American Development Bank’s largest ever dollar global. More borrowers are eyeing issuance in the currency given the impressive levels of demand on offer, although holidays next week will make windows of issuance few and far between.
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The supranational and agency issuers that reopened benchmark issuance in dollars this week enjoyed strong demand as investors starved of supply scrambled to put their cash to work.
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Kangaroos and Kauris — not dollars and euros — could grab the attention of supranational agencies in the coming months, with price rather than prodigious volumes likely to be the issuers’ focus as they flirt with near-completed funding targets. Jonathan Breen and Nathan Collins report.
