TD Securities
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Canada is taking indications of interest on a three year dollar benchmark, amid a busy week of SSA issuance in the currency. -
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KfW targeted the belly of the Kangaroo curve for its first new issue of the year on Tuesday.
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The two major Canadian investment banks, Royal Bank of Canada (RBC) and TD, reported fourth quarter and full year results this week, and demonstrated starkly differing performances in their wholesale divisions.
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International Finance Corporation is set to close a tap of an April 2025 Kangaroo, its longest dated line in Australian dollars. The deal comes shortly after World Bank tapped its longest dated Kauri bond.
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Bank of New Zealand and Rabobank navigated a tricky senior unsecured market for financials this week, selling the only deals of the week on Monday.
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Export Development Canada built an oversubscribed book for a new dollar benchmark on Tuesday, despite pricing flat to its curve. The issuer’s rarity and the deal’s proximity to the Thanksgiving holiday in the US on Thursday may have helped boost demand for the paper.
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Export Development Canada is circulating initial price thoughts for a dollar benchmark in what is set to be a very short window for issuance ahead of the Thanksgiving holiday in the US on Thursday. Bankers away from the mandate said that the price thoughts were aggressive but that the issuer’s rarity and the deal’s limited size should make it a success.
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Bank of New Zealand and Rabobank sought to revive the senior unsecured market on Monday following a wobbly patch at the close of last week when syndicates pulled several deals. Both issuers took to the belly of the curve, BNZ looking for euros and Rabo dollars.
