TD Securities
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The international Finance Corporation has taken another step in furthering the internationalisation of Indian rupee bond markets by issuing the first London listed bond in the currency. The deal also marks the longest dated offshore Indian rupee bond. -
Rentenbank is set to return to the Canadian dollar market for the second time this year on Wednesday, with what will be its largest benchmark in the currency since 2007.
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Council of Europe Development Bank (CEB) has hired lead managers to run the first five year dollar syndication since a pair of deals failed to cross the line three weeks ago amid strong volatility in US Treasuries. Sweden and Caisse des Dépôts et Consignations brought deals with more conservative maturities.
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World Bank has been busy in local currencies this week, printing its first deal in Mexican pesos this year and doubling the size of an 11 year Kangaroo bond.
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Nestlé found strong demand for a six year Australian dollar bond on Wednesday, its second issue in the currency this year.
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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.
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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.
