TD Securities
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The dollar corporate bond market has a more subdued feel this week, after its stellar start to the year, as US issuers are moving into earnings blackouts. But even as politics took centre stage as Congress moved to impeach President Donald Trump for the second time, ahead of Joe Biden’s inauguration on January 20, corporate borrowers quietly churned out deals.
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World Bank hired banks on Tuesday to lead a new 40 year euro sustainable development bond — the supranational’ s longest ever benchmark in the currency. The deal will be the latest example of public sector borrowers venturing longer in the euro market this year. -
Yankee issuers stormed into the US dollar market to lock in record low levels of funding, despite this week’s turmoil in Washington, DC.
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The Nordic Investment Bank became the latest public sector borrower to achieve a strong result in the sterling market this week with a £600m print.
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The run-off for the final two seats in the US Senate was nearing its close on Wednesday and it looks likely that Democrats will secure both, granting the party a majority in both houses of Congress. The race has caused a spike in US Treasury yields, lending Wednesday’s SSA borrowers a big boost.
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World Bank sold a Canadian dollar benchmark on Tuesday, raising C$1.5bn ($1.2bn) with a January 2026 line.
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KfW and Swedish Export Credit Corporation (SEK) achieved strong results in sterling on Tuesday despite extremely volatile conditions in the currency as a result of uncertainty around the impact of Brexit and the rising cases of coronavirus in the UK, which has affected swap spreads and the cross-currency basis swap for non-UK borrowers.
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American insurers Metropolitan Life and Athene Holding had a busy start to the year as they tapped the sterling, euro and dollar markets to issue a quartet of funding agreement backed (FAB) securities.
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The European Investment Bank made a blazing start on Monday in tackling its 2021 borrowing programme, hitting the Australian dollar and sterling markets on Monday, and lining up a dollar deal for Tuesday.
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Public sector borrowers wasted no time in getting back to business in the euro market in 2021 with one live deal and four mandates all hitting screens on Monday as issuers look to take advantage of an almost full trading week and a supportive market to make a dent in their brand new funding programmes.
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Nederlandse Waterschapsbank and Kommuninvest will both take to the dollar market this week, sneaking in ahead of the Thanksgiving holidays.
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