TD Securities
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Metropolitan Life landed a good price on its return to the Aussie dollar market on Thursday, thanks to tightening spreads and a scarcity of high rated financial paper. -
Dollars was the flavour of the day for public sector borrowers on Tuesday as three issuers headed to the currency, raising a combined $12bn. Two more SSAs will follow with dollar deals on Wednesday.
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The International Finance Corporation became the latest supranational borrower to hit the Kangaroo bond market on Friday, coming after the World Bank’s monstrous deal earlier in the week.
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Rating: Aaa/AA/AAA
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World Bank gave the flagging volumes in the SSA Kangaroo bond market a huge boost this week by printing the biggest ever bond in the sector in a single outing with a combined A$1.65bn ($1.19bn) deal across two tranches.
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Italy held a series of investor calls on Thursday in preparation for a trip to the dollar bond market. Italy returned to the currency last year after almost a decade away, and announced that it intends to access the market every year.
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The European Union achieved an impressive result once again on Tuesday, raising €14bn for its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme on Tuesday.
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World Bank announced a dual tranche in Australian dollars on Monday — its first syndication in the currency in 2020.
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The European Financial Stability Facility made a quick and impressive visit to the euro market on Monday, concluding its funding needs for the year, ahead of the European Union’s second outing under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme, which is expected to be priced on Tuesday.
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Asian Development Bank printed the largest SSA kangaroo benchmark of the year on Tuesday, taking advantage of a brief issuance window and capitalising on expectations of the start of quantitative easing in Australia.
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Supply in the SSA dollar market is clustered at the short end of the curve, as borrowers focus on defensive tenors ahead of the upcoming US election. Kommuninvest landed a sizeable benchmark on Tuesday, while Kommunalbanken will follow suit on Wednesday.
