TD Securities

Green, social and sustainable issuance has dominated the supranational and agency bond market for a whole month, consistently outpacing conventional supply. That trend looks set to continue with three SRI deals already on screens.

Two borrowers visited the long end of the dollar curve this week and while both completed their deals successfully, investors clearly displayed more appetite for the higher yielding of the pair.

Bank Nederlandse Gementeen kicked off a busy week for socially responsible bond issuance by public sector borrowers with a well-received 12 year sustainable bond, its longest ever deal in that format.

Asian Development Bank and the Province of Ontario hit the dollar market on Tuesday, with both issuers tapping the tricky 10 year part of the curve ahead of the start of public holidays in Asia this week which will put a pause on issuance in the currency.

After a week without deals, the primary euro public sector bond market will see a return of activity next week with Bank Nederlandse Gemeenten and the State of North Rhine-Westphalia preparing to bring sustainable deals in the currency.

Ontario Teachers’ Finance Trust made a convincing statement as it hit the dollar bond market on Thursday with new three and 10 year notes that were tightly priced and had record order books.

Swedish Export Credit Corporation took full advantage of the quiet SSA market to print a three year dollar benchmark on Wednesday. Ontario Teachers Finance Trust is set to follow on Thursday.

Rabobank has issued its largest green bond, a day after publishing a new Sustainable Funding Framework that will enable it to print debt in four different green and social flavours — a structure it hopes will give investors more clarity.

The World Bank visited the Maple market on Thursday to print the largest ever seven year Canadian dollar bond from a non-domestic issuer, raising C$750m ($569.8m) with a new sustainable development bond (SDB).

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Caisse d’Amortissement de la Dette Sociale (Cades) and the International Development Association set new size records this week, with the former bringing the biggest ever social bond in dollars and the latter issuing its biggest ever bond since entering the capital markets in 2018.

Amy West has been named global head of a new sustainable finance and corporate transitions group at TD Securities, which becomes the latest bank to launch a new unit working in this area.