TD Securities
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A pair of German sub-sovereigns had the primary public sector bond market to themselves this week, with each taking €500m at tight levels to their secondary curves. -
The State of Brandenburg got over the line with a fully subscribed order book and a yield inside its curve on Tuesday, successfully avoiding the fate that its compatriot Berlin met at the tenor last week.
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The State of Brandenburg will keep the primary euro public sector bond market ticking on Tuesday after mandating banks for a new 20 year bond for which it hopes to achieve a better outcome than Berlin's deal at the tenor last week.
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The International Finance Corporation sold the first SSA Kangaroo deal in over three weeks on Thursday, returning to the market with a A$100m ($71.9m) 11 year bond.
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The World Bank impressed with its first benchmark transaction of its new fiscal year this week as it received solid demand despite pricing tightly to match the spread it paid for a five year deal before the outbreak of the coronavirus pandemic.
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TD Securities has appointed Matthew Jaconelli to head up its MTN and niche currency operations in Europe, taking over from Sameer Rehman, who will now focus on financial and corporate issuance.
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The European Stability Mechanism is likely to use its funding window scheduled for next week to issue a dollar benchmark, according to SSA bankers.
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UBS Group opened books on new additional tier one (AT1) on Wednesday, as it looked to hoover up demand from yield-starved investors in the Reg S dollar market.
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World Bank scored an impressive result with the first dollar benchmark of its new fiscal year as it priced at the joint-tightest level versus mid-swaps for a five year deal in the currency since the onset of the coronavirus pandemic.
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World Bank mandated banks on Monday to lead its first dollar benchmark transaction of its 2020/21 financial year, which could be priced tighter versus mid-swaps than any other five year dollar trade since the start of the coronavirus pandemic.
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CPPIB Capital mandated banks on Friday for its third dollar benchmark this year as it looks to jump on the back of a strong reception for Canadian and Japanese borrowers in the currency this week.
