TD Securities
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The Inter-American Investment Corporation (IDB Invest) received its biggest ever order book as it came to the market this week for its latest Covid-19 response bond. The strong demand allowed the issuer to comfortably print its joint-biggest deal flat to fair value.
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A trio of SSA borrowers hit the market for dollar paper this week, testing the waters across the curve and finding investors receptive. Although the top tier names are mostly well funded, demand is still hot for the extra yield offered by the second layer of SSA borrowers. -
The Province of Alberta hit the market for a 10 year deal, raising $2bn and impressing onlookers with a solid order book. Its peer Quebec will follow up on Thursday with a five year. But despite Alberta's success, further supply at the tenor may be limited.
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The Asian Infrastructure Investment Bank is considering increasing its 2020 funding programme to meet the high demand for its coronavirus response package. That could lead to the Beijing-based supranational launching a Kangaroo bond programme in the coming weeks and to it making a return to the dollar market later this year.
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The Inter-American Investment Corporation (IDB Invest) raised $1bn with a three year bond on Tuesday, while the Japan International Cooperation Agency tested the water with a 10 year dollar transaction, opening up an opportunity for the Province of Alberta to follow suit.
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Following investor calls last Friday, two public sector borrowers hit the market for new dollar bonds on Monday, with IDB Invest going for a three year maturity and the Japan International Cooperation Agency making a rare appearance for a 10 year trade.
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The dollar market has taken over from euros as the funding currency of the moment for SSA borrowers, with successful deals from IFC and and Japan Bank for International Cooperation.
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Investors piled into KfW’s first dollar benchmark in six months on Tuesday, allowing the issuer to break the order book record for SSA dollar benchmarks.
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KfW mandated banks on Monday for a highly anticipated return to the dollar market following its previous benchmark in the currency back in January. The German agency will be joined in dollars by the Asian Development Bank, which is preparing a three year trade.
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Takeda Pharmaceutical was the standout issuer as US high grade corporate bond issuance ground to a halt this week, ahead of the July 4 holiday.
