TD Securities
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With SSA issuers' programmes rising to accommodate their responses to the coronavirus pandemic, the volume of deals transacted in niche currencies is closing in on a record high. With offshore interest in local currency deals healthy, however, many major banks are missing out on a busy and increasingly active market. -
European banks jumped into the US dollar market this week, with some issuers clocking up huge savings in the currency versus what their home markets could offer.
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Agence Française de Développement is looking to become the second European agency to head to the dollar market this week following an impressive result by Municipality Finance on Tuesday.
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Royal Bank of Scotland and ING were set on Wednesday to add to a recent run of dollar bond issuance from European banks, with some issuers having clocked up huge savings in the currency versus what their home markets can offer.
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UniCredit opened books on Tuesday for what could be its last capital transaction of the year. The bank favoured the dollar market for its new tier two, having sold a senior transaction in euros only last week.
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Kommunalbanken snagged NZ$500m ($324.5m) on Friday with the second largest Kauri bond of the year. Interest in the New Zealand dollar is high, with NZ$1.1bn worth of SSA Kauri deals printed so far this month — and more are set to follow.
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Sovereign, supranational and agency bond issuers are mobilising their resources to support the fight against Covid-19. The below table details the bonds they have issued, specifically in response to the coronavirus pandemic.
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Finland’s Municipality Finance returned to the domestic New Zealand dollar bond market on Friday after a long absence, to raise its largest Kauri bond since 2008.
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CPPIB Capital rounded off its sterling curve on Friday after only making its debut in the currency in January. The Canadian borrower aims to maintain a regular presence in this market as a result of its long-term investments in the UK.
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The World Bank returned to the Canadian dollar on Wednesday with a new C$1.5bn ($1.11bn) sustainable development bond, as movements in the cross currency basis swap, as well as the spread to Canadian Mortgage Bonds (CMBs), allowed the supranational to print the largest SSA Maple deal since last July.
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Guarantor: All Danish municipalities and regions
