TD Securities
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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. -
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.
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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.
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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.
