TD Securities
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Agence Française de Développement (AFD) will tap the dollar market this week to become the latest public sector borrower to print a bond in response to the coronavirus pandemic. -
World Bank made the most of the recovery in market conditions to print the largest ever SSA dollar benchmark on Wednesday, raising $8bn.
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The World Bank made a swift return to the market on Tuesday as it prepares to sell a five year global sustainable development bond after updating investors on its plans to tackle the impact of the Covid-19 pandemic.
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A trio of agencies hit screens with dollar deals on Tuesday. Bank Nederlandse Gemeenten and CDP Financial tapped the three year part of the curve, while the Ontario Teachers’ Finance Trust reopened a five year market that had been shuttered by coronavirus-related volatility.
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Toronto-Dominion Bank launched the first Australian dollar covered bond of the year on Thursday night, issuing in good size at a similar spread to where it recently issued its dollar covered bond.
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The dollar market had looked sluggish, particularly in comparison to the volumes churned out in euros, but Tuesday's $4.5bn two year from Asian Development Bank indicates the market is back in working order.
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A leading covered bond investor has reacted positively to a series of measures announced by Canada’s Office of the Superintendent of Financial Institutions’ (OSFI) which have effectively provided stable access to emergency funding, including a temporary increase in the amount of covered bonds the country's banks can issue. The move comes after a heavy spell of supply that had sparked concerns that Canadian banks were struggling for cash.
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The dollar bond market is gradually opening up, with two high quality public sector borrowers hitting screens on Monday for short dated deals. But with volatility still gripping the cross-currency basis swap market, European borrowers are still sticking to their home currency.
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Investors flocked to African Development Bank’s Fight Covid-19 social bond on Thursday, allowing the supranational to print its own largest ever dollar deal, and its largest ever social bond.
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The Inter-American Development Bank on Thursday started marketing a five year sustainable development bond in Global format as it looks to become third SSA borrower to jump into the dollar market this week. But SSA issuers that fund in euros will unlikely be able to mirror join the party.
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The Republic of Austria and the African Development Bank announced new bond transactions on Wednesday which will be used to provide emergency financing in response to the coronavirus outbreak.
