TD Securities
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Bank of America signalled the last hurrah of post-earnings supply by Wall Street heavyweights when it hit the market on Monday with a $5bn bond. -
Ontario printed a first green bond off its domestic medium term note programme this week, and the deal was over six times covered. Demand for green provincial paper is high, with Ontario coming a week after neighbouring Quebec.
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Export Development Canada has mandated banks for its first dollar benchmark of the year in what has been a quiet week in the currency for public sector borrowers. SSA bankers expect activity in dollars to pick-up next week, despite a US public holiday on Monday.
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World Bank cemented its status as one of the leading sterling issuers in the public sector bond market with a record-breaking 10 year deal on Thursday.
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World Bank mandated banks for a 10 year sterling deal on Wednesday — an extremely rare trade from a non-UK public sector borrower, but in line with the trend of issuers going out longer in the sterling curve.
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Two sterling public sector bond issues were announced on Tuesday, but aside from timing, the trades had little in common. The UK Debt Management Office printed £2.5bn at 50 years, while the International Finance Corp raised £350m with a seven year.
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Banco Santander was the only financial issuer in the sterling market on Tuesday, tapping the currency for a non-preferred senior bond. Sterling has made a 'rocket start to 2020', according to FIG market participants.
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The International Finance Corp is set to become the latest public sector borrower to head to the seven year part of the sterling bond curve, in an attempt to achieve a more attractive funding cost when swapping out of the currency.
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Records tumbled in the US bond market this week, as Bank of America and Toronto Dominion set new pricing records.
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Two supranationals hopped into the Kangaroo market with environmental, social governance (ESG) bond taps this week, in a move that is becoming increasingly popular. With a local holiday this weekend marking the end of antipodean summer, bankers expect Australian dollar issuance to restart in the next few weeks.
