TD Securities

The International Development Association (IDA) impressed with its debut sterling bond on Thursday, as it received the largest ever order book for the currency in the SSA market. It also equalled the biggest ever trade in sterling by a non-UK public sector borrower.

A pair of Asian SSA issuers joined a busy dollar market on Wednesday, bringing three and 10 year deals. Demand for three year dollar paper is high, with two more issuers set to join the fray on Thursday.

Demand for the Asian Development Bank's new five year Kauri print — the first SSA deal in the market since August — soared on Wednesday, leading to the deal being increased twice during pricing. With several frequent issuers also circling the market, bankers expect more to follow.

The International Development Association has hired banks to lead its first sterling bond as it looks to make another step in its quest to develop a diversified funding programme.

KfW and Canada both launched dollar benchmarks on Wednesday, bringing a pair of highly subscribed and tight deals. Following their success, two Asian SSA issuers prepare to join the busy dollar market.

The Asian Development Bank is “testing the market” with a new five year New Zealand dollar bond — the first Kauri deal of 2020 and the first from a SSA issuer since last August.

KfW picked banks on Monday to lead the dollar market's first three year SSA deal of the year, while infrequent issuer Canada is looking to ride the recent wave of five year dollar supply after appointing banks to lead a new benchmark deal.

Rating: Aaa/AAA/AAA

Rating: Aaa/AAA/AAA

Foreign and domestic banks flocked to the UK this week as they sought to take advantage of stellar funding conditions in the sterling market. Bankers said this was the first chance issuers had to benefit from opportunities in the currency following December’s general election, which removed a lot of short-term uncertainty around Brexit.

A pair of supranationals opened the Maple market with sustainability bonds this week. The Canadian green market is “going through a growth phase” as more and more domestic investors show interest in the product, according to bankers.

Export Development Canada has started its 2020 funding with a Sonia floating rate note, after the European Investment Bank earlier this week brought the first trade in the format of the year.