TD Securities

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.

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.

Records tumbled in the US bond market this week, as Bank of America and Toronto Dominion set new pricing records.

Rating: Aaa/AAA/AAA

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.

The European Investment Bank doubled up in capital markets on Wednesday, hitting screens for a fixed rate sterling benchmark and a Sofr-linked floating rate dollar note.

The dollar SSA bond market, unfettered by geopolitical volatility, enjoyed an excellent week, although it is still lagging behind the euro market in terms of overall supply.

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.