TD Securities
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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.
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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.
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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.
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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.
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The European Investment Bank delivered 2020’s first Sonia bond on Wednesday, adding to a streak of hot deals in sterling. The second Sonia deal is set to follow on Thursday.
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Two dollar benchmarks hit screens on Wednesday. While the issuers achieved good results, the volatility caused by Iran’s missile strike on US bases meant that the deals met with less hungry investors.
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The Sonia-linked covered bond market is showing signs that it is 'maturing', with Commonwealth Bank of Australia launching a new deal in the format on Tuesday and Coventry Building Society looking to follow in the footsteps of two of its compatriots early in 2020.
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The European Investment Bank is showing no signs of fatigue despite a gruelling start to the year. The supranational mandated banks on Tuesday for a five year Sonia floating rate note — its third syndicated deal of 2020.
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Some of the SSA market's biggest names are already out for chunky dollar benchmarks, getting off the mark quickly in spite of some sharp moves in swap spreads. Most deals have gone well, but not everything has been a smooth ride.
