TD Securities
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The World Bank hit screens on Monday with a mandate for a new five year sustainable development Maple bond — its first public Canadian dollar issue since September. -
The pipeline is starting to fill in the public sector bond market with the European Investment Bank and Kommunalbanken set to bring dollar deals and KfW preparing its first euro benchmark of the year. More deals — including the first sovereign syndication of the year— are set to follow this week.
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KfW broke new ground in the sterling bond market on Monday by bringing its largest ever benchmark in the currency. Kommunalbanken is looking to latch on to the red hot market too after picking banks to lead a new December 2024 trade.
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Leeds Building Society opened books on Monday for its second Sonia-linked covered bond. The trade benefited from an ‘unparallelled’ level of demand, reaching almost four times its £600m size.
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The European Investment Bank and the Inter-American Development Bank amassed strong demand from investors to kick off their funding programmes for the year on Friday, with the former receiving the biggest ever order book in the sterling supranational and agency bond market, according to the leads.
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The Federal State of Lower Saxony sold the first euro public sector benchmark of 2020 with a well received 10 year deal on Thursday. Meanwhile, the European Investment Bank is keeping to tradition of beginning its benchmark funding for the year in sterling.
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National Australia Bank returned to the Canadian dollar market for the first time in over nine years this week to place the largest ever Maple callable tier two, and the first since global financial crisis.
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DNB Bank made the most of a favourable backdrop in the financial institutions bond market this week, selling a short-dated senior bond in sterling after recent prints in euros and dollars.
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The Province of Ontario is keeping a close eye on foreign markets as it considers whether to follow Wednesday’s Canadian dollar green bond with a foreign currency issue.
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The sterling public sector bond market was alive on Tuesday as the UK sold the penultimate syndication of its financial year and Caisse des Dépôts et Consignations returned to the currency for the first time since January 2018.
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The Province of Ontario hit screens on Tuesday afternoon with initial price thoughts for a C$750m no-grow tap of the February 2025 bonds.
