TD Securities
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Finnvera stormed through its second — and probably final — syndicated trade of the year on Wednesday as it received a twice subscribed order book that allowed it to tighten the spread by 2bp.
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The World Bank seemed to find the point of investor exhaustion with its 10 year dollar deal on Wednesday following a recent spate of successful similar deals from other borrowers. -
The World Bank appointed banks on Tuesday to lead its first 10 year dollar benchmark in almost two years to join a flurry of SSAs who have recently ventured into this rarely visited part of the curve in the currency. Meanwhile, Finnvera has mandated banks for its second syndicated trade of the year.
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A scorching week in the dollar market provided some $18.5bn of funding from issuers across the SSA spectrum. Maturities from three to 30 years were accessed, and each deal enjoyed strong demand and well-filled books.
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The European Financial Stability Facility (EFSF) and Municipality Finance drew plenty of interest in the short end of the euro curve on Thursday, with one of EFSF’s leads calling the three-year tenor the “perfect storm”.
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Public sector borrowers enjoyed healthy subscription levels and minimal new issue concessions in the five year part of the curve as they returned to the dollar bond market following the Golden Week break in China.
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The torrent of ESG supply shows no sign of slowing. Inter-American Development Bank’s debut sustainable development bond is set to come to market on Tuesday in sterling, alongside a sustainability bond from Bank Nederlandse Gemeenten.
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Three public sector borrowers announced dollar benchmarks on Monday, rekindling the market after a quiet week.
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International Finance Corporation has picked the banks to lead the first dollar benchmark of its 2019/20 financial year.
