TD Securities
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A trio of European agencies and a supranational all priced taps at the long end of the Kangaroo curve last week, with tenures ranging from nine to 12 years. Yields on these notes have fallen compared to previous taps, as the Kangaroo market feels the effects of the global bond rally. -
US online booking company Booking Holdings has signed a $2bn revolving credit facility, with a slew of domestic and global banks joining the trade.
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Market participants expect more banks will now want to print Kangaroos after investors on a search for yield poured into UBS's additional tier one (AT1) deal on Tuesday. The syndication, which surprised those involved after it managed to shave 75bp off its initial pricing guidance and attract A$4bn ($2.71bn) of orders, suggested a market ripe for a deal spree.
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The World Bank was one of a bevy of SSA dollar issuers raising a total of $8.4bn this week, with most of the trades indicating that investors coming back from the summer were having to decipher a completely different market to the one they left.
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The World Bank has mandated for its first dollar benchmark of its fiscal year, as the issuer starts hacking away at its up to $60bn funding programme for the year.
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The dollar SSA market was ablaze on Tuesday, with five deals on screen offering small new issue premiums and gaining chunky demand across the maturity curve.
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Land NRW and Nederlandse Waterschapsbank mandated for dollars on Monday, kickstarting the market again after a fortnight of blank screens in the currency.
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The US corporate bond market continued to crank out investment grade deals despite fears of a global recession battering risk assets this week.
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The World Bank is preparing to reopen its 'blockchain offered new debt instrument', or bond-i for short, as it looks to market the Australian dollar deal to a more international audience.
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The World Bank has printed the longest ever bond with a coupon linked to the Secured Overnight Financing Rate (Sofr), edging the market towards settling the debate about how to calculate coupons based on the benchmark rate.
