TD Securities
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SSA dollar deals printed this week ground tighter in the secondary market on Thursday, despite the notes coming within a hair’s width of US sovereign debt. -
Demand for the Republic of Finland’s latest bond was high on Wednesday as it printed through the ECB deposit rate to sell “the most expensive syndication of all time”, according to a banker on the deal. The five year note came 29.9bp richer than Austria’s previous record holding deal, another five year note sold in June.
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SSA issuers were out in the dollar market with $7bn of new bonds on Wednesday, though the biggest of the deals highlighted how price sensitive investors were in a world where some yield curves have inverted.
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The dollar SSA market has started the short week on the front foot, with a trio of trades hitting screens on Tuesday.
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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.
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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.
