TD Securities
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The Asian Development Bank is set to return with its second dollar benchmark of the year later this week. -
Toronto Dominion opened order books on Monday for the third dollar benchmark covered bond from a Canadian issuer this year and, like the others, it has also chosen to issue a three year.
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Following on from Barclays’ Kangaroo return last month, two more foreign banks looked towards the Australian market on Wednesday. Toronto Dominion Bank placed its inaugural bail-inable Kangaroo and BNP Paribas printed its first Australian dollar AT1 note.
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Austrian agency Asfinag won a big order book on Tuesday, allowing it to price 3bp tighter than guidance, in a 10 year tenor the issuer hasn't accessed since 2009. Municipality Finance and the German federal state of Lower Saxony will add to the euro SSA supply on Wednesday with a 10 year green bond and a seven year benchmark, respectively.
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The prospect of a blockbuster bond deal from US pharmaceutical group AbbVie was welcomed by dollar bond investors this week, after corporate issuance tumbled to its lowest monthly tally this year.
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Toronto Dominion Bank has become only the second borrower from outside of the UK to sell a Sonia-linked covered bond, having quickly met enough orders on Monday to launch a £1bn offering in the sterling market.
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The Inter-American Development Bank this week capitalised on a dearth of supply at the 10 year point of the curve to print its second dollar benchmark of the year.
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The Inter-American Development Bank this week capitalised on a dearth of supply at the 10 year point of the curve to print its second dollar benchmark of the year.
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The European Investment Bank printed a $1bn three year floating rate note linked to the secured overnight financing rate (Sofr) with a coupon structure that mirrors Sonia this week, as the market still tries to find a standard method for the dollar Libor replacement.
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European Investment Bank is out with a $1bn three year floating rate note linked to the secured overnight financing rate (Sofr) with a novel coupon structure, though bankers off the deal say it looks cheap.
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The Inter-American Development Bank hit screens on Monday afternoon for a new June 2029 dollar benchmark. The note is the IADB's first 10 year benchmark of the year and other SSA issuers are circling, ready to enter the market if this deal goes well.
