TD Securities
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The European Financial Stability Facility and Council of Europe Development Bank left little on the table with their euro bond issues on Wednesday. More supply is expected, as three more borrowers have picked banks for deals expected this week. -
Toronto–Dominion Bank’s (TD) €1.75bn five year covered bond, which was issued on Wednesday, was priced 13bp tighter than where it might have launched in January when five other Canadian borrowers entered the market with similar deals.
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Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.
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The dollar market is expected to provide just a handful of deals this week, with a benchmark for the Province of Quebec and a short dated floater for Eurofima up first.
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A series of modest taps at the long end of the Australian dollar curve at the end of last week suggests that what has been a quiet market for Kangaroo bonds could soon spark into life, according to SSA funding officials.
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TD Securities has hired a senior corporate bond syndicator in New York following the departure of another banker who left to rejoin his old firm, Deutsche Bank.
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Public sector borrowers in the euro SSA market received strong demand in both the short and long ends of the curve on Tuesday. KfW took advantage of the blistering conditions to sell its first euro benchmark with a three year maturity since 2015, while Société du Grand Paris (SGP) sold its biggest ever bond.
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Société du Grand Paris (SGP) mandated banks on Monday for its second benchmark green bond, following its debut last October. Meanwhile, KfW hit screens for a long three year benchmark, the agency’s third benchmark in euros this year.
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Taps in Oceanic currencies flowed freely this week as two supranationals raised funds in the Kangaroo and Kauri markets.
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The Asian Development Bank broke two records on Thursday as it printed its biggest sterling deal to date and took non-UK SSA issuance in the currency to a record level for a half year. Supply is likely to take a breather next week owing to some crucial Brexit votes in the UK Parliament, but SSA bankers are confident the market will not take long to spark back into life.
