TD Securities
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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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 due 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. -
The European Investment Bank and FMS Wertmanagement sold well oversubscribed issues in the sterling SSA market on Tuesday before an expected quieter period for new issues in the currency next week as parliament votes on prime minister Theresa May’s revised Brexit deal.
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Dollar swap spreads tightened dramatically in the middle of the week — with bankers at a loss to explain why — but the SSA sector was still “rock solid” in one syndicate head’s words, so the currency should be open for business next week. The only two dollar trades this week — a bond market return from CDP Financial and first deal of the year from Erste Abwicklungsanstalt — both went well.
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Guarantor: Caisse de dépôt et placement du Québec (CDPQ)
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The Kangaroo bond market’s recent bounce kept pace this week as Asian Development Bank on Tuesday raised an additional A$100m ($71.6m) with a tap of an existing A$250m issue. Bankers are confident that more supply could follow.
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Far East Horizon and Asian Development Bank added a bit of life to the dim sum bond market in February, raising Rmb740m ($110.4m) between them. Bankers think looming maturities could give them more business this year.
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Sweden has joined the throng of SSA borrowers making up for the dollar market's weak start to the year, bringing its first deal in the currency for over a year. It follows a trio of new issues that achieved tight spreads.
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One of the biggest snowstorms to hit Ottawa in years could not stop Export Development Canada printing its largest ever deal this week, alongside a record three year book for the European Investment Bank (EIB) and a very healthy Bank of England (BoE) dollar deal.
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KfW made a strong return to the Canadian dollar market on Thursday after 3.5 years away from the currency, as it tightened pricing on its comeback deal. The German agency came alongside a green bond in the currency from a Canadian province.
