TD Securities
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The European Investment Bank received good demand for its second five year dollar benchmark of the year on Tuesday. -
The European Bank for Reconstruction and Development returned to the sterling market on Tuesday to sell the first benchmark of its 2019 funding programme.
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Bank Nederlandse Gemeenten mandated banks on Tuesday to arrange a series of investor calls for its first sustainability bond of the year.
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An A$500m ($355m) Kangaroo bond from the Export-Import Bank of Korea on Tuesday reaffirmed Australian dollar investors’ appetite for high quality credits from South Korea, amid a fall in global issuance volume in the currency this year.
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The European Investment Bank mandated banks on Monday for a five year dollar benchmark, following a string of short dated floaters in the currency by supranational and agency issuers last week
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Investors were in defensive mode in the dollar market this week as they snapped up short dated trades and floating rate notes, with demand particularly heavy from central banks and official institutions. Bankers are hopeful that benchmark supply will return next week.
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Public sector borrowers could bring dollar benchmarks next week ahead of the limited funding windows of November. Floating rate issuance was the main play in the sector this week, with Municipality Finance falling just short of full subscription as it brought the latest in the format on Thursday.
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Toronto Dominion (TD) attracted stronger demand on Tuesday than Royal Bank of Canada’s three year dollar benchmark did the day before, and accordingly was able to issue in a larger size.
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The European Stability Mechanism priced its second ever dollar benchmark at a “fair” level of around 5bp over European Investment Bank’s September 2020, according to onlooking SSA bankers. Elsewhere in the dollar SSA market, Inter-American Development and NRW.Bank mandated banks for floating rate notes.
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Bank Nederlandse Gemeenten and KfW mandated banks on Tuesday for euro issues at opposite ends of the curve.
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In less than 24 hours Royal Bank of Canada and Toronto Dominion have almost doubled the volume of Canadian dollar covered bonds issued this year. And with the cost of funding being cheaper than euro covered bonds and half senior unsecured, others may be tempted to follow.
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