TD Securities
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The hefty chunk of SRI bond supply from the public sector in the second half of the year shows no signs of slowing down, with plenty in the pipeline — including from a debut issuer. -
The Province of Alberta was set to price its joint biggest ever dollar benchmark on Thursday, with a $2.25bn November 2023.
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Japan Bank for International Cooperation took advantage of the lack of competing supply and good demand in dollars to suck $3bn out from the primary market on Wednesday. Meanwhile, the Province of Alberta has mandated banks for its third benchmark of the year.
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The European Investment Bank received good demand for its second five year dollar benchmark of the year on Tuesday.
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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.
