TD Securities
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Asian Development Bank is set to become the third supranational to issue a Sonia-linked floater, after mandating banks on Monday for a new five year. -
A shift in the euro/dollar basis swap means more euro funders could look at dollars, according to SSA bankers. Upcoming Asian holidays are likely to jumbo deals, but there could be room for smaller, cheaper names — with one of those issuers getting a rampant reception this week.
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TD Securities has hired a FIG banker from Barclays into a new job in its European origination team
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NRW.Bank nipped in ahead of this week’s Federal Open Market Committee meeting to tap keen investor interest in dollars on Wednesday, pricing a deal that on-looking bankers said was flat to its curve.
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Canada should have thought twice before stripping banks of their ability to use senior debt as an ordinary funding tool.
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NRW.Bank hit screens on Tuesday for its first dollar benchmark of the year, ahead of what will be a closely watched Federal Open Market Committee meeting on Wednesday.
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Nestle, Électrcité de France and BP have led a stampede to the dollar market ahead of an expected rate hike by the Federal Reserve next week, as credit markets shrugged off trade wars between the US and China.
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Public sector borrowers rushed into what is likely to be the last window for dollar issuance for a few weeks, removing some of the price tension they had enjoyed in what had been an undersupplied currency so far this year. That meant pricing correctly involved fine margins — although most deals made it through happily.
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The World Bank cleared $4bn in the dollar market on Thursday but with spreads very tight, SSA bankers are warning that there is still little margin for error in the currency.
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Dollar investors gave public sector issuers something to think about on Wednesday, as a pair of SRI bonds had very different receptions. One aggressively priced deal struggled to reach full subscription while another offering some concession grew by a half. World Bank is up next in the currency, though in conventional format, and bankers believe the trade will indicate the market’s direction.
