TD Securities
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SSA issuance in Canadian dollars is enjoying a renaissance, with a pair of deals this week taking July to a record monthly volume and a tenor last seen several years ago returning. -
Public sector borrowers could beat the summer slumber if they bring dollar deals, said SSA bankers — and they may be rewarded for doing so, with conditions unlikely to be able to get better than this week’s.
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The World Bank sold a sustainable development bond in Canadian dollars on Thursday that took issuance in the currency from non-Canadian SSAs in July to its busiest month ever.
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Fannie Mae on Thursday ensured its name would be included in future financial textbooks on the replacement of Libor as it priced the first ever floating rate notes linked to the new Secured Overnight Financing Rate (SOFR), drawing a wide range of investors from money funds to state treasuries in the process.
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The International Finance Corporation on Tuesday brought the tightest priced five year dollar benchmark in three years, at a level that bankers said looked in line with the supranational’s curve. Despite the measly spread over swaps, higher outright yields likely helped buoy demand.
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The International Finance Corporation is set to bring its first five year dollar global benchmark in two years, and could achieve an even tighter spread than Nordic Investment Bank’s multi-year low two weeks ago, according to on-looking bankers weighing fair value.
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Bank treasury demand is the main driver behind the highest ever year-to-date level of sterling SSA issuance, according to research by TD Securities. More deals could come this week to add to that total.
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The International Finance Corporation (IFC) visited the Canadian dollar market for the first time in more than 10 years this week, matching its largest ever deal in the currency for size.
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Public sector borrowers will enjoy sparkling conditions in the dollar market in the coming weeks if they choose to fund in the currency, said SSA bankers, with demand far outstripping supply. But candidates look hard to find after a handful of deals this week, with euros still offering better all-in pricing levels.
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After three sterling bonds this week from the eurozone, the cross-border issuance in the currency reached its highest ever year-to-date level, according to Dealogic.
