TD Securities
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Quantitative easing, perhaps the single most important factor affecting bond prices over the past three years, could be coming to a long awaited end this year. Members of the European Central Bank governing council seemed to hint as much this week, causing govvie spreads to gap wider, writes Lewis McLellan. -
Rentenbank on Tuesday sold what Dealogic data shows is its largest ever euro benchmark, while the State of North Rhine Westphalia visited the long end of the curve.
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The State of North Rhine-Westphalia (Land NRW) hit screens on Monday to announce a long dated euro benchmark.
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Toronto Dominion Bank issued the largest sterling covered bond from a non-UK bank on Thursday. The transaction, which follows the issuer's successful euro covered bond on Wednesday and comes amid a dearth of FIG issuance, demonstrates the strength of the product and TD’s name.
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Toronto Dominion took advantage of a brief respite from volatility in the European government bond market to issue a €1bn seven year transaction on Wednesday.
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The World Bank has printed its first sterling floating rate note in almost six years, raising a whopping £750m with the deal.
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German car company Daimler raced from one side of the Atlantic to the other this week to raise €6.7 equivalent from 10 tranches of bonds with tenors from two to 10 years.
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DTE Electric Co has become the newest member in the slowly growing club of investment grade US electric utility companies that have issued bonds explicitly marketed or certified as “green”.
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Canadian banks will be able to issue debt to meet their total loss-absorbing capacity (TLAC) requirements from September, with issuers focused on the costs of what they expect will be an otherwise straightforward process of rolling over their maturing debt.
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A decent start to the week gave way to caution as escalating geopolitical concerns slammed the brakes on US high-grade dollar supply.
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Investors have begun to push back against ever tighter levels in the public sector dollar market, with a deeply sub-Libor trade this week failing to find full subscription. But there was not much concern ahead of next week’s Easter holidays, with some strong funding already raised in the first quarter and the new Federal Reserve chair’s first Federal Open Market Committee meeting passing this week without any great surprises.
