TD Securities
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Toronto Dominion Bank this week issued a €1.25bn short five year euro covered bond with a modest concession that matched the record tightest Canadian euro covered bond spread, albeit with a rather low subscription ratio. -
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The European Bank for Reconstruction and Development set a new pricing bar for 2018 in five year dollars on Wednesday as it equalled its largest ever dollar benchmark size. Municipality Finance was also out in the same tenor, with a trade that leads said had a concession of 2bp-3bp.
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Before 2017, US crowd services provider Equinix had not issued a bond in euros. But it has now visited the European high yield market three times, having completed its latest deal on Wednesday.
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FMS Wertmanagement on Tuesday took advantage of widening swap spreads to equal the tightest spread to mid-swaps on a five year benchmark so far this year — a level that was “very tight” to KfW, said bankers on the trade. Two other borrowers are lining up to try their luck in the tenor — including one that is aiming for an even tighter spread.
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The World Bank has raised Skr1.2bn ($150.2m) with a five year sustainable bond, following up a $350m private placement sold to Folksam Group last week.
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Rates in Australian dollars are compelling compared to most currencies, which has aided long-end demand and allowed for a bumper outing by a supranational this week.
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Issuance of Indian rupee MTNs is at record levels this year, with dealers citing higher yields and a stable exchange rate for the flows. Elsewhere in the market, Malaysian ringgit has made an appearance for the first time this year.
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Public sector borrowers are reaping the benefits of investors looking to “weather the storm” of wider market volatility, said bankers, as investors poured cash into short dated dollar issues this week. Bank Nederlandse Gemeenten and Sweden are set to be the next issuers to benefit, after mandating for three year trades on Tuesday.
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Three dollar borrowers have hit screens in a market buoyed by a pronounced Treasury sell-off.
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The European Investment Bank (EIB) and Municipality Finance announced sterling transactions for Tuesday, making this January a remarkably busy one for the currency.
