TD Securities
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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.
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Kommunalbanken has announced a dollar floater trade to launch on Tuesday, just ahead of the Federal Open Markets Committee’s rate decision on Wednesday.
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Public sector borrowers this week set new landmarks in what has already been an exemplary year in dollars, as KfW sold the largest 10 year dollar benchmark in 2.5 years and the Nordic Investment Bank priced the tightest deal versus swaps of 2018 so far. SSA bankers are confident that conditions will hold at both ends of the curve — allowing the possibility of further long end supply and even lower short end spreads.
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KfW on Wednesday posted a clear sign that the path to 10 year dollars is wide open for public sector borrowers, printing a $3bn global that was the largest trade in the tenor for 2.5 years. That left SSA bankers rubbing their hands and speculating over which borrower might come next.
