TD Securities
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The International Finance Corporation on Thursday offered a solid helping of three year supply to a dollar market that has so far this year been dominated by five year issuance. The issuer was rewarded with a well oversubscribed book, with bankers away from the deal suggesting central banks would have played a large part. -
Dollar SSA deals are showing little signs of a hangover from a public holiday in the US on Monday, with all three of Wednesday’s trades well over subscribed and pricing inside guidance.
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Big central bank and bank treasury demand, alongside good liquidity in the sterling/dollar cross currency basis swap and issuers’ willingness to print large deals, are driving the strongest ever start for the sterling SSA market — and a record trade for World Bank.
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The World Bank is set to become the latest public sector borrower to visit the sterling market, following the European Investment Bank’s £1bn trade on Tuesday.
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SSA issuers are able to offer a pickup against Mexican government bonds for the first time "in memory", according to one head of local currency bonds.
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A widening in dollar swap spreads since the end of last week should help support a trio of dollar deals on screens for Wednesday’s business, said SSA bankers.
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World Bank issued a rare benchmark Canadian dollar bond this week, raising C$1bn ($802m) with a sustainable development deal in a strong week for niche currency sales from SSA borrowers that also included several Australian and New Zealand dollar deals.
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Chinese conglomerate Tencent brought cheer to the dollar bond market on Thursday as it tapped pent-up demand with a four-part benchmark trade that amassed a $40bn order book.
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The Inter-American Development Bank has joined the New Zealand dollar market by bringing a NZ$200m ($144.7m) 2023 clip on Thursday. It has been a very active week so far in Kauri bonds, with Asian Development Bank pricing a NZ$500m on Wednesday.
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Public sector issuers rounded out a superlative week for dollars with sparkling results across the curve on Thursday. Bankers are confident that issuers wishing to print in the coming weeks should find that investor demand outweighs any of the political concerns that brought volatility to rates over the last few days.
