TD Securities
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SSA bankers looking to get their Christmas shopping in early were in a slight state of shock on Tuesday, as World Bank lined up a dollar deal to follow a Canadian province’s return to the currency after a six year hiatus. -
Bank Nederlandse Gemeenten on Tuesday printed “another great example” of what bankers say are the “tangible price benefits” of selling SRI bonds.
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Hong Kong-based infrastructure company CK Infrastructure sold its first euro corporate bond issue on Tuesday, despite having owned a variety of utilities and infrastructure companies across Europe for more than seven years. The response was solid if not overwhelming.
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Bank Nederlandse Gemeenten has opted for dollars with what will be its final sustainability bond of the year.
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Export Development Canada this week brought what could be the last SSA dollar benchmark of the year, printing a strong deal despite conditions weakening as 2017 draws to a close.
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Export Development Canada tapped the short end of the dollar curve on Tuesday, with bankers away from the deal suggesting it was likely aided by a slight bump in three year swap spreads.
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Export Development Canada is out with a three year dollar global that carries no-grow language — a tactic the agency once used frequently but dropped from its other benchmarks this year.
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World Bank capped off a series of 10 year dollar benchmarks from SSA issuers, on Tuesday, with the tightest spread to mid-swaps and US Treasuries in the tenor for at least two years. But further benchmark issuance in the currency — other than a rumoured Canadian deal — is unlikely, with issuers well-funded and investors winding down for the year.
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World Bank on Tuesday added to a spate of 10 year dollar benchmark issuance over the last few weeks and set a new pricing marker in the tenor as it printed at the tightest spread of the year.
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World Bank will bring the latest test for a wall of dollars waiting to tumble into the SSA bond market, after mandating banks on Monday to bring a 10 year global benchmark. The trade could be the first jumbo 10 year dollar deal from an SSA in well over two years — and bankers away from the deal expect it to fly.
