TD Securities
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The summer MTN market has been dominated by niche currency issuance from supranationals. -
The Province of Alberta has returned to the sterling market, following its debut in the currency in February.
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European Investment Bank launched a lengthy climate awareness bond in Kangaroo format on Monday, as appetite grows for green issuance in the Australian dollar bond market.
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Public sector borrowers are staying conservative in the dollar market this week, opting for short dated trades or floating rate notes. The trend is likely down to issuers having one eye on expected Federal Reserve rate increases in the US, said bankers.
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The International Finance Corporation (IFC) announced on Monday that it will launch a five year floater on Tuesday, becoming the latest borrower to tap into the demand from investors looking for protection from rising rates. It will share the market with three year benchmarks from Municipality Finance and Corporacíon Andina de Fomento (CAF).
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Asian Development Bank opened proceedings on two Kangaroo taps on Monday.
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The 10 year dollar market is back open for supranational issuers, after the Inter-American Development Bank (IADB) sold a barnstormer on Wednesday that broke its 10 year size record.
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The Asian Development Bank (ADB) has given yet another boost to the Masala bond market, raising Rp14bn ($217m) from its third offshore-rupee linked note of the year.
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The Inter-American Development Bank sent SSA bankers into rapturous applause on Wednesday as it reopened the 10 year part of the dollar curve for richer names with what Dealogic data shows is its largest ever global benchmark in the tenor.
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The Inter-American Development Bank is set to tackle the 10 year part of the dollar curve, a maturity that most of its peers have avoided so far this year.
