TD Securities
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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. -
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.
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Four European agencies, and a New Zealand sub-sovereign found funds in the Kangaroo market this week. Nederlandse Waterschapsbank (NWB) on Tuesday priced a 10 year tap of a Kangaroo bond some 10bp tighter than where the original issue priced in January. Bankers said the pricing was an indication of the sheer levels of demand for long dated Kangaroo paper.
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A call by US Treasury secretary Steven Mnuchin this week to lessen the capital burden on banks had a bigger effect on US rates than a well telegraphed Federal Reserve target rate rise, creating some breathing space in long end swap spreads. That could ease long dated public sector bond issuance, but with euro market offering enviable duration funding, there may not be a queue of borrowers ready to print, writes Craig McGlashan.
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The US Federal Reserve raised its target rate on Wednesday and MTN bankers are hoping it will keep on a rising path — with floating rate note issuance set to benefit.
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TD Securities has hired a trader to cover the euro SSA and covered bond markets, adding euro capacity to a bank that has focused mainly on dollars and other currencies so far. But SSA bankers warned that if the firm plans to break into the euro primary market, it could face a tough time.
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TD Securities has hired a trader to cover the euro SSA and covered bond markets, adding euro capacity to a bank that has focused mainly on dollars and other currencies so far.
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Kommunalbanken built a doubly subscribed book on Tuesday for a long three year dollar deal that bankers said should give confidence to the market after a similar trade from KommuneKredit two weeks ago fell short of full subscription.
