TD Securities
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FMS Wertmanagement nipped into a quiet dollar market to print a three year Reg S only syndication, the issuer’s first dollar deal at that point of the curve to come through mid-swaps this year. -
The Province of Ontario came to market for a rare sterling floater on Wednesday, sharing the UK currency market with a European Investment Bank deal.
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A pair of European borrowers have ventured into the otherwise deserted dollar market, ahead of a Federal Reserve rates decision tonight.
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The European Bank for Reconstruction and Development on Tuesday equalled its largest ever size in dollars on Tuesday with a deal priced flat to or through its curve. The Asian Development Bank is set to follow in a market in which issuers are winning demand from investors starved of supply, said bankers.
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The European Bank for Reconstruction and Development (EBRD) is set to bring a dollar benchmark to investors starved of supply in the currency. Despite dollar conditions being strong all month, no borrowers brought deals last week — perhaps because they preferred to wait for the first round of the French presidential election to pass on Sunday, said bankers.
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The lawsuits over alleged manipulation of the SSA market have spread further, with more dealers and individuals named in a court filing. Citi, HSBC, RBC and TD Bank have now been added, as well as Bank of America, Crédit Agricole, Credit Suisse, Deutsche Bank and Nomura. The suit also draws in the new issue market, alleging that the traders were able to front-run new issues yet to be announced or in book-building.
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Wells Fargo brushed off heightened political tension in France and Korea on Wednesday, offering a triple-tranche bond to a hungry Australian dollar bond market.
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Wells Fargo is expected to sell on Wednesday a dual tranche deal in Australian dollars — a rare offering from a well-known name.
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The dollar market was on spectacular form on Wednesday, with a Canadian province pushing out a rare 10 year bond, a supranational smashing its size record and a $4bn five year from a German agency.
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SR Boligkreditt has issued its first Reg S dollar covered bond, and though the book was slow to build the issuer found enough demand to ensure the deal was eligible for bank liquidity portfolios in the liquidity coverage ratio (LCR).
