TD Securities
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Public sector borrowers are lining up a three pronged attack on Wednesday in a dollar market that is enjoying its widest swap spreads of the year. Quebec is attempting the first 10 year dollar benchmark since the first week of the year, KfW is out in fives — a part of the curve that has also become attractive in euros — and the Inter-American Development Bank is coming at the short end.
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Swedish Export Credit Corporation (SEK) has returned to sterling for a tap of a December 2020 line, as investors’ confidence in the currency grows.
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Hyundai Capital America seized on Asian investor liquidity to close a $1.1bn deal across three tranches, including a floating rate note, on Wednesday.
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Japanese investors on the hunt for European SSA credit drove a flurry of long dated Australian dollar deals on Wednesday.
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Nederlandse Waterschapsbank has become the latest in a string of public sector borrowers to turn to the sterling market.
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The sterling market was red hot this week with public sector issuers hitting screens in force, despite a headline heavy calendar.
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World Bank proved its popularity in the Australian dollar bond market on Tuesday, selling a combination of medium and long dated debt for A$800m ($605.4m) to a wide variety of investors.
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Svensk Exportkredit (SEK) hit screens for a sterling deal on Monday, raising £250m with a one day execution despite the announcement that the Scottish government will seek a second independence referendum.
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The African Development Bank (AfDB) this week became the latest public sector borrower to enjoy the red hot dollar market, printing a trade that drew an order book larger than its entire 2012 funding programme. Widening swap spreads have been a major factor in the dollar market’s fantastic run this year but a double whammy of event risk next Wednesday could bring it shuddering to a halt, writes Craig McGlashan.
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Toronto Dominion had less luck than its Canadian peers when it issued the third sterling Canadian covered bond of the year this week. Even though the transaction offered a hefty concession there was only sufficient demand to issue in half the size of the previous deals.
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The African Development Bank sold its largest ever benchmark on Wednesday, in a deal which bankers said should hammer home the issuer’s “new style” to investors. Meanwhile, Municipality Finance brought its first dollar benchmark of the year.