TD Securities

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.

Wells Fargo is expected to sell on Wednesday a dual tranche deal in Australian dollars — a rare offering from a well-known name.

Rating: Aa2/A+/AA-

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.

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).

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.

Swedish Export Credit Corporation (SEK) has returned to sterling for a tap of a December 2020 line, as investors’ confidence in the currency grows.

Hyundai Capital America seized on Asian investor liquidity to close a $1.1bn deal across three tranches, including a floating rate note, on Wednesday.

Japanese investors on the hunt for European SSA credit drove a flurry of long dated Australian dollar deals on Wednesday.

Nederlandse Waterschapsbank has become the latest in a string of public sector borrowers to turn to the sterling market.

The sterling market was red hot this week with public sector issuers hitting screens in force, despite a headline heavy calendar.

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.