TD Securities
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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. -
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.
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Toronto Dominion became the third Canadian bank to issue a sterling covered bond benchmark this year with a deal launched on Monday. Despite an attractive spread, the book was slow to build and the deal size looked set to be smaller than average.
