TD Securities
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Guarantor: Canadian Pension Plan Investment Board
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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Council of Europe Development Bank on Thursday rounded off an enormous week for public sector dollar issuance, adding volume to what has already been the busiest start to a year in dollar benchmarks. Several SSA bankers believe the next step could be a move out the curve to 10 years. -
The European Investment Bank added a Z1.5bn ($360m) tap to its May 2021 Polish zloty bond on Wednesday. The supranational has pledged to build a curve in the currency, printing three times so far.
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One of the busiest days ever in the public sector dollar market ended with five issuers sitting on deals printed at the top end of their size targets and with pricing tightened from initial thoughts. Another borrower is already out for Thursday business and bankers predict that conditions are so “incredible” that deal flow will stay healthy into next week — no matter what policy statements incoming US president Donald Trump makes at his inauguration on Friday.
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The European Investment Bank plans to tap its May 2021 Polish zloty bond on Wednesday, after mandating banks for a deal on Tuesday.
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A quartet of public sector borrowers are set to cram into the front end of the dollar curve on Wednesday, as bankers outlined a triple whammy of factors driving the squeeze.
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As many as eight covered bonds were launched across three currencies this week, the vaguely discernible pattern suggesting better interest for the larger deals with intermediate maturities and particularly those from non-eurozone issuers where liquidity is most likely to be better.
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Public sector borrowers tore $10bn of funding from the dollar market on Tuesday, shaving several basis points from initial price thoughts in the process. Only one benchmark is on screens for Wednesday, but SSA bankers expect next week’s run-up to the inauguration of Donald Trump as US president on January 20 will be — in Trump terminology — “huge”.
