TD Securities
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Inter-American Development Bank and World Bank opened the Kangaroo market with five year prints on Wednesday and Thursday respectively. Unexpectedly strong Australian investor support made World Bank’s trade the largest SSA offering since July. -
Searing conditions in the sterling market could lead to a record opening week of SSA issuance in the currency as a pair of issuers lined up deals for Friday — despite this only being a four day week.
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A dual tranche global deal from the Asian Development Bank on Wednesday at least temporarily dashed hopes that this year could be strong for 10 year dollar benchmark issuance — although some bankers away from the trade felt that the problems were idiosyncratic rather than reflective of demand.
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The European Investment Bank set a marker on Wednesday that sterling issuance could be just as hot this month as it was in January last year — as another pair of issuers hoped to add further evidence of that this week.
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KommuneKredit and the Asian Development Bank (ADB) will reopen the dollar market for SSA borrowers on Wednesday. Meanwhile, the EIB is lining up to perform the same service in sterling bonds.
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The public sector market is awaiting the final big event of 2016 in the shape of the US Federal Reserve’s rate decision later on Wednesday. But while a US rate rise looks all but a certainty, some funding officials are anxious about the potential for volatility in the dollar market next year from a different source — politics.
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KfW tapped a December 2019 sterling line on Tuesday, printing £200m to round off the agency's strongest year in sterling since 2008.
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A pair of public sector borrowers hit screens this week for dollar syndications, providing an unexpectedly strong climax to 2016.
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Kommunalbanken raised A$40m ($29.7m) from an Australian dollar tap on Tuesday after sole-arranger Daiwa found two more Japanese life insurers to take an earlier reverse enquiry above the Norwegian agency's minimum size of A$30m.
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The Canadian province of Alberta sold on Thursday its largest ever dollar benchmark with a deal that benefitted from a double whammy of being its first as an SEC-registered issuer and a strong credit story for the oil producer following a rise in the commodity's price in the wake of Opec’s decision on Wednesday to cut production.
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Violent volatility as bond investors adapted to a new rates landscape following the election of Donald Trump as US president quelled demand for public sector paper this week, with one issuer understood to have opted against bringing a planned deal. There is hope that calm will return in time for the January funding rush — but some fear the president-elect represents a continuous risk to market harmony.
