TD Securities
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The Province of British Columbia will dip into the Masala bond market for the first time with a January 2020 bond on Thursday. -
A trio of issuers on Tuesday mandated for dollar deals across the shorter end of the curve, as underlying US Treasury yields stayed slightly elevated after last Friday’s meeting of central bankers in Jackson Hole.
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A seemingly unstoppable flow of dollar issuance from public sector borrowers looks set to spill into next week, after a slightly undersubscribed deal early this week failed to dent sentiment for other trades.
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Export Development Canada has shown that the lower bound for dollar demand falls below the three year part of the curve, as it drew a well oversubscribed book on Thursday for a no-grow $500m August 2018 Reg S/144a deal.
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A pair of issuers brought comfortably oversubscribed dollar benchmarks on Wednesday, leading bankers to speculate that other issuers could be tempted to follow with trades in the currency next week.
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BMW exceeded market expectations with an A$150m MTN on Wednesday, surprising dealers with the strength of demand it attracted.
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A pair of public sector borrowers are set to join NRW.Bank in the dollar market this week, taking advantage of good conditions — and with perhaps one eye on the US presidential election in early November.
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The dollar market for public sector borrowers is showing remarkable disdain for bankers’ summer holiday plans, with a trio of deals printed across the curve during the usually quiet days of August. But this week’s long dated deals are unlikely to signal jumbo 10 year dollar benchmarks’ return from a long vacation.
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FMS Wertmanagement printed $2bn of bonds on Wednesday for the first time since November 2013 and only the fourth time in its history, as rampant demand in the currency showed no signs of letting up.
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KfW tapped a A$2.1bn 4% January 2019 bond on Wednesday for A$200m ($154.4m), as KommuneKredit reopened a A$215m 2.9% November 2026 for A$25m.
