TD Securities
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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. -
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.
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Public sector borrowers are extending their run of success in dollars, thanks in part, according to an SSA syndicate banker, to a shortage of places for investors to put cash.
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The SSA market enjoyed a resurgence of Kangaroo issuance this week. The flurry was mostly driven by Asian reverse enquiry, and stands in contrast to an inactive first half for SSA issuance in Aussie dollars.
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Auto-parts business Adient on Thursday started pricing a $2bn cross-border bond, attracting high demand for a deal that could be the last high yield offering before the European market breaks for the summer.
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The Province of Quebec (Aa2/A+/AA-) sold an A$80m ($61m) tap of its May 2026 Kanga bond on Wednesday.
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NRW.Bank will bring a no-grow $1bn three year dollar benchmark on Wednesday, after African Development Bank and Rentenbank on Tuesday comfortably raised dollars in longer tenors.
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A pair of public sector borrowers on Monday hit screens with mandates earlier in the day than usual, which bankers suggested was due to a desire to get ahead of other possible issuers.
