Daiwa Securities
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A pair of Asian SSA issuers joined a busy dollar market on Wednesday, bringing three and 10 year deals. Demand for three year dollar paper is high, with two more issuers set to join the fray on Thursday. -
KfW and Canada both launched dollar benchmarks on Wednesday, bringing a pair of highly subscribed and tight deals. Following their success, two Asian SSA issuers prepare to join the busy dollar market.
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Investors showed some price sensitivity when confronted with the State of North Rhine Westphalia’s (Land NRW) dual tranche sustainable offering on Wednesday. Nevertheless, compatriot issuer Rentenbank will add to euro SSA supply this week after mandating banks for a new 10 year benchmark.
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The State of North Rhine Westphalia (Land NRW) was the only public sector borrower to announce a euro benchmark transaction on Monday, as it appointed banks to lead new 10 and 20 year sustainability bonds.
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Asian Development Bank hit the market twice on Thursday, grabbing $3bn of five year paper and selling its debut green bond — a £250m seven year trade.
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Rare international bond issuer Export-Import Bank of India turned to Japan this week for a yen-denominated deal. The ¥32bn ($301.2m) trade was its first standalone Samurai bond since 2006.
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The World Bank was one of a bevy of SSA dollar issuers raising a total of $8.4bn this week, with most of the trades indicating that investors coming back from the summer were having to decipher a completely different market to the one they left.
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The dollar SSA market was ablaze on Tuesday, with five deals on screen offering small new issue premiums and gaining chunky demand across the maturity curve.
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Land NRW and Nederlandse Waterschapsbank mandated for dollars on Monday, kickstarting the market again after a fortnight of blank screens in the currency.
