L-Bank
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A slightly more hawkish than expected US Federal Open Market Committee meeting mid-week has nudged up US Treasury yields — bringing 10 year dollar issuance nearly within SSAs’ reach, said bankers. But in the meantime, SSA bankers are looking at the dollar pipeline with dismay. -
L-Bank has snuck in at the last possible moment before the end of a crucial US Federal Reserve meeting to raise $500m with a comfortably oversubscribed floater.
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Three public sector borrowers hit screens in sterling this week, including a rare floating rate note from the Province of Ontario, which made use of the currency for the first time in six years.
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Several German public sector issuers defended new issue fees, despite a worsening service from investment banks, in a panel discussion at Euromoney’s Germany Conference in Berlin on Wednesday.
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L-Bank shattered its sterling size record on Wednesday, exceeding the expectations of even its leads with a £500m five year deal.
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The dollar bond market for public sector borrowers this week rounded off a spectacular January, with many bankers describing it as “perfect” and the best in five years.
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A trio of issuers brought deals across the short end of the dollar curve on Wednesday, adding to what one SSA syndicate head described as the “ideal January”. Supply looks to have dimmed for now, with no deals on screen for Thursday and Chinese New Year holidays next week likely to halt benchmark issuance, but bankers believe conditions are so hot that arbitrage deals or floating rate notes could still break through.
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SSAs are turning to the MTN market to meet investor requests and to pick up some pre-funding in December, with the bulk of their funding needs for the year completed.
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Export Development Canada is to print a long four year sterling bond as demand for paper in the currency defied fears of a possible UK's exit from the European Union.
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L-Bank printed a five year deal on Monday as the sterling market kept up solid momentum from last week.
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L-Bank printed a five year deal on Monday as the sterling market kept up solid momentum from last week.
