L-Bank
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Issuers stormed out of the blocks with a set of deals across the curve this week, with factors including an increase in swap spreads on the short end, a positive feeling towards the US market since Janet Yellen’s statements in March and the start of the Japanese fiscal year all credited. -
The African Development Bank and L-Bank on Thursday added to a surge of deals at the short end of the dollar curve, as issuance rode on a wave of dovish central bank outlooks.
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L-Bank and the African Development Bank are set to be the latest issuers this week to take advantage of rising short end dollar swap spreads, mandating for deals on Wednesday after Finland printed a short dated deal of its own.
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It’s hard to pinpoint where the blame should lie for this week’s postponed L-Bank deal. Maybe for once none lies within the market.
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A postponed deal as issuers clashed in the SSA market left a blemish on a strong week for the improving public sector dollar bond market. But such occurrences may well become the norm as issuers crowd in to narrow windows, writes Craig McGlashan.
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Despite the limited supply in the SSA market this week, with issuers avoiding issuing close to this week’s US Federal Open Market Committee meeting and the approaching Easter holidays, there was still room for a clash of issuers on Monday as one borrower felt compelled to slam the anchors on its proposed benchmark.
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Caisse d'Amortissement de la Dette Sociale found strong demand at the five year part of the dollar curve on Tuesday, as L-Bank delayed a deal in the same currency and tenor.
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L-Bank is set to print a five year dollar benchmark as investors eagerly await the outcome of this week’s Federal Open Market Committee (FOMC) meeting.
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This week's funding scorecard looks at the funding progress of European supranationals and agencies
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Kommunalbanken (KBN) are set to price the first five year dollar bond for three weeks on Wednesday while Italy’s 30 year bond was the first SSA issuance in the tenor for 2016.
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A trio of issuers prepared to print in euros across the maturity curve in a dash before the Chinese New Year holiday starts next week, following a pair of euro benchmarks on Tuesday.
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Agence Française de Développement (AFD) and L-Bank are out with long five year euro benchmarks, as bankers reported a lack of demand at the short and long end of the curve.
