Nomura

Export Development Canada has started its 2020 funding with a Sonia floating rate note, after the European Investment Bank earlier this week brought the first trade in the format of the year.

The first Kangaroo deals of 2020 from SSAs started trickling through this week, after ANZ blew the doors off the Australian dollar market with a A$3.5bn ($2.4bn) self-led domestic deal on Tuesday.

The European Investment Bank delivered 2020’s first Sonia bond on Wednesday, adding to a streak of hot deals in sterling. The second Sonia deal is set to follow on Thursday.

Two dollar benchmarks hit screens on Wednesday. While the issuers achieved good results, the volatility caused by Iran’s missile strike on US bases meant that the deals met with less hungry investors.

Seven Chinese real estate issuers followed five of their peers to the offshore debt market on Tuesday, marking the busiest start to the year for the Asian bond market.

A strong reception for a five year euro benchmark by KfW on Tuesday was enough to lure in a hesitant flock of public sector borrowers to the euro market as the pipeline stacks up for Wednesday’s business.

Some of the SSA market's biggest names are already out for chunky dollar benchmarks, getting off the mark quickly in spite of some sharp moves in swap spreads. Most deals have gone well, but not everything has been a smooth ride.

A number of Chinese real estate companies kicked off their refinancing for 2020 on Monday, with higher rated issuers tapping longer-dated bonds and the weaker names actively engaging in liability management.

Leeds Building Society opened books on Monday for its second Sonia-linked covered bond. The trade benefited from an ‘unparallelled’ level of demand, reaching almost four times its £600m size.

The European Investment Bank and the Inter-American Development Bank amassed strong demand from investors to kick off their funding programmes for the year on Friday, with the former receiving the biggest ever order book in the sterling supranational and agency bond market, according to the leads.

Blackstone-backed Mindspace Business Parks Real Estate Investment Trust (Reit) is preparing an IPO of new and existing stock, set to be just the second listing from the asset class in India.

European banks no longer really have to think about building up layers of additional tier one debt. All of the focus has shifted to managing and refreshing this capital layer, and taking full advantage of a ferocious hunt for yield. Tyler Davies reports