Nomura
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BMO Capital Markets’ SSA banker Lindsay Wortzman is transferring to Toronto, and to replace her the London team have picked up Samantha Cook from Nomura. -
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SSA dollar deals printed this week ground tighter in the secondary market on Thursday, despite the notes coming within a hair’s width of US sovereign debt.
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Following what a banker on Wednesday's euro bond called the ‘richest syndication of all time’, the Republic of Finland is looking at a possible return to the dollar market.
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SSA issuers were out in the dollar market with $7bn of new bonds on Wednesday, though the biggest of the deals highlighted how price sensitive investors were in a world where some yield curves have inverted.
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The dollar SSA market has started the short week on the front foot, with a trio of trades hitting screens on Tuesday.
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A trio of European agencies and a supranational all priced taps at the long end of the Kangaroo curve last week, with tenures ranging from nine to 12 years. Yields on these notes have fallen compared to previous taps, as the Kangaroo market feels the effects of the global bond rally.
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South Korean conglomerate Lotte has filed documents for the IPO of a real estate investment trust (REIT), looking to raise up to W430bn ($353m).
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Market participants expect more banks will now want to print Kangaroos after investors on a search for yield poured into UBS's additional tier one (AT1) deal on Tuesday. The syndication, which surprised those involved after it managed to shave 75bp off its initial pricing guidance and attract A$4bn ($2.71bn) of orders, suggested a market ripe for a deal spree.
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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 European Bank for Reconstruction and Development had a triumphant debut deal linked to Sofr this week, with the borrower drawing new investors that had never been in its books before.
