Scotiabank
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The fourth quarter began on a rocky note for global equities but the US high grade bond market has shrugged off concerns about stalling growth and issuance conditions remain strong. -
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Two public sector borrowers rode out the tricky conditions in the dollar market on Wednesday to find good demand for new issues. US Treasury yields recorded sharp falls that were due to a range of factors, including the launch of a formal impeachment inquiry into US president Donald Trump.
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Kommuninvest kicked off the dollar market this week with a $1.25bn blowout, despite it being at record tight levels over Treasuries, according to a banker on the deal. Following on from Kommuninvest’s deal, a wide range of SSAs look to print across the curve, including rare issuer IDB Invest with its five year dollar bond debut.
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The International Finance Corp (IFC) hit screens this week with its first Canadian dollar green bond. The C$750m ($567m) print was the issuer’s largest ever in the currency, as well as the tightest an international SSA issuer has printed against the Canadian Mortgage Bond (CMB) curve, a large and liquid Canadian dollar benchmark.
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The International Finance Corp hit screens on Tuesday afternoon with its first Canadian dollar green bond. The C$750m ($567m) bond is the issuer's largest ever in the currency.
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After issuing its biggest ever bond last week, Bank Nederlandse Gemeenten will wait until after the highly anticipated US Federal Reserve and European Central Bank meetings later this month before deciding what to do about its next benchmark new issue.
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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.
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The US corporate bond market continued to crank out investment grade deals despite fears of a global recession battering risk assets this week.
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Central American sovereign El Salvador will begin meeting bond investors on Wednesday as it looks to issue its first international bond under president Nayib Bukele.
