Scotiabank
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Sovereign, supranational and agency (SSA) issuers burst into the second quarter with a scorching week that saw plenty of big books and minimal or negative premiums. -
Swedish Export Credit joined the growing ranks of public sector issuers that have priced bonds though its curve this week when it printed a $1bn 2021 bond with a negative premium.
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Telecoms company Cable & Wireless returned to bond markets on Tuesday, less than a week after it tapped its senior unsecured 2027 bonds, with a new senior secured bond with a similar maturity.
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Klabin, the Brazilian pulp and paper company, returned to bond markets on Wednesday, taking advantage of a flattening yield curve to issue its first long bond, despite a bad day for Brazilian assets.
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Telecoms company Cable & Wireless, which operates mostly in the Caribbean, added $300m to its longest dated bond on Wednesday in a deal that received strong backing from US high yield buyers.
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Bank Nederlandse Gemeenten was the only name out in dollars this week for a small tap, as the US Federal Reserve sent rates sharply down after a more dovish than expected meeting on Wednesday.
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Bank Nederlandse Gemeenten is braving the dollar bond market during the Federal Open Market Committee on Wednesday, as it takes indications of interest for a $250m tap of its March 2022 floater.
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World Bank raised $4.5bn of five year bonds on Tuesday with its first dollar benchmark of the year. Municipality Finance (MuniFin) joined it at the tenor a day later, but this is widely expected to be SSA issuers’ last hurrah in the currency for a few weeks.
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Municipality Finance (Muni Fin) printed a $1bn no-grow short five year bond on Wednesday, joining World Bank at the tenor in a dollar market that bankers said has offered something for everyone this week.
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Dollar swap spreads tightened dramatically in the middle of the week — with bankers at a loss to explain why — but the SSA sector was still “rock solid” in one syndicate head’s words, so the currency should be open for business next week. The only two dollar trades this week — a bond market return from CDP Financial and first deal of the year from Erste Abwicklungsanstalt — both went well.
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