Scotiabank
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Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections. -
Yorkshire Building Society (YBS) and Coventry Building Society have mandated leads for the first five year Sonia-linked covered bonds, Lloyds is out with the first Reg S dollar covered bond from a UK issuer in years, and DZ Hyp has mandated leads for the first deal under its new brand name. Elsewhere, Bank of Nova Scotia has opened order books for a three year sterling tap.
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The Province of Alberta was set to price its joint biggest ever dollar benchmark on Thursday, with a $2.25bn November 2023.
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Japan Bank for International Cooperation took advantage of the lack of competing supply and good demand in dollars to suck $3bn out from the primary market on Wednesday. Meanwhile, the Province of Alberta has mandated banks for its third benchmark of the year.
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Investors were in defensive mode in the dollar market this week as they snapped up short dated trades and floating rate notes, with demand particularly heavy from central banks and official institutions. Bankers are hopeful that benchmark supply will return next week.
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The European Stability Mechanism priced its second ever dollar benchmark at a “fair” level of around 5bp over European Investment Bank’s September 2020, according to onlooking SSA bankers. Elsewhere in the dollar SSA market, Inter-American Development and NRW.Bank mandated banks for floating rate notes.
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Bank of Nova Scotia took full advantage of a respite in hitherto volatile market conditions and an expected secondary market spread widening to issue the largest euro covered bond from a non-European issuer this year on Tuesday — and paid a slim new issue premium to boot.
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Irish boutique investment bank Rubicon Infrastructure Advisors has hired two bankers with over 40 years of experience to expand its business into the UK.
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