Scotiabank
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Sterling issuance from public sector borrowers outside the UK is still on course for a record year — helped in no small part by a supranational printing its largest ever syndication in the currency this week. -
The World Bank sold a sustainable development bond in Canadian dollars on Thursday that took issuance in the currency from non-Canadian SSAs in July to its busiest month ever.
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Public sector borrowers could break the traditional summer silence over the next couple of weeks if they react quickly to sterling interest, said one of the leads on this week’s comeback in the currency by the European Bank for Reconstruction and Development.
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The International Finance Corporation (IFC) visited the Canadian dollar market for the first time in more than 10 years this week, matching its largest ever deal in the currency for size.
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Sweden’s Lundin Petroleum has slashed 90bp off the margin of its $5bn reserves-based lending facility, as borrowers continue to heap pressure on lenders over pricing.
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Gilt investors and market makers have offered a broad range of views on the form that the UK’s next syndication should take during a meeting with the country’s Debt Management Office. The meeting was without Scotiabank, which last week quit as a Gilt-edged market maker (GEMM).
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A flattening and rising US Treasury yield curve may be sparking concerns of a slowdown for the US economy but it is having the opposite effect on the short end of the dollar market for public sector borrowers, writes Craig McGlashan.
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Kommunalbanken priced a three year dollar benchmark flat to its secondary market curve on Wednesday, picking up $1bn at a punchy spread.
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Kommunalbanken has circulated initial price thoughts of 5bp area over mid-swaps for a no-grow $1bn three year benchmark, a level that bankers away from the trade said was 'well priced'.
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Fresh doubt has been cast on whether the record-breaking $100bn loan package for US chip maker Broadcom will come to fruition, after a US national security committee took the unusual step of issuing a public warning against the acquisition that the funds will finance.
