Scotiabank
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◆ Issuer takes advantage of robust short end demand ◆ Size is ’best outcome’ for investors ◆ Tricky balance of swap and US Treasury spreads -
◆ Historically big print in the tenor ◆ Dollars the best option ◆ Central banks and official institutions show up
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Development bank now 82% funded for the year
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Agency attracts big book and raises $1bn with inaugural print
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IADB taps sterling while two other issuers mandate for new issues
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‘Exceptional trade’ saw issuer raise $2.7bn with investors placing 110 orders
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Other SSA peers held back as market turned volatile
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◆ Market volatility no hindrance for foreign and domestic FIG issuers ◆ They take advantage of favourable conditions ◆ May volume to end more than 80% higher compared with a year ago
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Issuer has more to fund this year than last, as Canadian SSAs ramp up borrowings
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◆ BNS ‘showed confidence’ in euro senior bail-in ◆ Atradius ‘benefits in current market’ ◆ Sterling issuance eyed on ECB day
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German issuer upsized the deal despite sell-off in rates
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Issuer has done nearly €3bn of its €10bn programme and may return in March
