Scotiabank
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Latin American power generation and distribution holding company Inkia Energy is likely to sell a new 10 year non-call five bond on Thursday after wrapping up investor meetings on Wednesday. -
The European Investment Bank shrugged off any concerns over the divisions between the governments of Spain and Catalonia and the skinny spreads on offer, printing $3bn at one of the tightest spreads of the year.
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Export Development Canada (EDC) sold a five year sterling floater on Thursday, raising £750m with its largest deal ever in the currency and, in an unusual development for the sterling market, pulled in its spread by 2bp. The borrower paid up over its dollar curve but was, according to one of the leads, happy to do so to maintain a presence in sterling.
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Bank Nederlandse Gemeenten has opened dollar proceedings for the week, mandating for a three year trade as swap spreads in the tenor hit their highest level in months. Other issuance in the currency could come from European Investment Bank, which has been rumoured to be considering a deal for a few weeks.
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The UK Debt Management Office (DMO) tapped a 2065 line for £4bn on Tuesday, upping the size of the transaction because of “impressive quality of demand”.
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World Bank will find out whether what has been a resilient market for public sector dollar issuance over the summer can support a jumbo trade, after mandating for what will be the first such deal in dollars from an SSA since the spring. Swedish Export Credit Corporation is also out in the currency, going ahead despite some geopolitical and US governmental turmoil over the last few days — and more issuers are lining up to follow.
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Scotiabank’s head of Latin American debt capital markets has left both the Canadian bank and the banking industry after more than 20 years working in EM bond markets.
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Amazon dominated US corporate bond issuance this week, but aside from the online retailer’s $16bn jumbo deal, there was over $8bn of paper from five other issuers. However, bankers believe this will be the last week of material supply before the annual two week break in the US market.
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US plastics manufacturer Trinseo priced its new dollar refinancing bond deal with coupons more than 100bp tighter than the old notes. It is also marketing new term loans.
