Scotiabank
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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. -
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.
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Trinseo, a US manufacturer of plastics, latex binders and synthetic rubber, opened investor calls on Monday for a new unsecured bond, as it plans to repay all of its bonds due in 2022.
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Gilt yields dropped on Thursday after the Bank of England’s Monetary Policy Committee voted 6-2 to hold the Bank Rate at 0.25% — a higher majority than the 5-3 in favour of holding at its last meeting in June. The more dovish result came after weeks of hawkish noises emanating from the central bank. Meanwhile, the Province of Alberta returned to the sterling market to tap its debut issue from earlier this year.
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The Province of Alberta has returned to the sterling market, following its debut in the currency in February.
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The Province of Alberta on Wednesday passed its first bond market test since suffering a double downgrade from S&P in May. Bankers away from the trade said it was a “good outcome”, despite having to pay a bit of concession — unlike most other dollar deals over the last few weeks.
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Sweden on Tuesday printed a dollar benchmark at one of the tightest spreads to mid-swaps from a public sector issuer this year, as a Canadian province prepared to bring a deal in the currency further out the curve.
