TD Securities

Goldman Sachs made its second visit to the Maple market this year on Thursday. The Canadian dollar market is enjoying its busiest year in four years for offshore issuance.

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The Asian Development Bank this week sold its first gender bonds in Canadian and Australian dollars as part of what the borrower describes as its commitment to supporting projects that promote gender equality and women’s leadership.

New Development Bank will become the first issuer to hit the dollar market this week, announcing a five year benchmark, the proceeds of which will fund sustainable development activities and emergency support loans to its member countries.

Nederlandse Waterschapsbank was twice covered and paid zero new issue premium as it sold an intraday 30 year water bond on Monday. The European Union will follow into the euro public sector bond market on Tuesday to fund a maturity lengthening operation under its European Financial Stabilisation Mechanism programme.

The State of North Rhine-Westphalia and the International Finance Facility for Immunisation attracted impressive demand in the dollar market on Wednesday, allowing them to print big deals in the currency.

Demand for BPCE's latest Kangaroo note was skewed towards the preferred senior format this week, with non-preferred paper only making up A$125m ($96.0m) of the A$750m deal. The French firm was also joined in the market by Rabobank, which sold its first Aussie deal after an almost two year absence.

BPCE and Rabobank are in the market for Aussie dollar senior paper, with bankers expecting a busy April as a slew of financial issuers refinance maturing bonds.

KfW and CPPIB Capital achieved super tight pricings in the short end of the US dollar market on Thursday, with the former bringing the first deal with a negative spread to mid-swaps in the currency by a public sector borrower this year.

Verizon Communications, the US telecoms group, embarked on an almost $3bn niche currency bond issuing spree this week, which included the largest foreign Swiss franc bond since early 2018.

Inter-American Development Bank was the only issuer to hit screens in US dollars this week, raising $500m with a seven year bond linked to the secured overnight financing rate — its longest ever in the format.