TD Securities

SSA issuers find investors receptive as summer pushes on

ADB also issuing in sterling as participants expect more issuance

The Australian dollar deal is the first of its kind from US insurance heavyweight since 2020

◆ Foreign FIG issuance so far in 2024 outstrips last year’s volume by more than $20bn ◆ Multiple Canadian and Japanese lenders print ◆ US banks prepare capital plans after the Fed’s latest stress tests

Supra issuer aims to fund $15bn in the year from July 1 and remains committed to dollar benchmarks

Issuer also benefits from improving market tone as ‘every day is a little better than the last’

Tone is ‘not exactly great’ for the primary SSA market this week

Canadian issuer taps into three different currencies within one week

Canadian issuer takes bigger amount than originally targeted

World Bank group issuer returns to dollars for a record $4bn

◆ Slim premium paid on chunky sale ◆ Investors welcome Canada pick-up to UK names ◆ Canadians missing from covered bonds

Issuer is open to look at dollar deals or euros again, and may debut in public Aussie and sterling markets