World Bank
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Rates in Australian dollars are compelling compared to most currencies, which has aided long-end interest and allowed for a bumper outing by a supranational. -
A superlative start to the year for the SSA sterling market has caught the eye of BondMarker voters. Read on to see how those deals — as well as a glut of euro and dollar trades — fared with voters.
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Sterling conditions are searing hot for public sector borrowers, with records breaking left, right and centre. And despite investors taking large volumes out of the market, SSA bankers are confident that more supply can be handled.
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Big central bank and bank treasury demand, alongside good liquidity in the sterling/dollar cross currency basis swap and issuers’ willingness to print large deals, are driving the strongest ever start for the sterling SSA market — and a record trade for World Bank.
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The World Bank is set to become the latest public sector borrower to visit the sterling market, following the European Investment Bank’s £1bn trade on Tuesday.
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World Bank issued a rare benchmark Canadian dollar bond this week, raising C$1bn ($802m) with a sustainable development deal in a strong week for niche currency sales from SSA borrowers that also included several Australian and New Zealand dollar deals.
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Nigeria has become the first government in Africa to issue a green bond, with a N10.69bn ($29m) five year issue led by Chapel Hill Denham, a local investment bank.
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SSA bankers looking to get their Christmas shopping in early were in a state of shock on Tuesday, as the World Bank brought a dollar deal to follow the Province of New Brunswick’s return to the currency after a six year hiatus. But that could be it for 2017 as issuance is unlikely next week, which is bisected by a Federal Open Market Committee meeting.
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SSA bankers looking to get their Christmas shopping in early were in a slight state of shock on Tuesday, as World Bank lined up a dollar deal to follow a Canadian province’s return to the currency after a six year hiatus.
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The Turkish lira’s value has been battered by a chaotic political and economic backdrop but, with yields at their highest level since 2007, some MTN investors are opting to take the plunge.
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