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Sunday, 25 August 2019

Top Stories from IFR Magazine - SSAR

World Bank passes US dollar acid test

IFR 2297 24 August to 30 August 2019

Demand for World Bank’s five-year Global - the first bond from a top-tier issuer in US dollars since the summer slowdown - appeared robust enough to encourage other borrowers plotting deals in the currency, though it was by no mean a blowout.

Collapse in yield no hurdle for DBJ

IFR 2297 24 August to 30 August 2019

Books for Development Bank of Japan’s US$1.8bn two-part benchmark crossed US$3.45bn last week, showing that demand for US dollar SSA paper remains solid despite the recent collapse in yields.

SSA market approaches September with trepidation

IFR 2297 24 August to 30 August 2019

A lukewarm reception for KommuneKredit last Tuesday has added to a growing sense in the SSA market that the usual post-summer wave of supply could struggle against a tricky backdrop.

EBRD broadens SOFR calculation consensus

IFR 2297 24 August to 30 August 2019

European Bank for Reconstruction and Development launched its inaugural SOFR-linked benchmark last week, utilising a coupon calculation method that is gaining increasing traction among issuers.

Auckland revisits Europe

IFR 2297 24 August to 30 August 2019

Auckland Council, rated Aa2/AA (Moody’s/S&P), has mandated Citigroup, HSBC, UBS and Westpac to organise a European roadshow from September 10 for a potential euro-denominated Reg S senior secured intermediate to long maturity benchmark bond issue.

SSA trio revive Kauri market

IFR 2297 24 August to 30 August 2019

Foreign issuance has picked up in New Zealand’s Kauri bond market, a development partly attributable to moves in the cross-currency basis swap and US swaps spreads that have made the New Zealand dollar market more attractive to overseas issuers.