Top Stories from IFR Magazine - SSAR
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.
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.
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.
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 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.
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.