European Bank for Reconstruction and Development EBRD

The European Bank for Reconstruction and Development issued the first benchmark of its 2019 funding programme on Tuesday. The supranational has kickstarted its borrowing for next year to take advantage of the current market conditions. Other SSAs who have completed or are approaching the end of their borrowing programmes for the year should consider following.

The European Bank for Reconstruction and Development has started borrowing for next year after completing its 2018 funding requirements.

Uzbekistan has got its first infrastructure financing from the European Bank for Reconstruction and Development for almost a decade, as it starts to reap the rewards of its Development Strategy.

Belarus’s state-owned BeIinvestbank is in talks to raise a €50m syndicated loan, in a rare international deal for the country.

There is little demand for another public sector issue referenced to Sonia, the preferred alternative to sterling Libor, in the wake of the European Investment Bank's successful deal in June, a senior SSA portfolio manager said this week.

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Sterling issuance from public sector borrowers outside the UK is still on course for a record year — helped in no small part by a supranational printing its largest ever syndication in the currency this week.

Public sector borrowers could break the traditional summer silence over the next couple of weeks if they react quickly to sterling interest, said one of the leads on this week’s comeback in the currency by the European Bank for Reconstruction and Development.

MTN borrowers have not yet altered their issuance levels to take account of the violent moves in curves, led by Italy, over the past two weeks — leaving the euro market all but deserted.

The European Bank for Reconstruction and Development is in the midst of its first annual meeting in the Middle East, and its president has again floated the idea of another big expansion of the bank’s remit to include sub-Saharan Africa.

Investors appear certain that the Federal Open Market Committee will up its target rate at its next meeting in June, after this week’s gathering left levels unchanged, although expectations of further hikes have slightly fallen. Elsewhere, a supranational left next to nothing on the table as it brought a dollar syndication to market.

The European Bank for Reconstruction and Development looked to have taken almost every last cent off the table after increasing the size of a dollar floater from the size it set earlier in the day.