European Bank for Reconstruction and Development EBRD
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The public sector dollar market is showing a few signs of life this week as KfW and the European Bank for Reconstruction and Development picked banks for benchmarks, while the Bank of England launched its annual foray in the currency. -
This week's funding scorecard looks at the funding progress supranationals have made in their funding progress by the end of January.
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The dollar bond market for public sector borrowers this week rounded off a spectacular January, with many bankers describing it as “perfect” and the best in five years.
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A trio of issuers brought deals across the short end of the dollar curve on Wednesday, adding to what one SSA syndicate head described as the “ideal January”. Supply looks to have dimmed for now, with no deals on screen for Thursday and Chinese New Year holidays next week likely to halt benchmark issuance, but bankers believe conditions are so hot that arbitrage deals or floating rate notes could still break through.
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Public sector borrowers are staying focused on the belly of the dollar curve, with a pair of issuers lined up for Wednesday. Demand at that part of the curve shows no sign of letting up, with two issuers out in fives on Tuesday — one of which was able to increase the size of its issue from its initial target.
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The European Bank for Reconstruction and Development has invested in its first Slovak covered bond and is working with local regulators to update the local covered bond law.
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Two supranational borrowers have accessed capital markets for niche currency private placements in the past week, as investors spy possible re-entry points in currencies that have suffered throughout 2016.
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Serbia has become the latest recipient of the European Bank for Reconstruction and Development’s local currency and capital markets initiative, with the borrower printing the first ever publicly listed Serbian dinar bond from a supranational.
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This week's scorecard looks at the progress supranationals have made in their funding programmes.
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The dollar market for public sector borrowers could become “congested” in the traditional January rush next year, with issuers looking to refinance commercial paper in the term markets as a result of changes in US money market fund regulation and a dearth of options in other currencies. Craig McGlashan reports.
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