IFC

Kommunalbanken brought its green bond framework to the Swedish krona market for the first time last week to place its seventh green note, its first since August 2018. The move into the currency follows a wider trend of major SSA issuers funding in niche currencies as raising debt in core markets becomes harder, according to bankers.

Following last Friday’s Asian Development Bank Kiwi dollar deal, the Inter-American Development Bank and International Finance Corporation both came to the Kauri market on Tuesday to tap a pair of mid-curve notes. With demand for mid-curve Kauri products high, bankers expect more issuers to follow as funding remains attractive for dollar-based borrowers.

The Asian Development Bank returned to the Kiwi dollar market to print its largest Kauri deal since January 2018 this week. With the Inter-American Development Bank and International Finance Corporation set to follow with a pair of taps in the coming days, bankers are expecting a busy few weeks in the market as investors react to the recent surprise interest rate cut from the Reserve Bank of New Zealand.

Volumes are growing across the spectrum in the Scandinavian MTN markets, as issuers and bankers return from their summer holidays. Meanwhile, bankers are expecting Scandinavian investors to move further out along the credit curve in response to negative yields as dovish Nordic central bank tones could lead to a bullish Scandinavian market.

This week’s funding scorecard looks at the progress supranationals have made in their funding programmes towards the end of July

As core markets in the northern hemisphere begin to cool, SSA issuers are looking towards an Australian dollar sector unaffected by the summer close.

The International Finance Corporation is adding social bonds to its Impact Note programme, the supranational’s US retail bond channel that it launched in 2014.

As core markets in the northern hemisphere begin to cool, SSA issuers are looking towards a Kiwi and Aussie periphery unaffected by the summer close.

The International Finance Corp (IFC) started its 2019/20 funding year on Tuesday with a pair of Swedish krona green bond taps in the private market.

Bank Nederlandse Gemeenten printed ultra long paper this week, locking in low yields for the issuer but leaving buyers exposed to big price moves on any rate rise.

International Finance Corp has a funding capacity of up to $14bn for its upcoming financial year, which starts on July 1.

This week’s funding scorecard looks at the progress supranationals have made in their funding programmes as we hit the middle of June.