KommuneKredit
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Agency's absorption by state part of a wider pattern of centralised Danish public sector funding -
Funding to be provided by Danish sovereign and agency will cease issuing bonds immediately, ‘an absolute shock’
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◆ ‘Exceptionally strong’ deal in tough market ◆ Rarity adds to appeal ◆ Danish krone benchmark could come next
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Danish agency prints in euros, will look for dollar and green windows
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◆ Deal size increased to £375m from £250m ◆ Danish issuer's second largest print in sterling ◆ 'Positive takeaway' from smaller agency deals
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◆ Kommuninvest spread surprises bankers ◆ KommuneKredit takes twice covered book ◆ ‘A tough one at the moment’ for euros
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Pricing from swap curve has taken a firm hold in 2024
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Danish agency scored largest ever book and at a tight spread to US Treasuries
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Demand for long-dated public sector bonds, including private placements, is rising
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Demand for long-dated SSA bonds surges as bets on spring cuts persist
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KommuneKredit, CDC and MuniFin keep euro and dollar investors busy
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Despite rush of agency deals in dollars, pinpointing fair value is hard
