KommuneKredit

Kommuninvest mandated for its first dollar benchmark since October 2013 on Monday, a three year deal. Several other Scandinavian issuers are looking at dollar deals according to syndicate bankers, including the Nordic Investment Bank and Swedish Export Credit Corporation (SEK).

Read on to see how deals priced in the first week and second weeks of the year are faring. Trading levels given are the bid-side spreads versus mid-swaps and/or an underlying benchmark bond as of Thursday's close. The source for secondary trading levels is Interactive Data.

Oversubscribed trades from theWorld Bank and KommuneKredit on Thursday provided further evidence of the decent conditions for dollar benchmarks this week. SSA bankers expect a deluge of supply in the currency this month.

The World Bank is set to make a rare appearance with a benchmark in the first full week of the calendar year, having hired banks on Wednesday to run a March 2019 syndication. The deal could presage a rush of dollar trades while demand in the currency is strong and issuers seek to print before yields head northwards as the effects of reduced Federal Reserve liquidity kick in.

The European Investment Bank is set to open dollar benchmark supply for 2014 on Tuesday with a five year deal that is offering a sensible 3bp-4bp new issue premium at the initial price thoughts phase. A pair of Nordic issuers are thought to be looking at following the supranational with deals this week.

Issuers would be wise not to dither come January, according to syndicate bankers, with several borrowers that are usually only seen in the dollar market plotting euro deals for 2014. Coupled with what is expected to be a busier than normal start to the year, the calendar — especially in euros — looks to be packed.

A shift by agencies towards symmetrical, two-way credit support annexes (CSAs) could well be the best present SSA bankers receive this Christmas. Even supranationals are starting to move towards equal swap agreements.

Top rated issuers with two-way credit support annexes could find a competitive advantage in the growing Uridashi market in the new year, with the agreements useful for printing highly structured notes that can entice yield hunting investors up the credit curve.

KommuneKredit added its name to the growing list of issuers mulling a euro benchmark for 2014 on Wednesday, lured by the prospects of an improved euro/dollar basis swap. The agency is also considering selling its first public sterling bond, as well as a potential green debut.

This week's scorecard features Scandinavian agencies. Most of the issuers have completed their funding targets for the year, though Kommunalbanken, Municipality Finance and Swedish Export Credit Corporation have all expressed interest in prefunding for 2014.

This week's scorecard features Scandinavian agencies. Several issuers have completed or are near completing their funding targets for the year, and some are contemplating prefunding their 2014 needs before the end of the year.

This week's scorecard features Scandinavian agencies. Most of the issuers are well funded for the year, with Municipality Finance leading the pack on 92% after its $1bn three year bond priced on Thursday.