KommuneKredit
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KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic. Meanwhile, Bank Nederlandse Gemeenten (BNG) received less interest in a sterling trade of its own. -
KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic.
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Despite what one banker called a “disaster” of an Italian election result, the euro market for public sector debt proved enormously resilient this week. Just as well, as the ECB made it clear at its meeting on Thursday that the market will receive no additional monetary stimulus.
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Guarantor: All Danish municipalities and regions
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The results of Italy’s general election on Sunday indicated swelling support for right wing populist ideologies in Italy, but the euro SSA market appears to have accepted the result with equanimity, although only one borrower has popped its head over the parapet so far.
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This week's scorecard looks at the progress Nordic agencies have made in their funding programmes.
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Kangaroo trades from KommuneKredit and Oesterreichische Kontrollbank (OeKB) suggest long end demand will hold pace in the Australian dollar market this week. This comes despite a spate of bad weather causing transport disruption in Tokyo, where many key investors in the market are based.
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The first funding scorecard of 2018 looks at the funding programmes of Nordic agencies.
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The tone of the European Central Bank’s communiques is firmly hawkish, but investors are determined to pile money into the latest offerings from public sector borrowers.
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Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.
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The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.
