KommuneKredit

Issuers printed a slew of benchmarks in dollars, euros and sterling last week as the SSA market roared into action. Read on to see whether the first deals of the year won favour with our voters.

The dollar bond market has been thoroughly supportive of this week’s SSA borrowers, but none more so than Sweden, which pulled in its biggest order book ever for its first deal of 2018.

The dollar market is poised to get off to a flying start to the year in the Nordic region, which hosts all three of this week's scheduled dollar borrowers.

This week's scorecard looks into the progress Nordic agencies have made heading into the final funding windows of the year

Guarantor: All Danish municipalities and regions

KommuneKredit and Erste Abwicklungsanstalt rounded out this week’s dollar issuance in what has become typical fashion for trades over the last few days — oversubscribed books and tightened pricing. But KommuneKredit’s deal featured a novel aspect that SSA bankers hope other issuers will embrace.

The SSA dollar juggernaut is set to roll into a third day, with two deals on screens for Thursday’s business. Investor appetite shows no sign of letting up, as the two deals priced on Wednesday drew large books — as was seen with a host of trades a day earlier.

The votes are in and three high quality issuers from last week's slew of public sector benchmarks are featured in this week's breakdown of the BondMarker results.

Guarantor: All Danish municipalities and regions

A pair of issuers sold high quality euro deals into an eager market on Wednesday, drawing praise from onlookers for impressive books.

The European Financial Stability Facility (EFSF) picked up €2bn with a 23 year bond on Tuesday, paving the way for other top-flight borrowers to bring their own euro deals.

Nederlandse Waterschapsbank this week became the first European SSA to print in the Swiss franc market since 2015, followed by Municipality Finance two days later. Favourable moves in the euro/Swiss franc basis, alongside rising Swiss interest rates, opened a window for old borrowers to return.