Kommuninvest

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.

Swedish municipality finance agency Kommuninvest is looking to access the dollar market with a three or five year benchmark in October, while rounding out its funding programme for the year through private placements and taps. Waiting until October may allow the Nordic agency to avoid clashes in a busy September, with issuers looking to come to market early in the month.

The Inter-American Development Bank (IADB) on Tuesday failed to silence those who thought that tight pricing on a dollar deal in the difficult seven year maturity was not the way to assure itself of a blowout book. It was set to print a $1bn trade on Tuesday afternoon where the book failed to reach full subscription. Kommuninvest, meanwhile, received a very different reaction when it went for a deal at the short end of the dollar curve.

The Inter-American Development Bank (IADB) and Kommuninvest beat a swift path to the doors of dollar investors on Monday by mandating for new benchmarks.

Kommuninvest is on the verge of mandating banks for a RegS/144A benchmark, SSA Markets understands.

Kommuninvest sold its fifth ever bond off of its Swedish krona benchmark programme on Wednesday during a speedy bookbuild. The issuer plans to sell around Skr25bn of debt in the currency this year as it aims to reduce its reliance on foreign currencies, though two dollar benchmarks are planned.

The Province of Ontario has mandated three banks to run the syndication of a 2.5 year dollar floating rate note. Meanwhile, Norway’s Kommunalbanken and Sweden’s Kommuninvest priced dollar floaters on Wednesday afternoon.

Nordic municipal financing agencies are targeting sterling issuance in 2013, having held their first joint roadshow to meet the sterling investor base last week.

Swedish agency, Kommuninvest capped off a year and a half’s worth of work on Wednesday with a triumphant $1.75bn syndication of five year paper for its debut RegS/144A deal.

Kommuninvest was set to price a five year $1.75bn 144A/Reg S trade on Wednesday afternoon at the tight end of guidance. The deal attracted over $2bn of orders as dollar investors scrambled for triple-A paper offering some spread over swaps.

Kommuninvest mandated banks on Tuesday afternoon for a five year Reg S/144A benchmark. The deal follows a reopening of the dollar benchmark market by Rentenbank that demonstrated how receptive the dollar market is to new issue supply.

Rentenbank reopened the benchmark market for SSA borrowers on Monday with the first of a possible quartet of dollar trades that bankers expect to see in the near future.