Kommuninvest

The Province of British Columbia has weathered volatility from the fallout of last week's meeting of the US Federal Reserve to return to the dollar market for the first time in four years. Another rare SSA issuer, IDB Invest, also plans a return to the dollar market, with investor calls set up for this week ahead of its five year debut.

This week's scorecard looks at the progress Nordic agencies have made in their 2019 funding programmes by the middle of September.

Swedish agency Kommuninvest doubled the size of its June 2023 green bond on Tuesday through a Skr3bn ($309.8m) tap. The tap was issued with a negative yield — rare for the Swedish krona market — and is the issuer’s first negative yielding green print since October 2016.

This week's scorecard looks at the progress Nordic agencies have made in their 2019 funding programmes.

Swedish agency Kommuninvest has said that it will issue more green bonds than previously expected, alongside a rise in its funding needs for 2019.

This week's scorecard looks at the progress Nordic agencies have made at the end of June.

Swedish agency Kommuninvest has mandated three banks to run its forthcoming Swedish krona green bond. The issue will be its seventh green bond, and its fifth in Swedish kronor.

Guarantor: Swedish local government members

Spreads over Treasuries on supranational and agency trades shrank to record low levels this week, with the World Bank raising debt just a hair’s width wide of US government debt. Market watchers reckon the good times for issuers are here to stay for the foreseeable future.

Dollar issuers in the primary public sector bond market are paying some of their tightest ever spreads over US Treasuries, and investors say this is unlikely to change anytime soon as a “wall” of money floods into the market.

NRW.Bank has joined the list of dollar issuers this week, as the beneficial euro/dollar swap spread for euro funders and tight spread over Treasuries for dollar names proves an attractive lure.

Tokyo Metropolitan Government and Kommuninvest released initial price thoughts on dollar trades on Monday, as investor demand in the currency remains high despite a run of deals last week.