Kommuninvest
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Kommuninvest was the sole dollar benchmark in the public sector market this week, getting in just a day ahead of Thanksgiving to reach its 2018 funding target. Dollar SSA supply is likely to be limited for the rest of the year, but there is room for "opportunistic" trades at the short end, according to bankers. -
Kommuninvest took advantage of the lack of competing SSA supply on Wednesday to price a long three year dollar trade ahead of the US holidays. Meanwhile, Nederlandse Waterschapsbank has appointed banks to arrange investor calls for its annual water bond.
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Kommuninvest has hit its lowest BondMarker score of the year so far with a trade that drew an average rating of 6.53 from voters. The $1bn November 2021 on October 2, the only benchmark priced in the week commencing October 1, scored particularly lowly for pricing, on 6.06.
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A sharp sell-off in US Treasuries after the release of stronger than expected US economic data has changed the landscape for dollar issuance. Ten year benchmarks could be possible, although one product investors would normally welcome in a rising rate environment — floating rate notes — is unlikely to make a big comeback.
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Two Nordic agencies have raised their funding needs for the year due to an increase in their lending activity, just as the final quarter has begun.
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Kommuninvest was able to get more than enough demand for a rare three year dollar benchmark on Tuesday, despite the deal being priced at a level that onlooking SSA bankers said was flat to fair value.
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Kommuninvest hit screens on Monday for the first dollar benchmark by a Nordic public sector borrower since August.
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Kommuninvest has increased its funding needs for the year, as it prepares for the final quarter.
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This week's scorecard looks at the progress Nordic agencies have made in their 2018 funding programmes, one month into the third quarter.
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A pair of European agencies have increased their funding target ranges for 2018 as they prepare for the second half of the year.
