Kommuninvest
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Big moves in US Treasury yields, swap spreads and the euro/dollar and euro/sterling basis swaps put paid to some dollar issuance this week as some borrowers held back and others tapped different currencies. But a pair of Swedish names did get deals done, and rates started to move back into more favourable areas, suggesting volumes could pick up again next week. -
Some SSA issuers are avoiding Uridashi notes, but dealers say there is no shortage of demand.
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Kommuninvest printed a $1bn three year dollar bond on Wednesday, following the example set by Swedish Export Credit Corporation (SEK) but shaving an extra few basis points from its spread.
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Climbing US Treasury yields and tightening swap spreads are pushing out levels in dollars, but Swedish Export Credit Corporation (SEK) managed a successful three year trade — a good omen for an upcoming deal from Kommuninvest on Wednesday.
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This week's scorecard looks at the progress Nordic agencies have made in their funding programmes.
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Two SSA borrowers readied trades in the dollar market on Monday, lining up for a busy week of issuance.
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This week's scorecard looks at the progress Nordic agencies have made in their funding programmes.
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The first funding scorecard of 2018 looks at the funding programmes of Nordic agencies.
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The three year part of the dollar curve took centre stage for public sector issuers this week, having played second fiddle to fives so far this year. Issuers were met with just as strong a reception in the short end of the curve as they have enjoyed in fives so far — and SSA bankers believe some could be tempted to test the longer end.
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Dollar SSA deals are showing little signs of a hangover from a public holiday in the US on Monday, with all three of Wednesday’s trades well over subscribed and pricing inside guidance.
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A widening in dollar swap spreads since the end of last week should help support a trio of dollar deals on screens for Wednesday’s business, said SSA bankers.
