Nomura

Bank Nederlandse Gemeenten and Kommuninvest followed in the footsteps of KfW as they included their environmental, social and governance (ESG) ratings in the terms sheets for socially responsible bonds this week, with the latter selling the largest single-issue green bond from a Nordic public sector borrower.

Deutsche Pfandbriefbank (Pbb) had been spying a chance to tap the sterling market since August for an inaugural senior transaction. The German bank found a good window this week and, even though it attracted only just enough orders to launch the £250m preferred senior bond, a banker on the deal said the trade "ticked all the boxes".

Two SSA borrowers have will follow KommuneKredit's lead by issuing green bonds on Wednesday after the Danish agency announced and priced a deal on Tuesday.

State Bank of India is looking to raise about Rp80bn ($1.1bn) by selling a minority stake in SBI Cards’ planned jumbo IPO, according to a banker on the mandate.

Royal Bank of Scotland launched its debut social bond on Friday, attracting over €2bn of orders for its €750m offering. The trade benefited from a favourable backdrop in the primary market and an increased appetite for UK credit caused by a scarcity of issuance from the country this year.

A pair of public sector borrowers hit the dollar market this week, pulling off strong deals at three and five years. Both enjoyed a clear field as euro-based borrowers stuck to their home currency thanks to an unpalatable basis swap rate.

The European Bank for Reconstruction and Development (EBRD) focused “on price over size” but achieved both when it brought its third Sonia-linked floating rate note (FRN) to the market this week, according to one of its leads.

Two SSA borrowers tapped the seven year part of the euro curve this week, but came away with different results. Luxembourg received an oversubscribed book for its deal on Wednesday, while Nederlandse Waterschapsbank (NWB Bank) had to price without fully placing its €1bn trade.

Rating: Aaa/AAA/AAA

A move in the Bund curve left the market too volatile for Nederlandse Waterschapsbank (NWB) to fully place its seven year euro benchmark on Thursday.

The Swedish Export Credit Corp printed a $1.25bn three year global benchmark bond on Wednesday, tightening the spread to land flat to its curve and aided by a favourable move in swap spreads.

The European Bank for Reconstruction and Development came to market on Wednesday with its fourth Sonia-based floater.