Nordic Investment Bank NIB
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A flurry of activity in the Australian dollar market this week may be at an end after a lower than expected third quarter Australian GDP print. -
The European Investment Bank (EIB) tapped South African rand twice this week, amid rising yields in the currency. Elsewhere, the International Finance Corporation (IFC) and World Bank both sold three lots of offshore renminbi, and Nordic Investment Bank (NIB) returned to Hong Kong dollars.
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This week's scorecard looks at the funding progress various supranationals have made in their programmes as the end of the year approaches.
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This week's scorecard looks at the progress supranationals have made in their funding programmes this year.
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Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.
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Nordic Investment Bank is now using two-way credit support annexes for 85% of its outstanding swaps, allowing the supranational to take advantage of hot demand for emerging market currency MTNs.
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Kommuninvest is set to complete a trio of three year dollar benchmarks from SSAs this week, after Nordic Investment Bank comfortably priced in the tenor on Wednesday.
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Three borrowers came to market for dollar paper on Tuesday and another hit screens announcing a transaction on Wednesday, as bankers reported strong conditions in the currency.
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Public sector issuers are taking advantage of strong summer conditions in the dollar market to bring green and arbitrage-style deals, with more issuance expected next week.
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The Nordic Investment Bank launched a two year dollar global on Wednesday, providing what looks like the week’s final issuance. The leads opted to forego price guidance, choosing a level as the deal hit screens on Tuesday.
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The dollar market is grinding on throughout the summer, with public sector borrowers pushing out deals at the short end, although none have been in benchmark size this week. Two issuers launched transactions on Tuesday with a third slated to follow on Wednesday.
