Nordic Investment Bank NIB

A pair of Nordic issuers, which printed in Australian dollars late last week, could look to take a bite out of their 2014 funding needs before the end of the year.

This week's scorecard features Scandinavian agencies. Most of the issuers are well funded for the year, with Municipality Finance leading the pack on 92% after its $1bn three year bond priced on Thursday.

The Nordic Investment Bank and the International Finance Corporation rounded out a busy week for non-core dollars on Friday, with NIB selling a long 10 year Kangaroo deal and IFC tapping five year Kauri debt. And next week could be even busier, syndicate bankers told SSA Markets.

The Nordic Investment Bank became the latest issuer to access the Kangaroo market on Thursday, opening books on a long 10 year trade. The International Finance Corporation has also begun bookbuilding for a five year Kauri tap.

Bank Nederlandse Gemeenten (BNG) may lead a small handful of issuers looking to print deals before investors pack their buckets and spades and head to the beach for the summer. The Dutch agency joins its compatriot Nederlandse Waterschapsbank (NWB) among the names that may well access public markets before August.

The Nordic Investment Bank sold its first dollar callable zero in over a year this week, as the issuer revealed tentative plans to target the currency in larger size during the second half of the year.

Export Development Canada (EDC) sold five year Kangaroo debt on Tuesday, attracting strong interest from central banks and bank treasuries. The deal reassured syndicate bankers that demand is strong in the currency despite falling yields. The deal is expected to be followed by taps of 10 year debt from the Nordic Investment Bank (NIB) and Rentenbank on Wednesday.

The Nordic Investment Bank has mandated banks for a five year Kangaroo deal, its first new line in the currency since July 2012. Rentenbank also tapped its 10 year debt, benefiting from the currency’s steep yield curve.

The International Finance Corporation has hired three banks to run a three year global syndication, in what could be the only benchmark sized deal of the week.

Nordic Investment Bank priced its largest ever benchmark on Thursday afternoon — a $2bn April 2016 global. Strong central bank demand and a record breaking book pushed the borrower to do a larger deal than it had originally planned.

The Nordic Investment Bank (NIB) became on Wednesday afternoon the latest SSA name to attempt to borrow three year money from dollar investors. The supranational credit followed German agency, L-Bank, which priced its first dollar benchmark since April 2012 on Wednesday afternoon.

The Nordic Investment Bank and the European Investment Bank snapped up opportunities in niche currencies on Friday — NIB sold its first Brazilian real deal in almost two years and the EIB tapped a five year Norwegian krone deal. The deals are likely to be the first of a rush — niche currency markets will be a hotbed of activity in the coming weeks, said bankers.