Nordic Investment Bank NIB
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This week's funding scorecard looks at the progress various supranationals have made in their funding programmes. -
Public sector borrowers will enjoy sparkling conditions in the dollar market in the coming weeks if they choose to fund in the currency, said SSA bankers, with demand far outstripping supply. But candidates look hard to find after a handful of deals this week, with euros still offering better all-in pricing levels.
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The Nordic Investment Bank was able to ratchet in pricing to the lowest five year spread for several years as it fed a dollar market starved of supply.
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The Nordic Investment Bank is set to bring a dollar benchmark in the five year part of the curve, a tenor that has come back into fashion for public sector borrowers — including from the European Investment Bank on Tuesday. That is despite most secondary flows coming in shorter maturities, according to SSA bankers.
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The Nordic Investment Bank has hired a sustainability expert to run its sustainability and mandate unit, which it recently moved from its lending department to treasury.
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Public sector borrowers had one of their busiest weeks of the year in sterling, with a supranational trade in particular getting a strong reception. More could follow next week, with demand strong from Asian investors, said bankers.
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This week's funding scorecard looks at the progress various supranationals have made in their funding programmes.
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Some supranationals want to see their efforts to print green bonds rewarded with tighter pricing, hoping to set a precedent that will spread through the market. But some worry that setting the pricing bar higher for green bonds than vanilla as a matter of course could deter investors. Lewis McLellan reports.
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The Nordic Investment Bank paid 'flat to 1bp' of new issue premium on Tuesday as it brought an environmental bond in in the seven year area — which bankers are calling the 'sweet spot' of the euro curve.
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A flash of public sector SRI bond issuance last week heated up on Monday, as Nederlandse Waterschapsbank found a strong reception for an affordable housing bond and Nordic Investment Bank prepared an environmental offering in a tenor that bankers said was attracting strong demand.
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The Nordic Investment Bank is looking for someone to head its sustainability and mandate evaluation team, a job the supranational is redefining by moving to its treasury department.
