Swedish Export Credit Corporation

This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes in early May.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 6. The source for secondary trading levels is ICE Data Services.

Swedish Export Credit (SEK) joined the ranks of SSAs increasing their funding programmes in response to the Covid-19 crisis this week. Meanwhile, Norway’s Kommunalbanken (KBN) has dropped its target by $2bn as a result of a weakening Norwegian kroner.

This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes at the start of the second quarter.

The Inter-American Development Bank has added slightly to its 2020 funding programme following the announcement of a substantial lending package in response to the Covid-19 crisis.

The dollar bond market is gradually opening up, with two high quality public sector borrowers hitting screens on Monday for short dated deals. But with volatility still gripping the cross-currency basis swap market, European borrowers are still sticking to their home currency.

The first scorecard of 2020 looks at the progress Nordic agencies have made in their funding programmes at the start of March.

Swedish Export Credit Corporation appointed banks on Wednesday for the first syndicated public sector dollar bond since mid-November.

This week's scorecard looks at the progress Nordic agencies have made in their funding programmes at the start of November. Some of the issuers have also set their funding targets for 2020.

Investors have not completely shunned Libor-linked floating rate notes from public sector borrowers, as a trade from Swedish Export Credit Corp showed this week.

Deals set to be issued by the Province of Ontario and Development Bank of Japan on Wednesday attracted good demand, reflecting their higher yield relative to other dollar supra and agency bonds.

Kommuninvest kicked off the dollar market this week with a $1.25bn blowout, despite it being at record tight levels over Treasuries, according to a banker on the deal. Following on from Kommuninvest’s deal, a wide range of SSAs look to print across the curve, including rare issuer IDB Invest with its five year dollar bond debut.