Swedish Export Credit Corporation

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.

This week's scorecard looks at the progress Nordic agencies have made in their 2019 funding programmes by the middle of September.

The dollar SSA market saw a clear schism this week between the maturities investors favour, with shorter end trades tightening pricing while longer maturity deals were forced to print in line with initial price thoughts.

SSA issuers of dollar bonds were able to push harder on spread than they have in recent weeks on Wednesday, surprising syndicate bankers away from the deals.

This week's scorecard looks at the progress Nordic agencies have made in their 2019 funding programmes.

This week's scorecard looks at the progress Nordic agencies have made at the end of June.