Swedish Export Credit Corporation
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Public sector issuers “can do whatever they want” in a rampant dollar market, with investors ploughing into books despite deals pricing close to or flat to their curves. -
Public sector borrowers are rushing back into dollars after a quiet few weeks for the currency, with a trio of issuers taking indications of interest for Wednesday business.
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This week's funding scorecard looks at the progress Nordic agencies have made in their funding programmes.
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Swedish Export Credit Corporation (SEK) has returned to sterling for a tap of a December 2020 line, as investors’ confidence in the currency grows.
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A higher than expected UK inflation rate led to a sell-off in Gilts this week, a move that may put an end to what has been a remarkable run of traffic in sterling SSA bond issuance.
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Japanese investors on the hunt for European SSA credit drove a flurry of long dated Australian dollar deals on Wednesday.
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Svensk Exportkredit (SEK) hit screens for a sterling deal on Monday, raising £250m with a one day execution despite the announcement that the Scottish government will seek a second independence referendum.
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Short dated US dollar floating rate notes proved a popular product in the MTN market this week as some investors sought protection against a likely policy rate hike.
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US President Donald Trump’s first speech to Congress, a remarkable switch in Federal Reserve rate expectations and swap spreads falling from their early week highs all failed to derail a stellar week for public sector dollar issuance. More trades are expected to come next week, before the market quiets ahead of the Fed’s next rate decision and a Dutch general election where the far-right Party for Freedom (PVV) is expected to perform well.
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Swedish Export Credit Corporation on Thursday added another cracking deal to a super strong week for dollar issuance, as FMS Wertmanagement lined up to take benchmark supply in the currency into Friday.
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Public sector borrowers hit screens with dollar deals on Monday that are in keeping with a market that has been very much focused on the short end of the curve over the last few weeks.
