Supras: all avenues open as risk-free rate debates rage

Supranational issuers have had a wide variety of options for funding this year. A strong dollar market has offered plenty of chances to fund in size, while some dollar funders have returned to euros thanks to a favourable basis swap. Bank treasuries shoring up on Sonia assets have helped push sterling issuance to record levels, while markets as diverse as the Norwegian krone and Turkish lira have also found homes for supranational paper. The Sofr market in dollars has also started to develop, although unlike its sterling risk-free rate cousin Sonia, standards on rate calculation are yet to be agreed. GlobalCapital brought together funding officials at some of the world’s highest rated borrowers to discuss these topics and more.