SSA issuers are increasingly looking towards the Norwegian krone market as a hawkish Norges Bank, against the tide, raises rates. The European Investment Bank in particular has sharply increased its Nokkie issuance this year.
The EIB has almost trebled last year’s issuance in the currency so far this year, raising Nkr14bn ($1.6bn) to date. In 2018, it issued Nkr5bn ($0.58bn).
“Nokkie has been our fourth biggest currency this year, behind euros, dollars, and sterling,” said Joakim Tiberg, funding officer at the EIB. “This