Bank Nederlandse Gemeenten

Bank Nederlandse Gemeenten brought a 10 year dollar benchmark this week that sparked much debate about whether other issuers would be able to follow in the tenor. Although with a flurry of other trades this week, it is clear that other options are available once next week’s US Federal Reserve meeting is held.

There was a double breakthrough in dollars for public sector borrowers on Tuesday, as Bank Nederlandse Gemeenten reopened the 10 year part of the curve for core issuers for the first time in seven months and Sweden priced the tightest three year benchmark since the first week of the year.

A funding veteran at a European agency has swapped jobs with a person from the issuer’s treasury team.

A healthy pair of benchmarks this week and strong conditions mean the euro market is wide open for a pair of supranationals to bring planned deals next week.

Bank Nederlandse

Austria is to print a 10 year benchmark as investor sentiment rebounded after a torrid time last week as BNG priced a seven year bond.

Export Development Canada is to price a $1bn no-grow February 2019 benchmark on Tuesday, ahead of this week’s Federal Reserve rates meeting.

The carnage afflicting worldwide financial markets played into a trio of issuers’ hands this week, with each one able to attract strong demand from investors seeking safety in uncertain times.

While markets have been badly affected by a mixture of worrying economic data from China, falling commodity prices and a continued slump in many emerging markets, the SSA market looks solid.

A healthy euro benchmark pipeline is building for next week, with one supranational looking to print and a pair of sovereigns believed to be considering deals, after a week that didn’t finish as strongly as it started for core issuers.

Bank Nederlandse Gemeenten started January with a bang, roaring out of the blocks with an oversubscribed book on the year’s first euro deal, and printing its largest ever 10 year benchmark in the currency.

Bank Nederlandse Gemeenten is the solitary public sector borrower in the euro market so far this year, with a public holiday across much of Europe likely to limit issuance in the currency this week.