Currencies
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Four sovereign, supranational and agency borrowers came to market for euros in the opening week of 2017, showcasing the market’s depth and flexibility. But the torrent of supply has meant that issuers haven’t had it all their own way.
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Municipality Finance raised €1bn on Thursday with a short 10 year bond that was, according to head of funding Joakim Holmström, the agency's top priority for the quarter. -
Inter-American Development Bank and World Bank opened the Kangaroo market with five year prints on Wednesday and Thursday respectively. Unexpectedly strong Australian investor support made World Bank’s trade the largest SSA offering since July.
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KfW and Ireland brought euro deals on Wednesday at the very top end of size expectations, alleviating a little of the pressure on what is set to be an extremely busy year in the currency. The trades came the same day as Municipality Finance mandated for a euro benchmark and a request for proposals came from the European Financial Stability Facility.
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Diesel engine maker Weichai Power has gathered liquidity from 13 lenders during the general phase of its €310m ($334m) five year loan.
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Automobile parts maker Zhongding Hong Kong is back in the loans market after a year and a half for a €150m ($156.6m) three year facility.
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Bank Nederlandse Gemeenten (BNG) launched the first SSA benchmark of 2017 on Tuesday. While the agency raised €1bn, its success was muted in comparison with the way it opened 2016.
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Zürcher Kantonal Bank became the first Swissie issuer to print in 2017. The cantonal bank kicked off the new year with a Sfr260m ($253.4m) nine year deal.
