EIB

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, January 11. The source for secondary trading levels is ICE Data Services.

Sterling deals have received a superb investor response so far this year but perhaps none more so than Monday’s record setting Sonia floater from the European Investment bank.

The first public deals of the year in the long end of the euro curve from the supranational and agency sector arrived on Monday, with the trades receiving huge demand and pricing exceptionally tight to secondary levels.

European Investment Bank kicked off a strong first week of issuance with an impressive outing in the Kangaroo market, raising A$1.25bn ($973.2m) with a Climate Awareness Bond.

The European Investment Bank received an order book close to two and half times bigger than its previous record in euros on Thursday as it printed its first benchmark in the currency of the year.

The European Investment Bank announced its first euro benchmark of the year on Wednesday, looking to take advantage of a super strong backdrop and avoid an expected heavy pipeline of supply next week.

The dollar SSA market leapt into action on Tuesday with an impressive deal from the European Investment Bank. Two more are set to follow on Wednesday, including a 10 year benchmark.

The European Investment Bank made a blazing start on Monday in tackling its 2021 borrowing programme, hitting the Australian dollar and sterling markets on Monday, and lining up a dollar deal for Tuesday.

The European Investment Bank became the first borrower to tap the sterling market in 2021 on Monday, while KfW is set to follow on Tuesday. While the opening deal went well, the issuers had to contend with some sharp volatility.

The V20 group of finance ministers from countries especially vulnerable to climate change has prepared a Climate Prosperity Plan — analogous to a green new deal — which it hopes will help member countries devise 10 year investment plans to recover from Covid-19 while becoming more climate-resilient.

Hungary has no plans to issue wholesale bonds in foreign currency markets next year, having raised more debt than expected in euros and yen in 2020.

This week's funding scorecard looks at the progress supranationals have made in their funding programmes at the end of November, with some issuers also setting their targets for 2021 and starting pre-funding.