EIB

SSA dollar deals printed this week ground tighter in the secondary market on Thursday, despite the notes coming within a hair’s width of US sovereign debt.

SSA issuers were out in the dollar market with $7bn of new bonds on Wednesday, though the biggest of the deals highlighted how price sensitive investors were in a world where some yield curves have inverted.

Kommunalbanken brought its green bond framework to the Swedish krona market for the first time last week to place its seventh green note, its first since August 2018. The move into the currency follows a wider trend of major SSA issuers funding in niche currencies as raising debt in core markets becomes harder, according to bankers.

Some SSA investors have been taken by surprise by how quick the dollar market has reopened this week, with the clutch of trades on screens on Wednesday being regarded as important benchmarks for the coming weeks.

The dollar SSA market has started the short week on the front foot, with a trio of trades hitting screens on Tuesday.

SNCF Réseau steamed ahead with a new century bond issue this week, its second and largest deal to date, amid declining rates that has seen more and more investors take a risk at the ultra-long end in return for yield pick-up.

The Federal State of Schleswig-Holstein has mandated for a 20 year euro trade, as eurozone rates continue to squeeze tighter.

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The European Investment Bank set two records in the sterling bond market this week. The supranational issued the largest ever single tranche socially responsible bond in sterling across any sector, which took supranational and agency supply in the currency to an all-time annual high — even though it’s only August.

The European Investment Bank (EIB) set a new record on Tuesday by bringing the largest ever socially responsible investment (SRI) bond in sterling by a public sector borrower — comfortably breaking the previous record set only last week by KfW.

The European Investment Bank (EIB) appointed banks on Monday to lead a five year sterling Climate Awareness Bond (CAB), in what will be the supranational’s first new socially responsible bond issue in the currency since 2014.

This week’s funding scorecard looks at the progress supranationals have made in their funding programmes towards the end of July