EIB
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Public sector borrowers will enjoy sparkling conditions in the dollar market in the coming weeks if they choose to fund in the currency, said SSA bankers, with demand far outstripping supply. But candidates look hard to find after a handful of deals this week, with euros still offering better all-in pricing levels. -
The Nordic Investment Bank is set to bring a dollar benchmark in the five year part of the curve, a tenor that has come back into fashion for public sector borrowers — including from the European Investment Bank on Tuesday. That is despite most secondary flows coming in shorter maturities, according to SSA bankers.
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The European Investment Bank is set to bring the first five year dollar benchmark from an SSA in nearly three weeks — and only the third since the first quarter — after mandating banks on Monday. The issuer will be joined by a triple tranche trade from the Japan Bank for International Cooperation.
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Sovereign, supranational and agency borrowers were out in force this week, but the second busiest week of the year for euro funding was notable for the lack of price tension on many deals.
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Two euro borrowers launched benchmarks on Wednesday, sharing the SSA euro market. While both secured successful deals, one found the market tougher going, as investors pushed back.
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A pair of borrowers have hit screens for euro benchmarks to be sold during Tuesday’s session, but another nipped in ahead of the rush to price on Monday.
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A sterling floater from the European Investment Bank would not normally set tongues wagging across capital markets but the supranational’s upcoming deal is an exceptional case. The bond is a test case for what is expected by many to become the new market standard for the format, writes Lewis McLellan.
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The European Investment Bank has released initial price thoughts for a sterling benchmark floater referencing Sonia — a trade that dominated many conversations at this week's Euromoney Global Borrowers conference in London. The deal will be priced on Friday.
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The euro market is calmer than it has been for months this week, but despite the favourable backdrop, issuers appear to be steering clear.
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Shipping company Irish Continental Group has signed an €80m financing facility with the European Investment Bank, with the financing coming soon after the company announced a spate of committed and uncommitted loans totaling €608m-equivalent. The ship it finances will be the largest cruise ferry in the world.
