EIB
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SSA issuance in Canadian dollars is enjoying a renaissance, with a pair of deals this week taking July to a record monthly volume and a tenor last seen several years ago returning. -
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The Canadian dollar market could see a resurgence in SSA issuance, said bankers, after the European Investment Bank printed a deal in a rare tenor for the currency this week.
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The increasing demand for bonds compatible with the Paris Agreement on climate change is one of the major factors driving the European Investment Bank’s plan to add Sustainability Awareness Bonds (SABs) to its funding mix, according to the issuer.
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This week's funding scorecard looks at the progress various supranationals have made in their funding programmes.
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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.
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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.
