EIB
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Investors are still hungry to put their money to work in short dated dollars after a bumper last week, with the European Investment Bank on Tuesday set to price a $4.5bn three year bond and the African Development Bank mandating for a two year benchmark. -
The European Investment Bank was first into the dollar market this week with a three year mandate, the maturity of choice for dollar issuers over the last few weeks. Export Development Canada last Friday sold the first five year dollar benchmark from SSA in several weeks and, while it went well, bankers do not expect other issuers to follow suit.
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The central banks responsible for setting rates for the world’s four core currencies have not been so far apart in their policies since the financial crisis of 2008. The US Federal Reserve is in a rate rising cycle — albeit a very slow one — the Bank of England is embarking on another round of quantitative easing, the European Central Bank has added corporate bonds to its purchasing programme and the Bank of Japan is attempting to control not just short-term interest rates but long-term ones too.
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The European Investment Bank hit the screens twice on Wednesday, printing long dated euros and tapping a sterling line.
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The volatility of the Mexican peso is causing investors to keep away from long term debt in the currency.
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The European Investment Bank has pushed the green bond curve out to the unprecedented length of 21 years with a new issue on Wednesday.
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The ebullient tone that characterised the first three weeks of September has faded as investors begin to fret over the US presidential election on November 8, but there is still life in the SSA market.
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Municipality Finance has made its long awaited entrance into the green bond market with a dollar five year on the same day that a new green exchange launched.
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The European Union’s newly militaristic tone risks undermining the socially responsible activities of its pet bank.
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The European Investment Bank has reiterated that it does not finance military infrastructure projects, after a pair of European commissioners suggested altering the supranational's mandate to include funding defence projects.
