EIB
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The European Investment Bank set a marker on Wednesday that sterling issuance could be just as hot this month as it was in January last year — as another pair of issuers hoped to add further evidence of that this week. -
SSA borrowers have wasted no time in approaching the primary market this year and the early pipeline appears strong. But as buoyant as conditions appear, there was evidence to suggest investors will not be buying everything thrown their way at any old price.
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KommuneKredit and the Asian Development Bank (ADB) will reopen the dollar market for SSA borrowers on Wednesday. Meanwhile, the EIB is lining up to perform the same service in sterling bonds.
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The European Investment Bank will have a funding target of €60bn for 2017, exactly in line with its goal for this year. The figure comes despite EIB having €56.1bn of redemptions next year, down from €65.7bn in 2016.
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SSAs are turning to the MTN market to meet investor requests and to pick up some pre-funding in December, with the bulk of their funding needs for the year completed.
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The 28 finance ministers of the European Union are expected to approve the extension of the European Fund for Strategic Investment (EFSI) on December 6.
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The European Investment Bank added a A$100m ($75.5m) tap to its August 2026 Kangaroo bond on Monday, before following up with its first Mexican peso trade since the US election.
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The European Investment Bank added a A$100m ($75.5m) tap to its August 2026 Kangaroo bond on Monday.
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World Bank has reopened the 10 year part of the dollar curve, with other public sector issuers keen to follow it into the tenor.
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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.
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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.
