EIB
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The European Investment Bank kicked off post-summer jumbo dollar issuance on Tuesday with a well-received five year deal, as another issuer jumped in with a shorter dated mandate. -
After a steady flow of dollar benchmark issuance at the small end of the size scale from supranationals and agencies over the last month, this week looks set to bring a jumbo-sized deal, after the European Investment Bank mandated for a trade.
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Euros had to play second fiddle to a rampant dollar market this week, but there was still a steady flow of deals at the smaller end of the size scale.
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A vote for the UK to exit the European Union next week is likely to intensely magnify a strong rush into safe haven assets, but some bankers are still confident that after the initial furore of a ‘Brexit’ there could be room for issuers eyeing euro deals in July to go ahead. And, if the UK opts to stay in the EU, issuers are likely to be lining up to print in July.
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Read on to see how far through their funding programmes European supranationals and agencies have progressed.
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Cades more than doubled its minimum size target for a euro benchmark tap on Thursday, as the European Investment Bank also printed a large euro tap.
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Supranationals were able to take €8bn out of the long end of the euro curve this week amid another week of demand for duration, but the deals arguably suggest the strength of that interest could be waning, said bankers.
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European Investment Bank picked up €3bn on Tuesday with an April 2032 benchmark that drew a higher degree of French investor participation than is typical for the supranational, said bankers.
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Supranational issuers are lining up to tap the long end of the euro curve, with the European Investment Bank set to price an April 2032 benchmark and the European Financial Stability Facility printing a dual tranche deal.
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Demand for supranational and agency paper in Turkish lira is proving strong despite political tensions in the area.
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Export Development Canada is to print a long four year sterling bond as demand for paper in the currency defied fears of a possible UK's exit from the European Union.
