EIB
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The World Bank is set to print a five year dollar benchmark, as bankers expect issuers to focus on the short end this week. -
A £1bn bond from the European Investment Bank last Friday should inspire other issuers to try their luck in the sterling market this week, said bankers.
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Dollar issuance is clustering at the short end of the curve as bankers fear the threat of a rate increase at the Federal Open Market Committee’s (FOMC) meeting on June 14-15.
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The Asian Infrastructure and Investment Bank may follow other SSAs to the Kangaroo market.
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SSA activity in the Kangaroo market is picking up after a move in the cross currency basis swap between Australian dollars and euros.
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The European Bank for Reconstruction and Development printed a $500m floating rate note on Thursday in the week’s third deal in the format.
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The European Investment Bank printed a three year dollar benchmark on Wednesday, joining other issuers this week in staying at the short end of the curve.
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Uncertainty regarding the outcome of the US Federal Open Market Committee’s (FOMC) meeting in June drove public sector borrowers to target the short end of the dollar curve this week, said bankers.
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Public sector issuers are printing at the short end of the dollar curve, a tactic they are likely to stick to in the build-up to the next US Federal Reserve rate decision on June 15, said bankers.
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University College London has signed the largest ever European Investment Bank loan to a higher education institution, it announced on Thursday.
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A pair of SSA borrowers returned to the Norwegian krone market this week for the first time this year, taking advantage of better funding conditions in the market.
