EIB

Moments after becoming the first supranational or agency of the year to bring a 10 year benchmark in euros the European Investment Bank looked to repeat the trick in dollars, hiring a trio of banks on Tuesday afternoon to run a 10 year syndication.

The European Investment Bank is set to open the market for 10 year euro paper from supranationals and agencies on Tuesday, after mandating banks for a January 2024 bond on Monday.

Read the funding scorecard this week to see how selected European supranationals and agencies have got on in the busy first few weeks of the year.

If 2013 was the year when Socially Responsible Investments burst into the mainstream, then 2014 should be the year where issuers and bookrunners start pushing these instruments towards the same level of maturity seen in other sectors.

The European Investment Bank sold the first euro denominated green bond of the year on Monday, a tap of five year notes. The deal coincided with the release of Green Bond Principles, a set of voluntary guidelines for green issuance.

Network Rail opted for sterling on Wednesday, despite expectations that it would start the year off with a three to five year dollar deal.

The European Investment Bank sold the first ever green bond in the Swiss franc market on Wednesday afternoon, continuing a string of successful SSA issuance at the far end of the curve in the currency this week.

The European Investment Bank flung open the doors to the dollar benchmark market for 2014 on Tuesday, drawing books in excess of $7bn to a five year deal. Kommunalbanken and Network Rail are also expected to pile in while the market is hot and could mandate by the end of the week.

The European Investment Bank is set to open dollar benchmark supply for 2014 on Tuesday with a five year deal that is offering a sensible 3bp-4bp new issue premium at the initial price thoughts phase. A pair of Nordic issuers are thought to be looking at following the supranational with deals this week.

A widening investor base and a more liquid market could lead the European Investment Bank to diversify its catalogue of Climate Awareness Bonds next year.

The European Investment Bank sold its largest Swedish krona deal in more than a year on Tuesday, capitalising on a market that has remained busy through November and December. Syndicate bankers believe that more borrowers could look to tap the market as other currency markets begin to wind down before Christmas.

The European Investment Bank’s return to the Kangaroo market on Thursday was unable to grow beyond the minimum target size. Bankers on the deal attributed the lacklustre demand to the timing — deal sizes have been shrinking as the market gets close to shutting down at the end of the year.