EIB

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.

The European Investment Bank is set to sell its first new Kangaroo bond in more than a year on Thursday, opting for a long five year note.

Read this week's funding scorecard to see which European supranationals and agencies are nearly done for the year, and which have already begun prefunding.

The European Investment Bank revisited the Czech koruna market for the first time since 2011 on Tuesday, raising Ck500m ($26.8m) with a December 2023 floating rate note.

Network Rail is set to add to a spate of dollar issuance this week, mandating banks for a benchmark on Wednesday morning. It will follow KfW and the European Investment Bank, which announced mandates just after lower than expected US non-farm payroll numbers were released on Tuesday afternoon.

KfW and the European Investment Bank are set to end a drought of dollar benchmark issuance on Wednesday. KfW hired banks on Tuesday for a three year benchmark in the currency, while EIB has opted for a longer five year deal.

Read this week's funding scorecard to see which European supranationals and agencies are nearly done for the year, and which have room for another benchmark.

The European Investment Bank (EIB) and Oesterreichische Kontrollbank (OeKB) both took to the Swiss franc market on Monday, capitalising on Swiss investors’ appetite for high quality paper to sell tightly priced taps.