EIB

The European Investment Bank targeted the far end of its Swiss franc curve on Thursday afternoon, selling a new 20 year bond. The 2033 maturity makes it comfortably the longest dated bond from an international issuer in Swiss francs this year, catching the attention of institutional investors.

SSA syndicate bankers are predicting either a seven year benchmark from the European Financial Stability Facility (EFSF) next week, or a deal at the far end of the curve, after they made their recommendations to the borrower this week. The European Investment Bank and KfW are also expected to issue either next week or the week after.

Kommunalbanken sold its first senior unsecured Canadian debt in two years on Friday, opting for a five year RegS/144a deal. The deal follows the sale of five year debt in the currency by EIB and FMS Wertmanagement in April, prompting some analysts to predict a possible resurgence in interest in the currency.

Blow-out dollar deals by the European Investment Bank and Network Rail, which were priced on Wednesday afternoon, have demonstrated the rampant appetite for SSA paper. And now more issuers look set to take advantage of the conditions.

The European Investment Bank and Network Rail both have both mandated banks to lead new dollar transactions, the former looking at a three year global and the latter a five year RegS/144A trade. Leads announced initial price thoughts for both trades on Tuesday afternoon, with pricing expected on Wednesday.

The European Investment Bank (EIB) and Kommunalbanken (KBN) accessed the sterling market on Monday afternoon, selling taps of three and four year debt respectively. The deals follow a roadshow by Transport for London (TfL) ahead of a possible bond from the issuer.

The EIB sold a tap of 15 year Swiss franc debt on Thursday afternoon, taking advantage of keen investor appetite stimulated by a lack of international issuance in the currency. A difficult basis swap kept the size of the trade small, despite healthy demand.

NRW.Bank sold long four year sterling debt on Thursday afternoon, taking advantage of investor appetite for sterling paper at that part of the curve.

The European Investment Bank returned to the Canadian dollar market for the first time since 2007 on Wednesday, selling a five year global bond. The deal proved popular with investors looking for a premium over domestic SSA issuance in the currency.

Several issuers are preparing dollar deals in the wake of a popular five year global from the European Investment Bank on Tuesday afternoon.

The International Finance Corporation (IFC) will price a $2bn June 2018 bond later on Wednesday afternoon at mid-swaps less 3bp, which will be the tightest supranational five year deal so far this year. It is also flat to the IFC’s outstanding 2017s and 3bp inside the trading level of the outstanding Inter-American Development Bank (IADB) five year.

L-Bank priced a £250m December 2017 note on Wednesday afternoon, while the European Investment Bank also looked to sterling to raise funds in the belly of the curve, pricing a tap of January 2018 paper.