EIB

The lack of yield on offer in dollars and euros is encouraging investors to look towards niche and local currencies in an effort to maximise the return on their investment. With the EBRD selling its first ever Vietnamese dong bond this week, niche currency bankers are confident in the outlook for emerging market currencies.

The European Investment Bank sold its second Swiss franc trade of the year on Friday, tapping 11 year debt. The EIB has been forced to be flexible in its funding in Swiss francs, with the small deal size reflecting the tight pricing for high grade international credits in the currency.

Export-Import Bank of Korea (Kexim) has mandated banks for a roadshow ahead of what would be its debut deal in the sterling market. The European Investment Bank also launched a tap of five year sterling debt on Thursday.

The European Investment Bank has taken full advantage of an otherwise quiet issuance week to print a new €4bn seven year EARN.

The EIB mandated banks for a new seven year EARN on Tuesday, which is expected to price on Wednesday. The issuer plumped for a seven year maturity to catch a wide investor base while also offering a smidgen more yield than a five year. The Bank of England has also mandated banks for a new three year dollar bond.

The European Investment Bank broke records on Monday as central banks and official institutions led the charge for a tap of its 1.375% January 2018 bonds which took its quarterly sterling volume to an all time high.

The euro market was easily outshone by dollars this week. While it produced a pair of benchmarks that were comfortably oversubscribed, the concession that issuers had offered contrasted sharply with dollars, where three issuers priced $13bn of debt in just 48 hours at levels right on top of their curves. But that’s no reason for despair, the euro market is still robust.

The Kingdom of Sweden is set to price its largest ever dollar bond on Wednesday afternoon, a $3bn five year as SSA borrowers revel in the strength of the primary market in dollars. The trade comes on the same day as KfW and a day after the EIB priced $5bn three year global deals each.

The European Investment Bank (EIB) has attracted a hefty order book to a three year global deal as it latches on to the rampant interest in short-dated deals among investors.

A quiet dollar market left space for sterling issuance on Monday, with both the European Investment Bank (EIB) and the Asian Development Bank (ADB) launching deals. The former plumped for a five year floater while the latter priced a tap of three year notes.

Barclays, Deutsche Bank and Goldman Sachs have been mandated by the European Investment Bank to lead manage a new three year benchmark. The deal is expected to appeal to bank treasuries and central banks looking to pick up short dated paper.

The European Investment Bank is likely to settle for $1bn at a sale of a new seven year RegS/144A benchmark having attracted a $900m over the course of Monday morning, a banker close to the trade said.