EIB

The Inter-American Development Bank (IADB) returned to the Kangaroo market on Wednesday, the only SSA to do so as the market’s recent pace of issuance begins to slow.

The EIB was set to price a seven year dollar deal as SSA Markets went to press. The borrower seized upon a lack of recent supply and investor desire for duration to bring a long dated deal that should help tighten in its curve if the level of oversubscription is anything to go by.

It has seemed crazy that so many issuers were prepared to sit the summer out given the benign market conditions in recent weeks.

Hurrah! So the EIB, the one borrower that’s been put in the corner for most of the year, finally managed to tap the Kangaroo market this week. This is a positive sign for not just the EIB but for European SSAs in general but one mustn’t forget the mid-part of the curve still remains a no-go area for the EIB.

The EIB and Nederlandse Waterschapsbank (NWB) tapped Nordic currency lines on Wednesday as international investors scurry for Scandinavian currency safe haven paper.

The Kangaroo market demonstrated that it was back to full strength this week when the EIB, a name for whom this market was closed only two weeks ago, printed a A$650m ($686m) 10 year bond with an A$800m book.

SSA names were in high demand on Thursday as FMS Wertmanagement and the EIB tapped existing lines to satisfy rampant investor demand. The deals followed Wednesday’s seven year dollar blowout from KfW.

The European Investment Bank (EIB) finally jumped into the Kangaroo market this week with a much awaited 10 year new issue. Kommuninvest also dipped into the popular 10 year part of the Kangaroo curve on Wednesday.

The Inter-American Development Bank (IADB) sustained the flurry of SSA Kangaroo supply of the last month when it priced a A$200m ($211.3m) tap of its 2022s on Friday last week.

The European Financial Stability Facility (EFSF) held talks with several commercial banks about setting up repo lines, on August 3. Bankers expect the request is the EFSF’s preparation for secondary market intervention.

Nordic Investment Bank (NIB) priced a Nkr1bn ($.13bn) five year on Tuesday. However, SSA issuance in the currency has depleted this year as investor have chased yields moving from supranational to corporate issuers.

European Investment Bank tapped its August 2024s for the second time this month on Wednesday. In its second outing it was able to shave 2bp off the first tap’s pricing.