EIB

The European Investment Bank priced a £100m tap of its 3.75% December 2027 notes inside the outstanding secondary levels on Monday, playing on strong demand for high grade paper from sterling investors.

The European Investment Bank on Monday raised £300m in three hours with its first sterling benchmark since March.

The EFSF has despatched an RFP to dealers for a trade which is anticipated to come next week, and bankers expect the EU to follow with a benchmark after that. The two borrowers are among the few SSA names with much funding left to do before the end of the year.

The EIB priced a Sfr100m ($106.3) 1.125% April 2023 deal at mid-swaps plus 15bps on Thursday afternoon, hot on the heels of a pair of niche currency trades from KfW.

Network Rail was set to price a five year Reg S/144A note on Wednesday afternoon at the tight end of initial guidance. The deal’s reception shows that investors are increasingly tolerant of the low spreads over Treasuries — caused by tight swap spreads — that have menaced attempts at dollar issuance in recent weeks.

The European Investment Bank and KfW added to the glut of dollar benchmark supply on Tuesday with new benchmark trades.

The European Investment Bank and Republic of Austria are considering dollars deals this week, SSA Markets understands. The deals will test demand for more expensive names in dollars, after blow-outs from a pair of European agencies and a Canadian province last week, as ultra low swap levels squeeze spreads over Treasuries.

The European Investment Bank (EIB) and the World Bank both jumped into the Russian rouble market on Wednesday to capitalise on the recent strong flows of non-domestic demand for high quality SSA names in the high yielding currency.

The European Investment Bank (EIB) attracted €4.5bn of orders to a 10 year deal on Tuesday afternoon, having announced guidance at a wider level than it had sounded investors at the day before.

The European Investment Bank became the first issuer to stick its head above the parapet this week, mandating banks for a 10 year euro benchmark. The deal will be a key test of demand in the 10 year part of the curve, where several deals in the last month have underwhelmed.

Several borrowers are working on dollar deals for as early as next week, SSA Markets understands. Dollars is set to be the go-to currency for benchmark issues in coming weeks. Tight swap spreads are putting investors off across the board but the central bank bid will support dollar deals.

The European Investment Bank (EIB) capitalised on additional investor demand to increase its Russian rouble 7.5% July 2019 line to Rb2.5bn ($75.4m) on Friday last week ― the second increase in two days.