EIB

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.

SSA Markets understands KfW is looking to issue a new five year Kangaroo line as soon as Tuesday, and that Export Development Canada (EDC) is also monitoring the market. The African Development Bank (AfDB) capitalised on the positive market tone on Monday to tap its 5.25% 2022s.

The European Investment Bank (EIB) exploited the bid for five year paper on Friday, June 20 with a tap of its own 2017bond.

Strong bank treasury and official institutional demand allowed the European Investment Bank to print a £1bn tap on Friday. It is the latest in a series of blockbuster trades in sterling this week.