Finland
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The euro market sprang to life in earnest this week, producing three well-received benchmarks but, given a risk-laden backdrop and monetary policy outlook, some SSA bankers are surprised to see investors so eager to put their cash to work. -
A pair of issuers sold high quality euro deals into an eager market on Wednesday, drawing praise from onlookers for impressive books.
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The European Financial Stability Facility (EFSF) picked up €2bn with a 23 year bond on Tuesday, paving the way for other top-flight borrowers to bring their own euro deals.
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Sovereign issuers could take up the mantle of public sector issuance next week, with bankers expecting some government bonds to come amid a busy euro market.
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Nederlandse Waterschapsbank on Thursday became the latest issuer to tap into a hot summer market for dollars, increasing a tap from its initial size while printing flat to its curve.
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Nederlandse Waterschapsbank this week became the first European SSA to print in the Swiss franc market since 2015, followed by Municipality Finance two days later. Favourable moves in the euro/Swiss franc basis, alongside rising Swiss interest rates, opened a window for old borrowers to return.
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Municipality Finance on Thursday became the second European SSA to enter the Swiss franc market this week, after Nederlandse Waterschapsbank became the first European SSA to place Swiss bonds since 2015.
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Public sector borrowers are staying conservative in the dollar market this week, opting for short dated trades or floating rate notes. The trend is likely down to issuers having one eye on expected Federal Reserve rate increases in the US, said bankers.
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The Mortgage Society of Finland's deal on Tuesday was not among them however, coming as it did with a a wider spread than usual.
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Suomen Hypoteekkiyhdistys (Hypo) and Bank of New Zealand have announced marketing programmes ahead of expected covered bond deals.
