KfW

KfW mandated banks for its longest ever dollar green bond on Monday, while the Inter-American Development Bank is taking indications of interest for its inaugural Sofr-linked floating rate note.

The Asian Development Bank (ADB) hit screens on Monday morning with initial price thoughts for a new 10 year green Kangaroo bond. The trade follows a busy week for SSA Kangaroo issuance at the long end of the curve, driven by Japanese demand according to one banker.

Guarantor: Federal Republic of Germany

SSA dollar deals printed this week ground tighter in the secondary market on Thursday, despite the notes coming within a hair’s width of US sovereign debt.

SSA issuers were out in the dollar market with $7bn of new bonds on Wednesday, though the biggest of the deals highlighted how price sensitive investors were in a world where some yield curves have inverted.

Kommunalbanken brought its green bond framework to the Swedish krona market for the first time last week to place its seventh green note, its first since August 2018. The move into the currency follows a wider trend of major SSA issuers funding in niche currencies as raising debt in core markets becomes harder, according to bankers.

Some SSA investors have been taken by surprise by how quick the dollar market has reopened this week, with the clutch of trades on screens on Wednesday being regarded as important benchmarks for the coming weeks.

The dollar SSA market has started the short week on the front foot, with a trio of trades hitting screens on Tuesday.

KfW brought its revamped green framework to the Norwegian krone market to print a deal on Tuesday. Later that week, strong demand from domestic and international investors let the issuer increase the note to a record breaking size, printing the largest Nokkie green bond across any asset class.

Macquarie’s Green Investment Group has secured debt financing to back its acquisition of a 40% stake in East Anglia One, in a deal that values the Iberdrola-owned wind farm at an enterprise value of £4.1bn.

This week's funding scorecard looks at the progress that Europe's supranationals and agencies have made in their funding programmes by the mid-point of August.

Volumes are growing across the spectrum in the Scandinavian MTN markets, as issuers and bankers return from their summer holidays. Meanwhile, bankers are expecting Scandinavian investors to move further out along the credit curve in response to negative yields as dovish Nordic central bank tones could lead to a bullish Scandinavian market.