KfW

KfW

KfW was set to print its third euro benchmark of the year on Wednesday as GlobalCapital went to press and SSA borrowers rush ahead of next week’s European Central Bank meeting.

The SSA market has seen a deluge of deals this week as issuers in both dollars and euros look to raise funding before the European Central Bank and the US Federal Open Market Committee meet in coming weeks, which could cause disruption.

The European Investment Bank is to hit the dollar market with a five year benchmark, its second print in the currency this year, as issuers continue to focus on the short end of the curve.

Following a busy period in which KfW and Nordic Investment Bank priced deals, African Development Bank (AfDB) was the sole issuer to hit the market this week for a benchmark deal in dollars.

The African Development Bank was unable to tighten pricing from guidance on its first benchmark of the year on Wednesday, which bankers away from the deal put down to a difficult market backdrop.

The SSA market has seen a steady stream of activity across the euro and dollar markets this week. The European Stability Mechanism priced the week’s biggest deal on Tuesday, printing €4bn in 10 and 40 year tenors. Meanwhile African Development Bank led the charge in dollars, preparing to print a $1bn no-grow in its first benchmark deal of the year.

The African Development Bank is set to bring its first benchmark of 2016 in what is proving to be a quiet week for dollar deals.

KfW

KfW this week printed its widest five year KfW dollar benchmark since 2009 as negative swap spreads took their toll on pricing despite an improving macroeconomic backdrop.

Nordic Investment Bank has printed the second dollar benchmark from an SSA this week, as issuers contend with the effects on pricing of negative swap spreads.

Nordic Investment Bank is preparing a three year dollar benchmark, following a KfW five year deal that had to brave a backdrop of negative swap spreads.