KommuneKredit
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Pricing from swap curve has taken a firm hold in 2024
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Danish agency scored largest ever book and at a tight spread to US Treasuries
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Demand for long-dated public sector bonds, including private placements, is rising
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Demand for long-dated SSA bonds surges as bets on spring cuts persist
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KommuneKredit, CDC and MuniFin keep euro and dollar investors busy
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Despite rush of agency deals in dollars, pinpointing fair value is hard
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‘Robust’ market has proven itself since summer, says lead
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‘Things didn’t add up’ for a tap until this week
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If the pricing lines up and the investor base is there, SSA borrowers are willing to pull the trigger
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Hopes that ‘the party’ will go on in a market that has not always had open access of late — but Congress drama could shut it down
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Both issuers took in enough demand to issue $1bn deals
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More public sector borrowers are looking at Swiss francs, but the market is not there for every name — yet
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KommuneKredit, BNG sell rare offshore Swiss franc SSA deals
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Issuers weigh up timing for next deals
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Market absorbed heavy Gilt issuance and a slew of supra, agency and FIG deals
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Investors still favouring liquidity, but smaller issuers can get deals done
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Eske Hansen, chief funding and investor relations manager at KommuneKredit, will be leaving at the end of the month after more than two decades at the Danish agency.
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This week's scorecard looks at the progress Nordic agencies have made in their funding programmes in early July.
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KommuneKredit made a strong return to the sterling market on Friday with its biggest ever single offering in currency.
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This week's scorecard looks at the progress Nordic agencies have made in their funding programmes in early May.
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The MTN market’s increasing focus on SSA issuance over the last year will ensure a steady flow of deals through the upcoming bank reporting season.
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Norwegian krone SSA supply is outpacing Swedish kronor so far this year, driven in part by a demand for zero risk weighted assets in the market. Among the latest names to access the Norwegian market is the African Development Bank, which sold a new social bond as part of a dual-currency issue.
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This week's scorecard looks at the progress Nordic agencies have made in their funding programmes in early March.
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A pair of triple-A rated European agencies sold their first Swiss franc bonds for several years this week, responding to reverse enquiry for long dated, high rated paper.
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KommuneKredit dropped into the Swiss franc market on Tuesday to make its first appearance in the currency since June 2015.
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This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes in mid-December, with some issuers also setting their targets for 2021.
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This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes at the end of October.
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This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes in mid-September.
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The primary euro public sector bond market continued its busy week on Thursday with KfW and KommuneKredit issuing new 10 and 20 year deals, respectively.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 8. The source for secondary trading levels is ICE Data Services.
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Guarantor: All Danish municipalities and regions
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Four public sector borrowers hit the dollar market on Wednesday, including a rare seven year deal from new issuer International Development Association (IDA).
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KommuneKredit has announced that it will begin purchases of two of its outstanding dollar bonds due to mature in 2021. At the same time, investors will be offered the chance to purchase new five year bonds.
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This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes in early May.
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Danish agency KommuneKredit made one of its infrequent visits to the Swedish kronor market on Wednesday. With many issuers preferring the short end of the market due to volatility from the coronavirus pandemic, the agency instead opted to tap a pocket of demand at the long end of the curve.
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This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes at the start of the second quarter.
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The first scorecard of 2020 looks at the progress Nordic agencies have made in their funding programmes at the start of March.
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KommuneKredit has recruited a senior treasury manager to focus on the Danish agency’s funding and derivatives business.
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Bank Nederlandse Gemeenten and Kommuninvest followed in the footsteps of KfW as they included their environmental, social and governance (ESG) ratings in the terms sheets for socially responsible bonds this week, with the latter selling the largest single-issue green bond from a Nordic public sector borrower.
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All maturities are open for deals in the euro market, thanks to a widening in benchmark spreads over the past few weeks. SSA issuers are taking advantage of the conditions by issuing in a range of tenors.
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This week's scorecard looks at the progress Nordic agencies have made in their funding programmes at the start of November. Some of the issuers have also set their funding targets for 2020.
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KommuneKredit failed to set the market alight with the first euro syndicated public sector bond since mid-July, excluding deals from German Laender. The Danish agency only managed to sell €500m for the 11 year benchmark and was unable to tighten the spread during pricing.
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Danish agency KommuneKredit mandated banks on Monday for its first euro-denominated bond of the year and the first euro syndicated public sector bond since mid-July, excluding German regions.
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This week's scorecard looks at the progress Nordic agencies have made in their 2019 funding programmes.
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KommuneKredit returned to triple-A status with Standard & Poor’s on Wednesday, after it was downgraded a notch last summer following an overhaul of the rating agency's credit scoring methods for non-US public sector agencies.