Kommuninvest
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This week's scorecard looks at the progress Nordic agencies have made in their funding programmes. -
The first funding scorecard of 2018 looks at the funding programmes of Nordic agencies.
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The three year part of the dollar curve took centre stage for public sector issuers this week, having played second fiddle to fives so far this year. Issuers were met with just as strong a reception in the short end of the curve as they have enjoyed in fives so far — and SSA bankers believe some could be tempted to test the longer end.
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Dollar SSA deals are showing little signs of a hangover from a public holiday in the US on Monday, with all three of Wednesday’s trades well over subscribed and pricing inside guidance.
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A widening in dollar swap spreads since the end of last week should help support a trio of dollar deals on screens for Wednesday’s business, said SSA bankers.
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Kommuninvest will have a larger funding need next year than in 2017, as the Swedish agency revised down its expected funding for this year.
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This week's scorecard looks into the progress Nordic agencies have made heading into the final funding windows of the year
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A position paper detailing a new unified approach to impact reporting by Nordic public sector green bond issuers has been welcomed by investors, who hailed its broad scope and detailed methodology as an important development for the market.
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Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.
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Kommuninvest kept up this week’s trend for tightly priced short end dollar deals as it achieved its tightest ever spread to swaps on Thursday. Big demand for short dollar paper is creating a “bid-only” market, according to bankers.
