Kommuninvest
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Kommuninvest printed a $1bn three year dollar bond on Wednesday, following the example set by Swedish Export Credit Corporation (SEK) but shaving an extra few basis points from its spread. -
Climbing US Treasury yields and tightening swap spreads are pushing out levels in dollars, but Swedish Export Credit Corporation (SEK) managed a successful three year trade — a good omen for an upcoming deal from Kommuninvest on Wednesday.
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This week's scorecard looks at the progress Nordic agencies have made in their funding programmes.
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Two SSA borrowers readied trades in the dollar market on Monday, lining up for a busy week of issuance.
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This week's scorecard looks at the progress Nordic agencies have made in their funding programmes.
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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
