Kommuninvest

The socially responsible investment market for public sector bond issuers is shaping up for another busy year, with one agency planning a debut print in the next few months.

The market for medium term notes is expected to come to life over the next few weeks after a subdued start to 2017, with some bankers and issuers touting floating rate notes as the next big thing.

Public sector borrowers tore $10bn of funding from the dollar market on Tuesday, shaving several basis points from initial price thoughts in the process. Only one benchmark is on screens for Wednesday, but SSA bankers expect next week’s run-up to the inauguration of Donald Trump as US president on January 20 will be — in Trump terminology — “huge”.

Tuesday’s dollar market is set to be packed to the rafters, with a quartet of issuers out with trades and most of the focus at the five year part of the curve.

Kommuninvest’s senior investor relations manager is expanding his role and will now head the Swedish agency’s sustainability programme.

A pair of Nordic public sector borrowers showed the strength of green bond market, printing a pair of well received trades, both of which were priced inside the issuers’ conventional bond curves.

Kommuninvest issued on Wednesday the largest ever green bond in Swedish kronor. The note offered a negative yield, and was still over 2.6 times subscribed. It was a fantastic example, the leads said, of a strong name issuing in a starved market.

This week's scorecard looks at how far Nordic agencies have progressed with their funding programmes.

Kommuninvest has selected banks for a bond expected to break the size record for green bonds denominated in Swedish krona.

The dollar market enjoyed another strong week with a group of issuers printing, but borrowers are looking ahead to a new wave of interest from bank treasuries in Asia — and some are reporting that the demand has already arrived.

A trio of public sector borrowers are set to spray the short end of the dollar curve with deals on Wednesday, including one making its first visit in over two years, as markets priced in an ever decreasing chance of a rate rise at the next US Federal Open Market Committee meeting later this month.

Kommuninvest is planning to bring the largest ever green bond in Swedish kronor in the third quarter of the year, after debuting in the format with a dollar bond in March.