Kommuninvest
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Kommuninvest and Dexia take $2.5bn from short-dated trades
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Swedish issuer bags largest ever print in single currency with first syndication of 2024
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The trade is ‘most likely’ the final syndication this year after issuer exceeded the lower end of its targeted funding range
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AfDB and Kommuninvest stay in the three to five year part of the curve
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Public sector borrowers will slip into the market ahead of the US Thanksgiving holiday on Thursday
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Issuers take every opportunity to print as market turns tougher
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SSA prints totalling $2.75bn speak volumes about strength of bid in dollars
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Pre-funding unlikely as issuers look to complete year's borrowing in fraught markets
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Investors brush off selling momentum to buy short-dated Swedish paper
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Supra to price two tranches as IDA mandates for sterling and Scandi issuer returns to dollars
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Big borrowers urged to show leadership as dealers insist demand lies at the long-end
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Wave of deals comes after some borrowers had shunned dollars for months or years
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The dollar SSA rush continues as ECB and Fed meetings approach
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Both EIB and KfW also plan to sell seven year bonds with Belgium targeting 20 year
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Sweden’s local government funding agency predicts it will borrow Skr130bn-Skr150bn
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No book updates given once spread was set 2bp wide of initial level
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Slim window open for issuance until the Fed's November meeting
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Market hopes for fortnight of stability before FOMC meeting
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Three years the sweet spot in dollars, with Kommuninvest set to follow KBN’s reopener
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Spreads for SSA dollar issuers leapt wider after EAA’s pulled trade last week
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ECB meet and UK government turmoil mute other core markets
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Swedish agency prints debt weeks after increasing its 2022 funding programme
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Swedish agency now targeting up to €14bn-equivalent after lending more than expected
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Range of trades on offer including rare floater and much delayed green euro debut