Kommuninvest

NRW.Bank has joined the list of dollar issuers this week, as the beneficial euro/dollar swap spread for euro funders and tight spread over Treasuries for dollar names proves an attractive lure.

Tokyo Metropolitan Government and Kommuninvest released initial price thoughts on dollar trades on Monday, as investor demand in the currency remains high despite a run of deals last week.

This week's scorecard looks at the progress Nordic agencies have made in their 2019 funding programmes.

Guarantor: Swedish local government members

Kommuninvest built out its Swedish krona green curve benchmark this week with its longest dated bond in the format. There is, however, an expectation that this Skr3.5bn ($382.3m) five year green bond could be the curve’s furthest extent.

This week's scorecard looks at the progress Nordic agencies have made in their 2019 funding programmes halfway through the first quarter.

Dollar SSA issuance picked up in earnest this week after a slower than usual start to the year, with a rich variety of borrowers printing deals, some in record size or with record books. Conditions are such that SSA bankers are confident supply will keep coming and demand stay high for the next few weeks — cheering news for one sovereign issuer looking to make a comeback in the currency.

Guarantor: Swedish local government members

Public sector borrowers printed over $10bn of bonds on Tuesday in a dollar market that SSA bankers expect to keep its momentum in the weeks ahead.

CPPIB Capital was comfortably oversubscribed for its $2bn trade on Monday with the dollar SSA market remaining attractive at the short end. Agence Francaise de Developpement, KfW and Kommuninvest will look to tap into lucrative conditions in the currency after mandating banks for deals on Tuesday.

Public sector agencies from the Nordic region are adapting to S&P Global Ratings’ overhaul of its rating methodology. So far, only KommuneKredit has been downgraded under the new rating criteria, but others could suffer similar fates.

This week's scorecard looks at the progress Nordic agencies have made in their 2018 funding programmes as the end of the year approaches. Some of the agencies have also published their funding targets for 2019.