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Public sector borrowers are looking for opportunistic deals in niche currency medium term notes as the year draws to a close. -
The Kingdom of Belgium has added to its longest dated bond, a 100 year private medium term note, and is open to printing more at the long end of its maturity curve.
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Demand for Turkish lira MTNs is likely to rise after the country’s Justice and Development party (AKP) won a majority at parliamentary elections on Sunday, encouraging confidence in the currency.
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The Province of Manitoba has placed its largest ever medium term note in euros, reaching what may be the largest cost effective size possible for swapping the proceeds into Canadian dollars, according to the issuer.
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Public sector borrowers have jumped on demand for Brazilian real notes with a flurry of medium term notes — and there is more in the pipeline, said niche currency and MTN bankers.
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Bank Nederlandse Gemeenten will be seeking to “cherry pick” opportunities in the private market for the rest of the year, according to a funding official at the issuer.
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Inter-American Development Bank has sold a three tranche Uridashi from its Education, Youth and Employment (EYE) bond programme.
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The narrowing windows for public sector borrowers to clamber into were again in evidence this week, with several similar deals hitting the market at the same time. But unlike last week, every deal this week reached the pricing stage, write Jonathan Breen and Lewis McLellan.
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Rentenbank this week jumped on pent-up demand for Australian dollar paper, printing the largest long dated Kangaroo bond from a public sector borrower since July.
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Supranationals have sold a series of MTNs in rare emerging market currencies in the past few weeks, highlighting the demand from investors making plays on exotic currencies. More deals from public sector borrowers are likely, said dealers.
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International Finance Corporation has printed a series of medium term notes in rare emerging market currencies in the past weeks and there may be more such MTNs to come from public sector borrowers.
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Public sector borrowers have been printing floating rate medium term notes in dollars as investors look to avoid interest rate risk ahead of Thursday’s US Federal Reserve meeting, say bankers.
