Bank Nederlandse Gemeenten printed ultra long paper this week, locking in low yields for the issuer but leaving buyers exposed to big price moves on any rate rise.
South American development bank CAF (Corporación Andina de Fomento) has raised $140m of 10 year debt via a private placement that will be used to fund education projects, GlobalCapital understands.
SSA issuers are increasingly looking towards the Norwegian krone market as a hawkish Norges Bank, against the tide, raises rates. The European Investment Bank in particular has sharply increased its Nokkie issuance this year.
Issuance in Swedish kronor picked up this week, with three corporate issuers placing Skr6.28bn ($667.9m) across four private placements, as issuers looked to get in ahead of the midsummer break. In euros, a Dutch and French agency both placed paper, while protests in Hong Kong caused yields to spike in offshore Chinese renminbi and Hong Kong dollars.
Three SSA borrowers issued a total of £200m ($255m) of medium-term notes in response to an inquiry for three year non-call one fixed rate sterling bonds on Tuesday — which probably all sold to the same buyer — amid an uptick of paper in the currency.
A trio of agencies and an infrequent issuer have printed long dated paper in MTN euros this week, and there has also been long end corporate interest in Swedish kronor.
The recent redemption of a Norwegian government bond has led to an increase in Nordic currency issuance this week, according to one MTN banker. The European Investment Bank and KfW tapped these released funds to raise a combined Nkr1.5bn ($171.2m).