The Netherlands Development Finance Company (FMO) on Wednesday printed a rare Honduran lempira linked-note. Meanwhile, the International Finance Corporation (IFC) has made its Cambodian riel debut.

The International Finance Corporation printed the first offshore Cambodian riel-linked note last week. The bond’s proceeds will go towards the creation of a local capital market in Cambodia and the expansion of local currency lending in the country.

The Netherlands Development Finance Co (FMO) has printed its debut note linked to the Haitian gourde. FMO is looking at investing further in the Haitian market, said a treasury officer.

The Spanish region of Navarre has printed its debut sustainable bond. Navarre is the third Spanish autonomous community, behind Madrid and the Basque Country, to issue a sustainable bond.

Rare issuer British Columbia returned to the MTN market this week with its first euro paper since January 2017, in two installments. MTN dealers reckon conditions are favourable for Canadian issuers.

Structured issuance in Formosa format has tumbled amid a wider decline in structured MTN volume year to date, which Dealogic data shows has fallen from $9.98bn across 213 trades at this point in 2018 to $5.08bn across 119 deals this year.

Low market volatility, a fall in Formosa issuance and the introduction of alternative risk free rates have all led to a sharp decline in structured, callable and floating rate MTN issuance, said MTN bankers.

BBVA has hired a former MTN banker at Santander as a director in its liability management team.

Issuers and syndicate desks were split over whether the African Development Bank’s inaugural Norwegian krone bond — the first ever social bond in the Norwegian market — could pave the way for further social issuance in the sector.

A reverse enquiry was the catalyst behind KfW’s decision to print its first Swedish krona note of the year on Wednesday — one of the largest krona deals issued by the German agency.

An attractive Scandinavian market led two European sub-sovereigns to print private notes this week.

The Federal State of Saxony-Anhalt issued its debut Norwegian krone bond on April 1. The treasury was pleased with a successful private placement that could open up a new funding market for Saxony-Anhalt.