Volumes are growing across the spectrum in the Scandinavian MTN markets, as issuers and bankers return from their summer holidays. Meanwhile, bankers are expecting Scandinavian investors to move further out along the credit curve in response to negative yields as dovish Nordic central bank tones could lead to a bullish Scandinavian market.

SNCF Réseau steamed ahead with a new century bond issue this week, its second and largest deal to date, amid declining rates that has seen more and more investors take a risk at the ultra-long end in return for yield pick-up.

German agency KfW is “open to further business in [both] Singapore and Hong Kong dollars” as it looks to expand its recently updated green framework. Last week, the agency made its green bond debut in Hong Kong dollars, placing a two year private placement on August 2.

The state of Israel returned to the yen market for the first time in 18 years this week to raise ¥15bn ($140m) of seven year debt. The private placement marks the state’s third visit to the capital markets in 2019 and its first non-euro trade of the year.

The World Bank placed its first Hong Kong dollar deal of its 2019/2020 funding year last week. The supranational chose to link the private placement to the Hibor benchmark, a now little seen structure that was likely the result of a "very specific enquiry", according to one MTN banker away from the deal.

Investors have looked towards structured and long dated notes in their hunt for yield as the summer break creeps closer.

A cavalcade of “familiar names” have come to the market over the last week. SSAs, corporates and FIG issuers printed across the euro curve, while a trio of supranationals were also active in emerging market currencies.

A raft of names have printed private debt in recent sessions, though MTN dealers are torn between what the summer slowdown in public markets might mean for their desks.

The International Finance Corp (IFC) started its 2019/20 funding year on Tuesday with a pair of Swedish krona green bond taps in the private market.

MTN bankers were “happy” to hear that the Asian Infrastructure Investment Bank is working on documentation for a Euro medium term note programme.

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.

A trio of SSAs made the most of low yields in Danish kroner and Swedish kronor to print paper with coupons hovering around zero this week.