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).
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.