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.
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.
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.
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.
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.
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.
Supranational and agencies could add to a small flurry of medium term notes in Colombian pesos in the coming weeks, said bankers, as a sell-off in the currency fuels demand from investors.
The Kingdom of Belgium has more than doubled its outstanding maturity curve with a 100 year medium term note, and it is keen to issue more ultra-long debt.
The Kingdom of Belgium has more than doubled its outstanding maturity curve with a 100 year medium term note, and it’s keen to issue more ultra-long debt.
Public sector borrowers have been seizing opportunities in the private medium term note market this week, following a burst of demand for short dated paper.