Bankers have lobbied supranational and agency borrowers for years to sign two-way Credit Support Annexes (CSAs) to overcome the ramping up of new issue swap hedging costs on primary bond business. It is a cost that has had senior SSA bankers fearing for the very life of the SSA bond business. But now the forces of Abenomics acting upon Japanese investor habits may drive borrowers to reconsider their swap arrangements putting to bed one of the longest running and fiercest debates in capital markets.

UK local authorities should follow the example of French and German counterparts and look to print private placements, MTN dealers urged this week.

Asian Development Bank sold its first Singaporean dollar deal in nearly six years on November 6 in a S$500m ($402m) private placement.

Bank Nederlandse Gemeenten will polish off its funding target for the rest of the year with small deals, similar to a pair of trades it placed early this week.

Several sovereign, supranational and agencies looking to diversify their investor base have ramped up their private placement issuance this year. But the smartest borrowers have looked past medium term note programmes and are investigating the Schuldschein and Namensschuldverschreibung formats — two markets that have moved beyond their German origins and are attracting more international investors and issuers.

The burgeoning offshore renminbi bond market claimed three firsts this week, amid suggestions that some of the moves trialled by issuers could become commonplace.

The European Investment Bank revisited the Czech koruna market for the first time since 2011 this week, raising Ck500m ($26.8m) with a December 2023 floating rate note.

The Euro-commercial paper market proved its resilience to events across the Atlantic this week as an exodus of investors from US money market funds failed to dent appetite for the instrument — bolstering hope that the sector will breeze through a potentially similar situation next year.

The International Finance Corporation could be set to blaze a trail for other issuers when its new Banking on Women Bond launches next month, MTN bankers said this week.

Washington supranationals and other dollar funders could use arbitrage opportunities in the sterling market to round out their year with public and private trades, said MTN dealers and SSA bankers this week.

Korean issuers showed no sign of slowing down their frenetic pace in the privately placed medium term note market this week after a record-breaking third quarter. Korea Development Bank, Korea Eximbank and Korea Finance Corporation sold a series of trades.

The prospect of Portugal prefunding amid a rally in eurozone sovereign debt — and its best way of going about it — caused disagreements this week, as the clear water between it and its peripheral peers widened. While the sovereign’s short term borrowing costs grew to 2012 levels, Spain enjoyed tumbling yields and Italy unveiled plans to limit the size of its next bond issue.