Nordic Investment Bank NIB

Public sector borrowers wrapped up a trio of short end dollar trades on Tuesday, with the tightest issuer able to grind in pricing to the lowest level from an SSA this year and the higher yielding names finding ample demand despite ending up at similar spreads. SSA bankers are confident that the strong conditions will also ring true at the long end for KfW, which has mandated for its first 10 year dollar benchmark in nearly three years.

Public sector borrowers are pouring into the three year part of the dollar curve after a series of issuers printed strong deals in the tenor last week.

Strong moves in the Mexican peso and the peso/dollar basis swap have ignited investor demand for bonds in the currency from SSA issuers that can offer a pick-up over govvies.

SSAs enjoyed a fine week in the sterling market, raising a total of nearly £2bn as bankers pointed to several factors that could be driving demand.

Nordic Investment Bank is looking to tap into what has been a bumper market for public sector sterling issuance in the early part of 2018, after hiring banks on Monday to run a December 2023 Reg S only benchmark.

A flurry of activity in the Australian dollar market this week may be at an end after a lower than expected third quarter Australian GDP print.

The European Investment Bank (EIB) tapped South African rand twice this week, amid rising yields in the currency. Elsewhere, the International Finance Corporation (IFC) and World Bank both sold three lots of offshore renminbi, and Nordic Investment Bank (NIB) returned to Hong Kong dollars.

This week's scorecard looks at the funding progress various supranationals have made in their programmes as the end of the year approaches.

This week's scorecard looks at the progress supranationals have made in their funding programmes this year.

Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.

Rating: Aaa/AAA

Nordic Investment Bank is now using two-way credit support annexes for 85% of its outstanding swaps, allowing the supranational to take advantage of hot demand for emerging market currency MTNs.