Nordic Investment Bank NIB
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A hotly anticipated day of two central bank meetings failed to disrupt another good week for public sector borrowers in the dollar market, although the outcome of one of the meetings could have consequences for demand in the longer term, bankers warned. -
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Nordic Investment Bank brought the tightest dollar benchmark from a public sector borrower in over a year on Tuesday, while the State of North Rhine-Westphalia was also able to grind in pricing with a dollar deal of its own.
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Public sector borrowers are piling into the dollar market at the start of the week, with a US Federal Reserve rate decision on Wednesday likely to shorten the issuance window.
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African Development Bank and Nordic Investment Bank both tapped 2026 Kangaroo bonds this week. But investor interest in the Kangaroo market is diminishing, the supras said.
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Nordic Investment Bank printed in the Australian dollar market on Wednesday, a rare appearance for an issuer that used to be a more regular visitor to Kangaroo bonds.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
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This week's scorecard looks at where supranationals are in their funding programmes ahead of the September rush.
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A string of dollar issuance from public sector borrowers is set to extend into Wednesday, as Belgium mandated in the currency following a pair of deals from an agency and a supranational.
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A stream of dollar issuance over the last few weeks looks like it will keep flowing right into this Wednesday’s US Federal Reserve meeting, after a pair of borrowers mandated on Monday for no-grow $1bn deals.
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Supranationals are experiencing a resurgence in interest in structured notes and, for some issuers, switching to two-way credit support annexes is enabling them to make the most of the demand.
