Nordic Investment Bank NIB
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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. -
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.
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Île-de-France was able to tighten pricing on a green bond by 5bp from initial thoughts while still overshooting its target size this week. Bankers away from the deal said it was more a sign of the maturity of the green bond market than about any one issuer or bond.
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Nordic Investment Bank has mandated three banks to sell its second environmental bond of the year. The paper will be the supranational's second green bond to be denominated in euros.
