Rentenbank
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The SSA market got back to business swiftly, if somewhat cautiously, this week, with taps and private placements (PPs) across core currencies coming quickly after the UK’s vote to leave the European Union. Although none of the trades were especially ambitious, their success has set a positive tone for the weeks to come. -
Rentenbank sold a public trade in dollars on Thursday, the first such deal since the UK voted on June 23 to leave the European Union.
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A pair of issuers reopened the 10 year part of the dollar curve for sovereigns, supranationals and agencies this week, but despite both trades gaining plaudits there is still scepticism over whether a $2bn-plus sized deal is possible.
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Rentenbank joined the rush for dollars on Wednesday as Inter-American Development Bank and British Columbia set pricing on deals announced the previous day.
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Export Development Canada is to print a long four year sterling bond as demand for paper in the currency defied fears of a possible UK's exit from the European Union.
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A £1bn bond from the European Investment Bank last Friday should inspire other issuers to try their luck in the sterling market this week, said bankers.
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Rentenbank defied fears over the possibility that the United Kingdom will leave the European Union, printing a sterling May 2021 on Wednesday.
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Read on to discover the funding progress of European supranationals and agencies in 2016 so far.
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A pair of rare SSA names kept Kangaroo and Kauri bond supply ticking over this week, as Asian investor appetite drove demand.
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European Central Bank president Mario Draghi did not disappoint with his latest burst of stimulus on Thursday — although some public sector bankers felt his latest efforts to boost the eurozone economy could have damaging effects on the SSA bond market.
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Issuers lined up to print in euros on Tuesday as a vital European Central Bank meeting loomed later in the week — but bankers were divided as to how much the flurry of deals was down to concerns over the central bank meeting.
