Swedish Export Credit Corporation
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US President Donald Trump’s first speech to Congress, a remarkable switch in Federal Reserve rate expectations and swap spreads falling from their early week highs all failed to derail a stellar week for public sector dollar issuance. More trades are expected to come next week, before the market quiets ahead of the Fed’s next rate decision and a Dutch general election where the far-right Party for Freedom (PVV) is expected to perform well. -
Swedish Export Credit Corporation on Thursday added another cracking deal to a super strong week for dollar issuance, as FMS Wertmanagement lined up to take benchmark supply in the currency into Friday.
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Public sector borrowers hit screens with dollar deals on Monday that are in keeping with a market that has been very much focused on the short end of the curve over the last few weeks.
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The European Investment Bank this week cut the ribbon on the post-summer market for large dollar benchmarks, although there were more than a few nervous glances ahead to this Friday’s Jackson Hole speech by US Federal Reserve chair Janet Yellen.
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Swedish Export Credit Corporation had to boost the size of a deal on Wednesday as investors flocked into its books, adding to a strong run for short dated dollar issuance over the last few weeks.
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The European Investment Bank returned to capital markets with a splash on Tuesday, indicating that, what passed for 2016’s summer break is coming to an end.
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The European Investment Bank kicked off post-summer jumbo dollar issuance on Tuesday with a well-received five year deal, as another issuer jumped in with a shorter dated mandate.
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Pricing rather than size was the focus for public sector borrowers in the dollar market this week, although overly aggressive pricing was not the reason for one issuer having to pull back from bringing a tap issue.
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Swedish Export Credit Corporation (SEK) has cancelled plans to sell a tap of its January 2019 global floating rate notes on Tuesday, due to a problem with the documentation for the reopening.
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A pair of public sector borrowers mandated banks on Monday to run small taps of dollar bonds, a theme that SSA bankers expect to run for the next few weeks.
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Find out how far Nordic agencies have progressed with their funding targets for the year.
