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Meanwhile, Gulf borrowers head private as Iran war volatility keeps public flow thin
◆ Gulf issuers turn to private markets ◆ Public sector and corporate borrowers to bring forward plans ◆ Banks re-enter covered and unsecured funding markets
Easter holidays and Middle East volatility subdued regular private placement activity though Gulf states step up private funding
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Icelandic renewable-energy company Landsvirkjun sold its first bonds without a government guarantee this week and is keeping an eye out for further opportunities to build its unguaranteed presence.
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Euro funding agencies found their sterling commercial paper in heavy demand this week, as a favourable euro/sterling basis swap helped the issuers print £2.7bn by 12pm London time on Thursday — adding to what has already been a record breaking year for public sector borrowers in the currency.
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Zambia is set to become the latest country to benefit from Washington supranationals’ diversification into local and offshore African currencies, after the International Finance Corporation became the first foreign issuer to be approved to place Zambian kwacha bonds on the domestic market. Meanwhile, the World Bank returned to the Ugandan shilling market.
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European Investment Bank on Wednesday sold a Climate Awareness Bond in Swedish krona, privately placing a seven year floating rate note. Climate awareness bonds are becoming popular with Swedish buyers, who have been providing an increasing share of the investor base of such issues.
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KfW is looking for more non-core currency opportunities after returning to the Swedish krona market for the first time in a year this week. But dealers said it might struggle as investors attempt to adapt to a “new normal” on pricing.
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European sovereigns and agencies have been enjoying heavy demand for dollar private placements in a variety of formats this week — and this is expected to last over the coming months.