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Supras and agencies

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Total €11bn already raised so far as issuer enjoys greater execution flexibility
◆ NIB head of funding Jens Hellerup on deal timing ◆ Fair value estimated ◆ Dollar callable demand continues
◆ Kommuninvest makes first appearance of 2026 in dollars ◆ Cades pulls big order book ◆ Volatile backdrop in swap spreads
◆ Sovereign not appeared in long-end since 2024 ◆ Pricing close to fair value and to EU ◆ 'Very supportive story' around Spain
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  • The International Finance Facility for Immunisation (IFFIm) is set to access the capital markets to expedite funding for the development of coronavirus vaccine candidates, after receiving a donor pledge from the Norwegian government.
  • Finland’s Municipality Finance returned to the domestic New Zealand dollar bond market on Friday after a long absence, to raise its largest Kauri bond since 2008.
  • CPPIB Capital rounded off its sterling curve on Friday after only making its debut in the currency in January. The Canadian borrower aims to maintain a regular presence in this market as a result of its long-term investments in the UK.
  • This week's scorecard looks at the progress Nordic agencies have made in their 2020 funding programmes in June.
  • The green bond market lets investors scrutinise the way issuers use their money, promoting good behaviour. Now, the focus is turning to the middle men: the banks. It is a welcome iteration, given their importance in financing either a green or brown future, but we must push them further.
  • SSA
    The dollar bond market for sovereigns, supranationals and agencies was subdued this week, at least in comparison to the ebullient euro market. A gloomy outlook from the US Federal Open Markets Committee has unsettled investors and the SSA market is not expecting any deals.