TD Securities

A pair of public sector borrowers were able to place larger than planned dollar benchmarks on Thursday.

Nordic Investment Bank found a rich seam of demand in Norwegian kroner this week, enabling it to sell the largest SSA deal of the year in the currency.

A European agency has become the first SSA borrower to bring a syndication after a referendum on bail-out conditions returned a ‘no’ vote in Greece over the weekend.

In a week when Greece’s negotiations with its creditors grew labyrinthine in their complexity, with contradictory statements spewing forth faster than the country’s spiralling yields could follow, public sector borrowers are changing their approach.

Eurofima and KommuneKredit attracted strong demand for outings in long-dated Australian dollars and Swiss francs on Thursday.

Public sector bond markets are under threat from violent price moves and low liquidity for months to come, warned SSA bankers, after government bonds sold off sharply on Wednesday.

Inter-American Development Bank and KfW have got away with pricing dollar benchmarks of identical tenors on the same day although neither borrower tightened pricing from the initial price thoughts level.

European Investment Bank tapped a 2021 sterling floating rate note for £250m on Wednesday. Some sterling buyers are moving from the short end to the belly of the curve in search of yield, said SSA bankers.

Asian Development Bank on Wednesday sold its first bond in Canadian dollars this year, which was also its largest print in the currency on a single visit.

FMS Wertmanagement placed a short three year bond in sterling on Tuesday, while the European Investment Bank announced a tap of a 2021 line in the currency.

Asian Development Bank on Monday mandated banks for its first bond in Canadian dollars this year.

KfW’s second Canadian dollar deal of the year enjoyed strong demand from international investors on Thursday.