World Bank

The European Investment Bank (EIB) tapped a seven year Swedish krona green bond and a six year Norwegian krona bond on Wednesday. The Swedish krona trade was particularly well received and the issuer is looking to tap the bond further at the end of the summer holidays.

The International Finance Corp (IFC) answered investors’ prayers on Tuesday when it sold the second largest Kangaroo bond of the year.

The Kangaroo market is set to host a streak of deals from Washington supranationals as soon as next week. With these borrowers having just entered a new financial year, SSA supply having bounced back in the last two weeks and Kangaroo investors desperate to buy lower-yielding but safer assets detached from Europe, rumoured issuers including the International Financial Corp and the World Bank are primed for success if and when they decide to print Australian dollar paper.

While the Kangaroo market awaits a much-rumoured return of Washington supranationals as soon as next week spurred by the Asian Development Bank’s A$1.1bn ($1.1bn) blowout priced on June 26, KfW once again proved to be one of the most resilient Kangaroo borrowers when it priced a A$300m tap of its 6% 2016s on Wednesday.

Driven by a hefty Russian rouble redemption schedule so far this year, the World Bank tapped the rouble bond market for the second time in 2012 on Monday with a Rb2bn ($61.52m) 6.25% three year note.

Borrowers and their dealers are increasingly nervous about issuance in the first quarter of 2012 as faith in the ability of the European policymakers to reach an accord before the traditionally busy opening in January diminished ahead of the summit on Thursday.

Responding to reverse enquiry from US investors, the World Bank issued only its second Norwegian krone global in almost a decade on Tuesday. Stateside buyers took as much as 85% of the Nkr1bn ($178m) three year deal, with European investors accounting for the remainder.