Belgian Sovereign

The end of November finds almost every sovereign in the scorecard more than 90% funded for the year. Italy's cause was helped in no small part by a bumper €22.3bn domestic inflation linked bond at the start of the month. The UK - with a funding year running from April March - is also well on track with 70% of its programme completed.

The sovereign funding scorecard expands beyond Europe this month with the addition of Japan. The country has a whopping ¥156.8tr (€1.2tr) target this year but is well on track having raised ¥136.2tr so far.

Austria, Belgium, Finland and the UK were among the European sovereigns to add to their funding totals with benchmark deals this month.

As European sovereigns gear up for a busy period of auctions in late August and September, here are the latest funding figures for selected issuers.

France, Germany and Spain held well received auctions of medium to long term debt this week. Here is a round-up of key European sovereigns' funding figures.

Province of Ontario and KfW mandated banks for dollar benchmark on Monday afternoon. If the deals are met with a strong response, they could encourage other issuers to look to sell dollar issues next week.

Belgian bond yields spiked sharply and short term French and Germany yields jumped at auction on Monday, a trend that is likely to affect other eurozone sovereigns preparing for a busy week of issuance in volatile trading conditions.

This week's funding scorecard focuses on some of Europe's key sovereigns. Next week's scorecard will offer an update on Spanish regions and gencies.

Belgium took a flexible approach to funding this week, printing a pair of privately placed callable notes — a rare structure for a sovereign issuer.

Investor hesitance in the face of a rates sell-off that took up the whole of May and shows no sign of abating has resulted in dwindling enthusiasm for SSA new issues as the EIB and Belgium have found out so far this week.

Belgium has launched a five year dollar Eurobond designed to exploit an arbitrage opportunity thrown up by a move in the euro/dollar basis swap. The deal will be priced later on Monday although the deal remains some way short of fully sold.

Belgium printed on Wednesday its first floating rate note in OLO format since February 2011. The deal was a response to demand for investors and banks looking for paper that offers protection against potentially increasing rates.