Caisse d Amortissement de la Dette Sociale

There may have been the odd stinker of a deal this year but it is hard to fault SSA borrowers as a group. They went after the money this year with aggression, front-loading programmes and bringing some spectacular deals. Some market watchers were looking forward to the autumn issuance season being something of a repeat of the first three months of the year, but it does not look like that will happen. And that is a good thing.

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.

Following an unexpectedly heavy week of issuance from European supranationals and agencies, here are the updated funding scores for selected borrowers in the category.

The Slovak Republic sold its debut Samurai bond on Tuesday morning, placing three and five year notes. The deal follows on from a number of successful Samurai deals from financial institutions, with more public sector issuance in the format in the pipeline.

This week's funding scorecard focuses on some of Europe's key supranational and agency borrowers. Forthcoming editions will bring updates from other French, German, Spanish and Scandinavian names.

A pair of European issuers attempted benchmark deals on Tuesday at the long end of the curve following the recent rates sell-off. Engorged 10 year yields allowed Cades to sell a January 2024 bond, while Asfinag sold a €750m 20 year — a deal that a number of bankers on and off the deal had expected to reach €1bn.

Finland’s Municipality Finance priced its first 144A benchmark on Wednesday afternoon. It was able to ratchet the size to $1.75bn after investors piled into the trade. Cades, meanwhile, was set to price its first seven year dollar benchmark in seven years as SSA Markets went to press.

France was sensible to wait for the needle to return to the middle of the Eurozone volatility seismograph before leading a glorious French flypast of deals across asset classes this week.

Cades on Tuesday afternoon printed its first five year euro benchmark since February 2011, a €2.5bn 1% May 2018 transaction priced at 17bp over mid-swaps or 17.1bp over the May 2018 OAT.

France, Cades and the State of North-Rhine Westphalia have mandated banks to lead manage euro benchmarks as an agreement on the Cyprus bailout provided a good enough backdrop for SSAs to get stuck into the euro market.

Cades looks set to enjoy demand for its long dated Norwegian krone paper as a favourable basis swap and agreeable investors keep deal flow healthy.

Cades racked up its largest ever dollar trade on Tuesday — a $3.5bn five year Reg S/144A deal which comfortably overshadowed its previous largest deal, a $3bn three year sold last year.