Caisse d Amortissement de la Dette Sociale

Read this week's funding scorecard to see which European supranationals and agencies are nearly done for the year, and which have already begun prefunding.

A trio of issuers are rumoured to be looking at dollar deals next week. But as red hot demand for deals in the currency shows no sign of cooling, SSA bankers are scrambling to convince more borrowers to bring deals.

Read this week's funding scorecard to see which European supranationals and agencies are nearly done for the year, and which have room for another benchmark.

Basis swap volatility following the US Federal Reserve’s decision to keep quantitative easing at its current pace failed to dampen demand for euro funders’ dollar commercial paper on Thursday, as a series of sovereigns, supranationals and agencies printed.

Plenty of SSA issuers took a big bite out of their funding targets in the short window of issuance between the end of the summer and this week's FOMC meeting. Here we provide updated figures on selected European supranationals and agencies.

FMS Wertmanagement is set to price a three year dollar benchmark on Wednesday afternoon, following on from a deal in the same maturity from France’s Cades on Tuesday.

German development bank, KfW is set to price on Tuesday, the biggest ever seven year global dollar bond away from issuance by US GSE borrowers. The issuer will price a $3bn deal in line with guidance. Two other SSA borrowers tapped shorter maturities in the currency.

France’s Cades and Sweden’s Kommuninvest were the first issuers out of the gates with mandates for dollar trades on Monday, and at least two more agencies are eyeing the market. One of those is rumoured to be considering the first seven year in several months.

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.