EIB

The Kangaroo market witnessed a flurry of deals this week as issuers dipped into an investor base starved of paper. The rush of deals follows a period of inactivity during which pricing –– compared with other niche currencies –– had been unfavourable, forcing issuers to wait until costs worked for them again.

The European Investment Bank on Wednesday brought the first 10 year dollar benchmark from a triple-A SSA since the first week of the year, and despite tricky conditions found sufficient demand to increase the trade from its initial $1bn target. Adding a touch of novelty, the deal was part of what Dealogic data shows was EIB’s first ever dual tranche dollar benchmark.

The European Investment Bank is set to take a novel approach to green bond issuance, after mandating for a dual tranche dollar deal — of which only one leg is a Climate Awareness Bond. Like Kommuninvest, which printed a four year dollar green bond on Tuesday, the supranational may have to contend with volatile dollar swap spreads.

Emmanuel Macron’s election as French president last weekend was the catalyst for a flood of revved up euro deals this week, with issuers and investors aiming at the long end of the curve as the biggest known political risk in Europe this year passed with a market-friendly outcome. Craig McGlashan reports.

Rating: Aaa/AAA/AAA

Bpifrance Financement broke its size record on Tuesday, nipping back into capital markets ahead of several of its compatriots, according to a funding official at the issuer. The European Investment Bank (EIB) and NRW.Bank also made the most of the stable conditions, printing their own benchmarks.

Three public sector borrowers hit screens on Monday, mandating in a euro market buoyed by the defeat of National Front candidate Marine Le Pen in the final round of the French presidential election on Sunday.

Three public sector borrowers hit screens in sterling this week, including a rare floating rate note from the Province of Ontario, which made use of the currency for the first time in six years.

The Province of Ontario came to market for a rare sterling floater on Wednesday, sharing the UK currency market with a European Investment Bank deal.

Two supranationals have printed Turkish lira denominated paper, taking advantage of a surge in demand for the currency.

Rentenbank added a A$100m ($75.6m) tap to its March 2027 Australian dollar bonds on Monday, a line it has tapped frequently since opening it in September.

This week's scorecard looks at the progress supranationals have made in their funding programmes this year.