EIB

Despite a strong backdrop for issuance this week few SSAs are willing to bring benchmark deals in euros, as issuers wait until the full effect of the European Central Bank’s quantitative easing announcement last week plays out. Meanwhile, the next meeting of the US Federal Reserve’s Federal Open Market Committee and a winter storm approaching New York are limiting dollar issuance windows.

Asian Development Bank raised over A$1bn ($808.3m) with a new five year Kangaroo and a tap of a 10 year line in the format on Friday, while European Investment Bank topped up its May 2018s to A$1bn. Bankers expect more supply in Australian dollars from public sector borrowers next week.

The European Investment Bank and KfW completed their first sterling deals of 2015 on Thursday, 8 January, in what bankers said was a sign of more to come, as the sterling/euro basis swap is well in favour of euro based issuers.

Strong demand from domestic banks enabled European Investment Bank to print its largest transaction in Norwegian kroner since June 2013 on Thursday.

European Investment Bank and KfW found strong demand in sterling on Thursday as bank treasuries, central banks and real money accounts piled in for a piece of the issuers’ inaugural deals in the currency for 2015.

A bevy of issuers hired banks on Tuesday to run dollar deals as Rentenbank opened the market with a 10 year. The German agency’s deal attracted a level of demand that surprised bankers away from the trade, particularly given punchy pricing and a rally in US Treasuries.

Rentenbank was the first SSA borrower out of the traps in dollars in 2015 after mandating banks for a global deal on Monday. The European Investment Bank and Kommunalbanken are also rumoured to be planning deals in the US currency.

Having expected to hold off for a week or two, some sovereign, supranational and agency borrowers are rethinking their plans and contemplating the possibility of bringing forward euro issuance plans to this week.

The European Investment Bank is set to raise less in 2015 than it did this year, including cash to finance the European Commission’s plan to boost investment in Europe by €315bn.

Korea EximBank made a successful debut in Canadian dollars this week, easily topping its target size.

This week's scorecard features updates on the progress of selected European supranationals and agencies through their funding targets for the year. Read on to see which have room for one more benchmark in 2014.

Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.