Inter-American Development Bank IADB

This week's scorecard features updates on the funding programmes of some of the major supranational borrowers, as AfDB, EBRD and IADB all head past the three-quarter mark for their funding targets.

KfW and the Inter-American Development Bank highlighted demand at the far end of the Kangaroo curve on Tuesday. IADB was able to price a tap of 10 year notes during the Australian day, while the German development bank has drawn strong early orders for a new long 10 year of its own.

The Inter-American Development Bank plans to print at least one more dollar benchmark in 2014 as it looks set to finish at the top end of its funding target for the year — and is also open to prefunding opportunities. The projection is at odds with its counterparts in Europe, several which have reduced funding targets over the course of 2014 and could lower them further thanks to the latest effort from the European Central Bank to inject pace into the sluggish eurozone economy.

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.

Greece's €1.5bn July 2017 from four weeks ago suffered a near 50bp widening versus Germany over the past week, as investors stormed into the eurozone core. But most safe haven assets like the World Bank's $1.75bn December 2016 from last week tightened against swaps and benchmarks.

Banco Espírito Santo reported a €3.6bn loss this week, but the Portuguese soveriegn looks safe from contagion. Its $4.5bn October 2024 from four weeks ago has tightened versus swaps since pricing.

This week's scorecard features updates on the funding programmes of some of the major supranational borrowers. Read on to see which issuer is almost 40% done already, having begun a new funding programme on July 1.

The Inter-American Development Bank is set to take to the Kangaroo market on Thursday to sell a long five year deal. The investor response so far has been strong enough to allow the possibility for the deal to grow beyond the minimum size, despite the extended maturity leaving some buyers on the side lines.

Bank Nederlandse Gemeenten appealed to American and Asian investors with a dollar benchmark at the short end on Wednesday. Despite offering initial price thoughts flat to its secondary curve the issuer was able to attract enough interest from these investors to cover its maximum deal size before official bookbuilding began.

The Inter-American Development Bank drew healthy demand for a five year benchmark on Tuesday, brushing off concerns that the International Finance Corporation had sucked up most of the investor interest for triple-A paper in that maturity with a deal last week. Meanwhile, Dutch agency BNG mandated banks for a dollar deal at the short end of the curve.

This week's scorecard features the funding programmes of some of the major supranational borrowers, as the International Finance Corporation and World Bank complete their funding programmes and begin prefunding for the next fiscal year.

SSA issuers looked to alternative forms of funding on Thursday as a holiday in much of Europe and the Federal Open Markets Committee meeting statement on Wednesday evening — not to mention most issuers being fairly well stuffed with cash after a busy six months of issuance — made benchmark execution difficult.