Inter-American Development Bank IADB

This week's funding scorecard contains updates on some of the major supranational borrowers' funding programmes. Next Friday the scorecard will feature selected European supranationals and agencies.

The Inter-American Development Bank (IADB) sold 10 year bonds on Friday, putting the finishing touch on a hectic week of dollar supply. Some bankers were surprised by the issuer’s choice of duration, but the deal grew smoothly and priced with a small oversubscription.

The Inter-American Development Bank (IADB) is set to round out a packed week for dollar issuance, having mandating banks to sell a 10 year bond. The deal is set to be priced on Friday but there was some confusion in the market about the trade ahead of the mandate hitting screens.

Rentenbank and the Inter-American Development Bank both sold Kangaroo debt on Wednesday, with Renten pricing long 10 year bonds and IADB choosing to sell five year debt. Both deals hit their minimum targets, but were unable to grow beyond that level with many investors waiting on the sidelines ahead of an anticipated increase in yields.

The Inter-American Development Bank and Rentenbank are both expected to sell Kangaroo bonds on Wednesday, with IADB looking for a five year deal and Renten selling long 10 year paper. More mandates are expected for later in the week, while KfW has already dipped into the market, tapping four year bonds on Tuesday.

Province of Ontario is the latest issuer expected to bring a five year dollar deal next week, adding to a hefty SSA pipeline. There are also thought to be opportunities for long dated euro deals, with the Federal Reserve’s unexpected decision not to slow its asset purchasing programme causing a steepening in the euro curve.

Dollar issuance could take on a supranational and French flavour next week, if this Wednesday’s Federal Reserve Open Markets Committee meeting leaves markets in a decent state, SSA Markets understands.

This week's funding scorecard focuses on some of the major supranational borrowers, some of which have just announced new funding programmes. Next Friday's scorecard will give take a look at the funding progress of several major European supranationals and agencies.

The Inter-American Development Bank is set to price its first sterling benchmark of the year on Monday afternoon, opting to target the short end of the curve with two year debt.

Bank Nederlandse Gemeenten has hired four banks to run a three year 144A syndication in dollars this week. The issuer is the first SSA name out of the gates although are looking to price deals ahead of US non-farm payrolls data on Friday.

A quiet week for Kangaroo issuance is on the cards, with a Reserve Bank of Australia meeting on Tuesday leaving screens blank on Monday. Issuers are mulling opportunities at the long end, according to syndicate bankers, but reduced deal sizes at the close of last week suggest investors may be close to sated.

The Inter-American Development Bank is expected to print an oversubscribed $2bn three year benchmark later on Tuesday, reopening the SSAs’ post summer benchmark programme in style despite shaky market conditions after weeks of volatility in Treasuries.