KfW

Public sector borrowers are in the middle of a monster week of borrowing, with seven benchmarks hitting screens so far.

KfW paved the way for a slew of dollar mandates from SSA borrowers on Tuesday with a $5bn new issue.

KfW announced plans on Monday to return to the dollar market with a new three year benchmark.

With the hree new issues in the market this week progressing well, the SSA market seems to have put Brexit chaos in the past and returned to business as usual.

A pair of European agencies tapped euro lines today in a recovering but still cautious SSA market.

KfW found enough demand to print a A$400m ($299.2m) tap of its January 2019 Kangaroo bond late last week, highlighting a remarkable return to stability for markets after the previous week's Brexit vote.

The SSA market got back to business swiftly, if somewhat cautiously, this week, with taps and private placements (PPs) across core currencies coming quickly after the UK’s vote to leave the European Union. Although none of the trades were especially ambitious, their success has set a positive tone for the weeks to come.

The UK may have voted to leave the European Union but German’s biggest agency showed it still plans to visit the UK’s currency, as it sold the first sterling deal from an SSA since the UK’s referendum late last week.

A vote for the UK to exit the European Union next week is likely to intensely magnify a strong rush into safe haven assets, but some bankers are still confident that after the initial furore of a ‘Brexit’ there could be room for issuers eyeing euro deals in July to go ahead. And, if the UK opts to stay in the EU, issuers are likely to be lining up to print in July.

Read on to see how far through their funding programmes European supranationals and agencies have progressed.

Guarantor: Federal Republic of Germany

KfW became the first supranational or agency to sell a euro-denominated five year benchmark with a negative yield on Tuesday.