Nederlandse Waterschapsbank

The European Bank for Reconstruction and Development picked a group of banks to launch its first benchmark of the year on Monday, as a pair of agencies announced smaller dollar mandates.

This week SSA Markets provides funding updates on key European supranationals and agencies as we near the end of the first quarter. Click here to find out which issuers have completed nearly half of their 2014 funding requirements.

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.

Nederlandse Waterschapsbank rounded out a solid run of dollar issuance on Thursday when it sold a new five year deal. Bankers away from the deal were impressed with the final size of the benchmark, NWB’s first in the currency in 2014.

Nederlandse Waterschapsbank will add to a spate of dollar issuance on Thursday, selling its first benchmark in the currency of the year. Strong responses to trades from the African Development Bank, Caisse des Dépôts et Consignations and Oesterreichische Kontrollbank on Wednesday bode well for the issuer.

Read on to see how benchmarks priced in the first three weeks of the year are performing in the secondary market. Trading levels given are the bid-side spreads versus mid-swaps and/or an underlying benchmark bond as of Thursday's close. The source for secondary trading levels is Interactive Data.

Nederlandse Waterschapsbank failed to get over the line with a benchmark offering in the belly of the curve on Monday, despite offering a new issue premium of several basis points. Bankers away from the deal suggested that the choice of maturity prevented the issuer from offering an attractive pick-up compared to recent deals from peers and expected supply.

Nederlandse Waterschapsbank (NWB) is expected to sell its last public deal of the year on Thursday afternoon, opting for a short dated dollar floater. Demand for the floating format could spike in the new year if investors think the US Federal Reserve will reduce its support for the country’s economy, said bankers.

Plenty of SSA issuers took a big bite out of their funding targets in the short window of issuance between the end of the summer and this week's FOMC meeting. Here we provide updated figures on selected European supranationals and agencies.

There may have been the odd stinker of a deal this year but it is hard to fault SSA borrowers as a group. They went after the money this year with aggression, front-loading programmes and bringing some spectacular deals. Some market watchers were looking forward to the autumn issuance season being something of a repeat of the first three months of the year, but it does not look like that will happen. And that is a good thing.

Nederlandse Waterschapsbank (NWB) extended its syndicated public bond curve in euros on Wednesday, pricing €500m of 18 year paper. The deal was targeted specifically at German insurers looking for long dated paper.

Nederlandse Waterschapsbank dipped into the Kangaroo market on Tuesday, selling a tap of 10 year bonds. The issuer was quick to take advantage of renewed demand for longer dated paper in the currency, with Japanese investors keen to reach down the credit curve.