Nederlandse Waterschapsbank

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.

Euro funding SSAs printed £1.19bn of sterling commercial paper on Monday, as an attractive euro/sterling basis swap helped issuers add to what has already been a record breaking year for the currency.

Following an unexpectedly heavy week of issuance from European supranationals and agencies, here are the updated funding scores for selected borrowers in the category.

A pair of issuers raised €3bn at the mid to long end of the curve on Tuesday, ahead of potential volatility at the end of the week caused by central bank meetings, US holidays and data releases.

Bank Nederlandse Gemeenten (BNG) may lead a small handful of issuers looking to print deals before investors pack their buckets and spades and head to the beach for the summer. The Dutch agency joins its compatriot Nederlandse Waterschapsbank (NWB) among the names that may well access public markets before August.

SSA bankers predicted that the week’s new issue supply could be confined to sovereign borrowers, as the volatility which engulfed markets late last week shows little sign of abating.

This week's funding scorecard focuses on some of Europe's key supranational and agency borrowers. Forthcoming editions will bring updates from other French, German, Spanish and Scandinavian names.

Bank Nederlandse Gemeenten is looking to diversify its short term funding sources with a new US commercial paper programme, the agency told SSA Markets this week.

Export Development Canada (EDC) sold five year Kangaroo debt on Tuesday, attracting strong interest from central banks and bank treasuries. The deal reassured syndicate bankers that demand is strong in the currency despite falling yields. The deal is expected to be followed by taps of 10 year debt from the Nordic Investment Bank (NIB) and Rentenbank on Wednesday.