Rentenbank

Public sector borrowers are putting the final touches to their funding programmes for the year amid stable market conditions, but there are few signs that any will pre-fund for 2016 in large size.

Rentenbank equalled its second largest euro benchmark size ever while still managing to tighten pricing with a November 2022 on Tuesday.

An agency is set to round off its funding for the year with a euro benchmark amid solid but quiet market conditions.

This week's funding scorecard looks at the funding progress of European supranationals and agencies, where available, gives their funding targets for 2016.

KfW has found stronger than expected demand after tapping the belly of its Kangaroo bond curve, as a Canadian province printed at the long end in the format.

Rentenbank this week jumped on pent-up demand for Australian dollar paper, printing the largest long dated Kangaroo bond from a public sector borrower since July.

Rentenbank has responded to pent-up demand for Australian dollar paper with the largest long dated Kangaroo bond from a public sector borrower since July.

This week's scorecard features updates on the progress of selected European supranationals and agencies through their funding targets for the year.

Rentenbank has returned to sterling with its largest print in the currency in over seven years as opportunities for cross currency arbitrage to euros abound, according to syndicate bankers.

The dollar market has been a haven for public sector borrowers during a tumultuous time for euros, but the possibility US Federal Reserve rate hikes is causing concern that that market could shut too.

Rentenbank opted to increase the size of a 10 year dollar benchmark over squeezing the pricing tighter on Tuesday.

A German agency is set to bring a dollar benchmark in 10 years — a tenor that could be due for a comeback after being largely shunned in May.