Rentenbank

Supranational and agency borrowers showed their steel once again this week, printing a series of euro deals in the face of strong volatility.

Public sector bond issuance is expected to pick up next week after the end of the Chinese New Year holidays if the severe turbulence in the equities and credit market dies down.

Rentenbank was the sole issuer to test the dollar market this week, printing a $750m floating rate note.

The European Financial Stability Facility and Nederlandse Waterschapsbank on Tuesday brought euro benchmarks in five and seven year maturities. Now much more at those tenors is expected.

Rentenbank and Bank Netherlands Gemeenten have revealed their funding plans for 2016.

Rentenbank

With the market anticipating that the European Central Bank (ECB) will extend quantitative easing on December 3, issuers are heading further down the curve to offer investors an attractive level.

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.