Rentenbank

Investors stormed into Province of Ontario’s first euro benchmark in almost four years on Tuesday, allowing it to print a €1.75bn 10 year deal. Meanwhile, Rentenbank got €1.25bn away with an eight year print.

The Province of Ontario mandated banks on Monday afternoon for a 10 year euro benchmark in a return to the currency after an absence of almost four years. The issuer will be joined by Rentenbank, which plans a curve-extending eight year deal in euros.

Rentenbank sold more than double its minimum target with a long dated Kauri deal on Thursday, highlighting diverse demand for bonds denominated in the currency. The European Investment Bank and KfW also seized on investor demand for long dated paper, selling 10 year Kangaroo taps.

Read on to see how deals priced earlier in the year 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.

A new explicit guarantee from the German government propelled Rentenbank’s first dollar benchmark of the year to success on Wednesday. The German agency was able to price around flat to KfW, a feat that bankers involved with the trade attributed to the new guarantee.

Rentenbank and World Bank are set to sell dollar benchmarks on Wednesday, building on a successful three year trade from Bank Nederlandse Gemeenten the day before. The Dutch agency was able to sell an oversubscribed trade in spite of clashing with a public holiday in Japan.

Eurofima opened books on its first Australian dollar deal in 18 months on Monday, attracted by the Kangaroo market’s receptiveness to small trades. Kommunalbanken is also set to price a 10 year tap in the format, with more issuers expected to follow later in the week.

More issuers could look at the Kauri market in coming weeks following the rousing success of Export Development Canada’s deal in the format on Friday, syndicate bankers predict. Kauri bonds are enjoying a strong bid from international investors, with Asian central banks leading the way.

Export Development Canada is set to sell the first Kauri bond of the year on Friday. A strong bid from central banks for the five year paper has the leads confident of surpassing the issuer’s size goals, getting the Kauri market off to a strong start following a record breaking 2013.

The Inter-American Development Bank and Rentenbank are both set to sell Kangaroos bonds on Thursday, looking to appeal to a receptive investor base that allowed KfW to more than double its target size with a five year trade on Wednesday.

Kommunalbanken is expected to sell the first new Kangaroo bond of 2014 on Tuesday, opting for a long 10 year deal. Long dated notes are expected to make up a greater part of Kangaroo issuance over the coming year, with 12 and 15 year syndications possible.

Rentenbank seized upon Japanese interest to tap April 2024 Kangaroo paper on Thursday. The tap pushed the deal’s size into benchmark territory, which will boost its appeal for further reopenings next year.