Rentenbank

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.

The Kangaroo market is expected to remain active throughout this week as Rentenbank considers a tap of long dated paper. At least two other issuers are also considering selling Aussie dollar debt, according to syndicate bankers.

Land NRW was the only issuer out with a benchmark mandate on Monday afternoon as SSA Markets went to press, but a few more issuers are waiting in the wings to pull the trigger before new issue markets begin to shut down ahead of year end.

Read this week's funding scorecard to see which European supranationals and agencies are nearly done for the year, and which have already begun prefunding.

A pair of euro benchmarks in the belly of the curve fell short of full subscription on Tuesday, as a combination of tight pricing and the arrival of the European Stability Mechanism’s second ever benchmark on the same day served to dampen investor demand.

A pair of German agencies mandated for euro benchmarks this week ahead of an expected 10 year syndication from the European Stability Mechanism.

Read this week's funding scorecard to see which European supranationals and agencies are nearly done for the year, and which have room for another benchmark.

Rentenbank and the Inter-American Development Bank both sold Kangaroo debt on Wednesday, with Renten pricing long 10 year bonds and IADB choosing to sell five year debt. Both deals hit their minimum targets, but were unable to grow beyond that level with many investors waiting on the sidelines ahead of an anticipated increase in yields.

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.

Rentenbank has made its first foray into the world of socially responsible securities, printing a €50m seven year renewable energy bond on Monday — and declaring itself open for more.