Rentenbank

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.

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.

Bank Nederlandse Gemeenten (BNG) sold its first Norwegian krone bond in around a year on Wednesday, responding to investor interest generated by an upcoming redemption. The issuer follows Rentenbank, which sold its own new krone line on Tuesday.

Rentenbank returned to the Australian dollar market on Tuesday, selling a tap of 10 year debt. The deal saw good demand from Japanese investors prompted to look abroad by the low yields on government debt.

Rentenbank has mandated banks for a tap of 10 year Australian dollar debt, which is expected to be priced on Tuesday. The deal adds to a busy year so far from Rentenbank in Australian dollars, with the currency amounting to almost a third of the issuer’s borrowing so far.

Rentenbank mandated for its first benchmark trade of 2013 on Monday afternoon, opting for a five year dollar global. The deal is likely to benefit from a lack of competing supply from major SSA issuers, according to bankers away from the trade. Svenska Exportkredit is also thought to be considering a five year dollar bond.

Korea Eximbank joined a pair of German agencies in a flurry of sterling activity on Friday. The issuer sold a £300m floating rate note, its first appearance in the currency in four years and its first sterling syndication.

Rentenbank on Wednesday became the latest in a string of issuers to tap the Kauri market, selling a new four year bond. The deal grew well beyond the minimum target size, showcasing the continued appeal of Kauri bonds. KfW has also launched a tap of its largest ever Kangaroo bond.

Rentenbank is set to price a four year Kauri bond this week, the latest in a spate of issuance in the format. Kommunalbanken has also seized on investor demand for antipodean currencies, pricing a tap of nine year Kangaroo bonds on Wednesday.

The Nordic Investment Bank has mandated banks for a five year Kangaroo deal, its first new line in the currency since July 2012. Rentenbank also tapped its 10 year debt, benefiting from the currency’s steep yield curve.

Rentenbank priced its first new Kangaroo line of 2013 on Thursday — a 10 year deal. The healthy yield on offer sparked interest from offshore investors, and suggests that there is room for further issuance in Australian dollars at the far end of the curve.

Rentenbank is considering rounding out its funding for the year with taps of outstanding dollar and Australian dollar notes. It is eyeing an increase of its 2022 Kangaroo notes or a tap of a dollar issue.