Rentenbank

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.

Rentenbank was set to price on Tuesday afternoon what is likely to be its last dollar global before it receives an explicit government guarantee from Germany. The deal was a complete blow out and looks set to be priced on top of fellow German agency KfW’s secondary curve, according to the leads.

Rentenbank reopened the benchmark market for SSA borrowers on Monday with the first of a possible quartet of dollar trades that bankers expect to see in the near future.

German development banks are mulling dollar issues before the end of the year, SSA Markets understands. Rentenbank is likely to come with a trade this week or next, while NRW.Bank will consider a dollar benchmark before the end of the year if the euro/dollar basis is favourable enough.

Rentenbank priced its first new dollar deal in a year on Wednesday which attracted a large order book, tightened in secondary markets, and looks set to tighten even further once the German parliament approves the borrower's new explicit sovereign guarantee.

A number of borrowers announced benchmark mandates in the dollar markets following Monday’s Labor Day holiday.