Rentenbank
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Dollars was the favoured currency for public sector borrowers for the second week running this week, giving attractive funding conditions for euro borrowers amid strong investor demand, particularly in the 10 year part of the curve. -
Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.
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Belgium is set to issue its first dollar bond since 2017 as euro funders continue to take advantage of the attractive funding conditions in the currency, with three other public sector borrowers also in the market for dollars.
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Rentenbank jumped into a quiet Kangaroo market on Thursday to print its first Australian dollar bond since August 2019.
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A slide in euro and dollar MTN volumes has given Scandinavian banks the chance to propel themselves up the MTN leader board.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies in early April.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the start of March.
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Rentenbank raised €1bn of 10 year cash on Wednesday. The deal did not reach full subscription and the leads were unable tighten the spread from guidance, thanks to a rates sell-off affecting demand from Asia.
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Investors showed some price sensitivity when confronted with the State of North Rhine Westphalia’s (Land NRW) dual tranche sustainable offering on Wednesday. Nevertheless, compatriot issuer Rentenbank will add to euro SSA supply this week after mandating banks for a new 10 year benchmark.
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A brace of dollar deals came to the market on Tuesday, with Rentenbank and Council of Europe squeezing into the market for $1bn apiece amid high expectations of an impending rate cut as the US Federal Reserve meets.
