World Bank

Public sector borrowers looking to sneak in dollar bonds before the market traditionally closes for the year on Thanksgiving next week can step into a roaring hot market. The amount of cash available to be put to work has been resoundingly demonstrated by a pair of borrowers printing some of the largest deals ever at the long end of the curve.

The European Bank for Reconstruction & Development has hired banks for a five year global as World Bank demonstrated the strength of demand at the long end of the dollar curve with a $4bn 10 year print that comes just days after KfW took $5bn out of the market.

World Bank has hired four banks to run a 10 year global syndication, starting the pricing process with initial price thoughts 1bp inside where KfW priced an oversubscribed $5bn deal last week.

This week's scorecard features updates on the progress of selected supranationals through their funding programmes.

World Bank was set to print a five year global at the tight end of guidance on Tuesday afternoon, having nipped into a short window for dollar issuance this week ahead of holidays in Asia.

The World Bank mandated for a global October 2019 dollar benchmark on Monday, sneaking into what is expected to be a short window of issuance in the currency this week.

International Finance Corporation extended its Kangaroo curve with a 10.5 year on Friday. World Bank also funded in non-core dollars, printing a NZ$350m ($276.2m) seven year Kauri bond.

Issuers could find several arbitrage opportunities in sterling this week, as favourable basis swap rates make swapping the currency into euros or dollars attractive and investors return to the currency following the No vote in last week’s Scotland independence referendum. KfW has mandated banks for a short dated sterling tap, while World Bank and NRW.Bank reopened sterling deals on Monday afternoon.

The UK government announced on Friday that it is planning to sell an offshore renminbi bond, which would make it the first sovereign outside China to do so. A slew of supranational and agency issuers have been drawn to the market this week following favourable moves in the dollar/renminbi basis swap.

Read on to see how selected benchmarks 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.

Read on to find out how far along with their annual funding targets selected supranationals are this week.

Rentenbank increased a tap of a March 2020 Kangaroo line on Wednesday while World Bank tapped a March 2017 deal, as improving cross currency basis swap rates make the short to medium part of the Kangaroo curve attractive for euro and dollar funding borrowers, according to bankers.