World Bank

More issuers could follow Bank Nederlandse Gemeenten into the New Zealand dollar market as the country’s rising interest rates create yield grabbing opportunities in the currency, according to a banker who worked on BNG’s NZ$100m ($84.8m) August 2019 Eurobond on Wednesday.

The World Bank could print further dollar private placements linked to CMS rates, as it has received reverse enquiries for the structure despite printing several last week. Other issuers could follow suit as investors bet on the US Federal Reserve increasing interest rates next year.

This week's scorecard features updates on the funding programmes of some of the major supranational borrowers. Read on to see which issuer is almost 40% done already, having begun a new funding programme on July 1.

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.

World Bank sold its first ever catastrophe bond on Monday, a note designed to help provide funds to Caribbean countries in the case of a natural disaster. The issuer is hoping to sell further catastrophe bonds in the future, in response to growing investor demand for the asset class.

This week's scorecard features the funding programmes of some of the major supranational borrowers, as the International Finance Corporation and World Bank complete their funding programmes and begin prefunding for the next fiscal year.

The World Bank brought its second dual-tranche issue of the week on Wednesday, pricing a global split into a two and seven year tranche.

World Bank stormed through a dual tranche Kangaroo print on Tuesday. By selling a combination of medium and long dated debt the issuer was able to tap a wide investor base and was rewarded with the largest SSA Kangaroo print in four years.

Four banks are taking indications of interest on a dual tranche global for the World Bank. It is likely to be the only dollar benchmark of the week, taking advantage of a brief issuance window ahead of the Federal Open Markets Committee meeting on Wednesday and a holiday in Europe on Thursday.

World Bank will return to the long end of the Kangaroo market on Tuesday, when it will print its first long dated bonds in the format since 2011. The issuer also plans to tap five year notes to capitalise on a lack of supply in the belly of the curve.

Syndicate bankers are predicting a busy period for the Kauri market over the coming weeks, with a blow-out deal from the World Bank on Friday setting the tone. The supra took to the market to tap five year Kauri notes and was rewarded with the largest ever deal in the format.

The European Investment Bank will sell its second Canadian dollar deal of the year on Friday, a tap of five year bonds. The issue is likely to benefit from strong demand from central banks as they look to up their holdings of debt denominated in the currency.