World Bank

World Bank is set to sell a new five year Kauri bond on Wednesday, building on a good start to the year for New Zealand dollar issuance. KfW will join the supranational, after mandating banks for a tap of 10 year Kangaroo bonds.

This week's scorecard focuses on the funding programmes of some of the major supranational borrowers. Next week's scorecard will feature European agencies.

A new explicit guarantee from the German government propelled Rentenbank’s first dollar benchmark of the year to success on Wednesday. The German agency was able to price around flat to KfW, a feat that bankers involved with the trade attributed to the new guarantee.

Rentenbank and World Bank are set to sell dollar benchmarks on Wednesday, building on a successful three year trade from Bank Nederlandse Gemeenten the day before. The Dutch agency was able to sell an oversubscribed trade in spite of clashing with a public holiday in Japan.

Read on to see how benchmarks priced in the first three weeks of the year are performing in the secondary market. Trading levels given are the bid-side spreads versus mid-swaps and/or an underlying benchmark bond as of Thursday's close. The source for secondary trading levels is Interactive Data.

Read on to see how deals priced in the first week and second weeks of the year are faring. Trading levels given are the bid-side spreads versus mid-swaps and/or an underlying benchmark bond as of Thursday's close. The source for secondary trading levels is Interactive Data.

If 2013 was the year when Socially Responsible Investments burst into the mainstream, then 2014 should be the year where issuers and bookrunners start pushing these instruments towards the same level of maturity seen in other sectors.

Kangaroo issuance is expected to remain healthy through to the end of the week as investor demand for Australian dollar paper remains strong. L-Bank has mandated for its first Kangaroo in nearly four years, while Kommunalbanken has also hired banks for a deal and a third issuer is expected to announce a trade on Thursday.

The World Bank mandated banks for a new five year Kangaroo bond on Tuesday, following the sale of a Kauri deal in the same maturity from the Nordic Investment Bank. NIB enjoyed strong demand for the New Zealand dollar paper, owing to a combination of strong central bank buying and a domestic investor base starved of other opportunities for investment.

The European Investment Bank sold the first euro denominated green bond of the year on Monday, a tap of five year notes. The deal coincided with the release of Green Bond Principles, a set of voluntary guidelines for green issuance.

The first funding scorecard of 2014 takes a look at the funding programmes of some of the major supranational borrowers. Next week's scorecard will focus on European agencies.

Hats off to the World Bank for bringing off a decent five year in what, given fiercely tight swap spreads, are some of the trickiest market conditions faced by Washington supranationals for a long time.