World Bank

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.

Oversubscribed trades from theWorld Bank and KommuneKredit on Thursday provided further evidence of the decent conditions for dollar benchmarks this week. SSA bankers expect a deluge of supply in the currency this month.

The World Bank is set to make a rare appearance with a benchmark in the first full week of the calendar year, having hired banks on Wednesday to run a March 2019 syndication. The deal could presage a rush of dollar trades while demand in the currency is strong and issuers seek to print before yields head northwards as the effects of reduced Federal Reserve liquidity kick in.

This week's funding scorecard contains updates on some of the major supranational borrowers' funding programmes. Both the IFC and the World Bank have raised nearly two-thirds of their targets as the first half of their funding year comes to a close.

This week's funding scorecard contains updates on some of the major supranational borrowers' funding programmes. Next Friday the scorecard will focus on a number of Europe's supranationals and agencies.

The World Bank’s eagerly anticipated return to euro benchmarks for the first time in four years attracted around €1.2bn of orders on Wednesday, SSA Markets understands. Tight pricing meant that the book didn’t grow as large as some bankers away from the trade had expected.

The World Bank is set to sell its first euro benchmark in more than four years this week after mandating banks for a new three year syndication.

World Bank and Network Rail were set to price large and heavily oversubscribed dollar deals on Thursday afternoon, as investors showed no sign of stopping a headlong rush into high quality SSA paper in the currency after lacklustre non-farm payrolls data earlier in the week put paid to fears that Federal Reserve tapering will kick in this year.

The World Bank returned to the Canadian dollar market on Monday, selling a new five year bond. An improved basis swap for dollar funders in the currency and increased central bank focus on currency diversification is likely to increase issuer interest in Canadian dollars.

World Bank is set to sell its first Canadian dollar debt in a year on Monday afternoon, underscoring a revival for international issuance in the currency: the supranational will be the sixth SSA to sell a syndication in Canadian dollars in 2013.

This week's funding scorecard contains updates on some of the major supranational borrowers' funding programmes. Next Friday the scorecard will feature selected European supranationals and agencies.

SSA issuers have not ruled out next week as a potential window for dollar issuance, despite concerns stemming from the shutdown of US government agencies on Tuesday.