World Bank

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.

The Inter-American Development Bank (IADB) sold 10 year bonds on Friday, putting the finishing touch on a hectic week of dollar supply. Some bankers were surprised by the issuer’s choice of duration, but the deal grew smoothly and priced with a small oversubscription.

Province of Ontario is the latest issuer expected to bring a five year dollar deal next week, adding to a hefty SSA pipeline. There are also thought to be opportunities for long dated euro deals, with the Federal Reserve’s unexpected decision not to slow its asset purchasing programme causing a steepening in the euro curve.

Dollar issuance could take on a supranational and French flavour next week, if this Wednesday’s Federal Reserve Open Markets Committee meeting leaves markets in a decent state, SSA Markets understands.

The World Bank sold its debut floating rate Kangaroo bond on Friday, with strong investor demand allowing the deal to become the largest floater in the format from an SSA issuer. World Bank also tapped three year fixed rate bonds on the same day.