World Bank

Bank Nederlandse Gemeenten (BNG) may lead a small handful of issuers looking to print deals before investors pack their buckets and spades and head to the beach for the summer. The Dutch agency joins its compatriot Nederlandse Waterschapsbank (NWB) among the names that may well access public markets before August.

Beginning today with a round up of some of the biggest supranational issuers, SSA Markets will publish each Friday an update on how much funding SSA issuers have raised and how much they have left to find. Click on the borrower's name or it's logo to see more data.

The World Bank attracted an extra Rmb300m on June 6 when it reopened books on its recently priced offshore renminbi bond in response to strong reverse enquiry from investors.

The World Bank printed on Friday the largest dim sum bond by a supranational borrower. The issuer took advantage of advantageous swap market conditions combining with robust demand.

The World Bank sold its largest Malaysian ringgit bond in nearly three years on Monday ahead of a redemption in the currency next month. The deal proved appealing to asset managers with a positive outlook on the currency.

The lack of yield on offer in dollars and euros is encouraging investors to look towards niche and local currencies in an effort to maximise the return on their investment. With the EBRD selling its first ever Vietnamese dong bond this week, niche currency bankers are confident in the outlook for emerging market currencies.

The International Finance Corporation has hired three banks to run a three year global syndication, in what could be the only benchmark sized deal of the week.

The World Bank made serious inroads into the US investor base with a $5bn dual tranche transaction priced on Wednesday. But opinions are divided on the wisdom of it making its dollar comeback in two tranches, with some banks saying that the issuance of a sub-$1bn 10 year detracted from the success of the well oversubscribed $4.25bn three year.

The World Bank’s return to the benchmark dollar market on Wednesday after a year’s absence is a tale of two fortunes. The borrower is set to price a three and a 10 year deal in a double tranche pricing seeing solid demand in the shorter deal but underwhelming with size in the longer trade.

BNP Paribas, Goldman Sachs, HSBC and JPMorgan have been mandated for a two tranche dollar deal by the World Bank. The deal will be priced tomorrow.

The World Bank priced its first syndicated trade of the year on Tuesday, plumping for a five year Australian dollar deal in Kangaroo format. The bond follows KfW’s largest ever Aussie last week, also a five year. A shallow yield curve and favourable basis swap are contributing towards the depth of demand for five year Aussie deals.

The World Bank opened its funding for the year on Thursday afternoon, tapping three year Mexican peso bonds. The trade came in response to high investor demand for the agency’s outstanding debt in the currency.