Bank Nederlandse Gemeenten

Bank Nederlandse Gemeenten opened books for a September 2019 Kangaroo on Tuesday, its first new five year Kangaroo line since 2011. The issuer also visited the Kiwi market for the second time in 2014 with a NZ$100m ($82.7m) six year bond.

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.

This week's scorecard features updates on the progess of selected European supranationals and agencies through their funding targets for the year. Read on to find out where borrowers stand as several returned to benchmark issuance this week after the summer lull.

Unédic is set to become the third issuer to bring a euro benchmark after the summer break on Friday, following deals for Finland on Wednesday and Bank Nederlandse Gemeenten on Thursday. BNG deal was twice subscribed, which was priced just as tensions between Russia and Ukraine escalated on Thursday morning.

Bank Nederlandse Gemeenten is next in line on the euro benchmark conveyor belt, having mandated banks on Wednesday afternoon for a deal. Finland hit the ‘go’ button earlier in the day, building a more than twice subscribed book for a deal that was priced at the tight end of guidance.

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.

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.

Greece's €1.5bn July 2017 from four weeks ago suffered a near 50bp widening versus Germany over the past week, as investors stormed into the eurozone core. But most safe haven assets like the World Bank's $1.75bn December 2016 from last week tightened against swaps and benchmarks.

Banco Espírito Santo reported a €3.6bn loss this week, but the Portuguese soveriegn looks safe from contagion. Its $4.5bn October 2024 from four weeks ago has tightened versus swaps since pricing.

Bank Nederlandse Gemeenten appealed to American and Asian investors with a dollar benchmark at the short end on Wednesday. Despite offering initial price thoughts flat to its secondary curve the issuer was able to attract enough interest from these investors to cover its maximum deal size before official bookbuilding began.

The Inter-American Development Bank drew healthy demand for a five year benchmark on Tuesday, brushing off concerns that the International Finance Corporation had sucked up most of the investor interest for triple-A paper in that maturity with a deal last week. Meanwhile, Dutch agency BNG mandated banks for a dollar deal at the short end of the curve.

This week's scorecard focuses on Europe's major supranationals and agencies, with most of the borrowers well advanced in their funding programmes as issuance begins to slow down for the summer.