Caisse d Amortissement de la Dette Sociale

Plenty of SSA issuers took a big bite out of their funding targets in the short window of issuance between the end of the summer and this week's FOMC meeting. Here we provide updated figures on selected European supranationals and agencies.

FMS Wertmanagement is set to price a three year dollar benchmark on Wednesday afternoon, following on from a deal in the same maturity from France’s Cades on Tuesday.

German development bank, KfW is set to price on Tuesday, the biggest ever seven year global dollar bond away from issuance by US GSE borrowers. The issuer will price a $3bn deal in line with guidance. Two other SSA borrowers tapped shorter maturities in the currency.

France’s Cades and Sweden’s Kommuninvest were the first issuers out of the gates with mandates for dollar trades on Monday, and at least two more agencies are eyeing the market. One of those is rumoured to be considering the first seven year in several months.

There may have been the odd stinker of a deal this year but it is hard to fault SSA borrowers as a group. They went after the money this year with aggression, front-loading programmes and bringing some spectacular deals. Some market watchers were looking forward to the autumn issuance season being something of a repeat of the first three months of the year, but it does not look like that will happen. And that is a good thing.

Province of Ontario and KfW mandated banks for dollar benchmark on Monday afternoon. If the deals are met with a strong response, they could encourage other issuers to look to sell dollar issues next week.

Following an unexpectedly heavy week of issuance from European supranationals and agencies, here are the updated funding scores for selected borrowers in the category.

The Slovak Republic sold its debut Samurai bond on Tuesday morning, placing three and five year notes. The deal follows on from a number of successful Samurai deals from financial institutions, with more public sector issuance in the format in the pipeline.

This week's funding scorecard focuses on some of Europe's key supranational and agency borrowers. Forthcoming editions will bring updates from other French, German, Spanish and Scandinavian names.

A pair of European issuers attempted benchmark deals on Tuesday at the long end of the curve following the recent rates sell-off. Engorged 10 year yields allowed Cades to sell a January 2024 bond, while Asfinag sold a €750m 20 year — a deal that a number of bankers on and off the deal had expected to reach €1bn.

Finland’s Municipality Finance priced its first 144A benchmark on Wednesday afternoon. It was able to ratchet the size to $1.75bn after investors piled into the trade. Cades, meanwhile, was set to price its first seven year dollar benchmark in seven years as SSA Markets went to press.

France was sensible to wait for the needle to return to the middle of the Eurozone volatility seismograph before leading a glorious French flypast of deals across asset classes this week.