European Bank for Reconstruction and Development EBRD

This week's funding scorecard looks at the progress supranationals have made in their funding programmes at the start of July.

The European Bank for Reconstruction and Development raised some eyebrows with an aggressive spread for its three year dollar benchmark, but the issuer was able to pull in enough demand to print $500m more than anticipated.

The European Bank for Reconstruction and Development (EBRD) sold the first Algerian dinar-linked bond from a development finance institution last week. With local market liquidity drying up because of the collapse in the price of oil, further demand for dinar assets could depend on how well the nation’s economy diversifies away from the industry.

Emerging market borrowers and lenders still lag developed markets on the transition away from the Libor, with the coronavirus pandemic hampering progress.

This week's funding scorecard looks at the progress supranationals have made in their funding programmes as we reach the end of May and enter June.

The Covid-19 pandemic has caused a “quantum” change in the amount of capital required to finance development, according to the head of the European Bank for Reconstruction and Development (EBRD).

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, May 18. The source for secondary trading levels is ICE Data Services.

Rating: Aaa/AAA/AAA

Public sector borrowers found plenty of demand as they hit the market with dollar deals across the curve on Tuesday. With robust demand and a favourable basis swap for euro funders, more issuers have lined up deals in the currency to follow.

Five public sector borrowers are marketing dollar bonds across the curve kicking off what it is expected to be a busy week in the currency.

This week's funding scorecard looks at the progress supranationals have made in their funding programmes as we approach the end of April.

The European Bank of Reconstruction and Development told GlobalCapital that alongside providing €1bn of emergency short-term funding, it is also considering debt repayment extensions for existing clients amid the coronavirus crisis.