German Sovereign
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Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years. -
The European Investment Bank and Dexia Credit Local were the only two public sector borrowers to sell deals in the primary market this week as issuance wound down ahead of the Easter break.
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Finland and Germany have provided an update on their second quarter funding plans, with the former looking to issue its second euro benchmark of the year.
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Dexia Credit Local was able to push the pricing of its new dollar benchmark on Tuesday thanks to pent-up demand for high quality paper in the currency.
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Dexia Credit Local was the sole public sector borrower to announce a new deal in the primary market on Monday as it mandated banks for a five year dollar trade.
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This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes at the end of March.
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Rentenbank entered the deserted dollar bond market on Tuesday, printing $1.75bn of five year notes. The market has been quiet for public sector issuers in the past few weeks, thanks to a volatile Treasury market and an issuer base already well stocked with funding, but Rentenbank found investors receptive.
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German state-owned development bank Kreditanstalt fuer Wiederaufbau (KfW) made a rare public green outing in the offshore renminbi market this week, raising Rmb1.25bn ($192m) from a deal that saw strong participation from green and ESG investors.
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Greece and the Flemish Community are preparing to sell syndicated bonds at the long end of the euro curve following a strong reception for France with the sale of its second green OAT on Tuesday.
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NRW.Bank became the latest non-UK public sector borrower to hit the sterling market this week, taking advantage of the attractive funding cost in the currency versus euros and US dollars.
