Inter-American Development Bank IADB

Sterling issuance may be slowing down after its record start to the year, but investor demand shows no signs of cooling — as KfW proved with a tap on Monday that was nearly double its original target size. Any “bank treasury friendly” borrowers should find healthy demand if they follow in the currency, said bankers.

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

Hopes of a thriving new market for securitizations by multilateral development banks hit a hole in the road in December, when the US Treasury said it disapproved of them and would seek to stop them.

Rating: Aaa/AAA

Public sector dollar issuance has had a slower start to the year than usual — in part because of super strong conditions in other currencies — but SSA bankers are confident the strength of the deals that did come this week will boost the pipeline.

A stampede of dollar funders in the public sector market could be set to hit the euro market over the coming weeks as the euro/dollar basis swap reached levels not seen since the immediate aftermath of the eurozone sovereign debt crisis. Deals could come from issuers who are a rare sight in euros and there could even be some debuts, writes Burhan Khadbai.

The sterling market for public sector borrowers is enjoying its best ever start to a year thanks to superlative conditions, Sonia linked debuts and a UK parliamentary vote on Brexit next week.

Sterling issuance from non-UK public sector borrowers has made by far its strongest ever start to a calendar year, with borrowers and bankers citing liquidity-laden investors and a crucial parliamentary vote on Brexit next week as factors behind the rush. Council of Europe Development Bank (CEB) and FMS Wertmanagement added to the feast on Thursday, while Inter-American Development Bank will bring yet another trade this Friday.

Public sector borrowers might switch some of their attention away from a rampant euro market towards dollars, said SSA bankers, after the Inter-American Development Bank and Caisse des Dépôts et Consignations brought strong trades in the currency on Wednesday.

The European Investment Bank and Bank Nederlandse Gemeenten showed the strength of the dollar market on Tuesday as they sparked the sector into life for 2019 with benchmarks offering minimal concession. Another pair of SSAs are hoping to emulate that success on Wednesday.

Supranationals found heavy demand from investors for privately placed taps of outstanding dollar and euro notes over the past week, with Asian Development Bank printing particularly heavy volumes.

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