IFC

Garanti Bank is expected to issue the first green mortgage-backed Turkish covered bond, which will be privately placed with the International Financial Corporation (IFC) and certified by a third party.

Two supranationals have printed Turkish lira denominated paper, taking advantage of a surge in demand for the currency.

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

A surge in demand for Russian rouble paper could have been brought to a premature end by a US missile attack on Syria on April 7, but market participants are confident that issuance will continue.

Rating: Aaa/AAA

Only one SSA issuer took advantage of strong conditions in the dollar market this week. Bankers said that there could be more supply next week, though most issuers are so well-funded that deals are likely to remain thin on the ground.

Japanese investors on the hunt for European SSA credit drove a flurry of long dated Australian dollar deals on Wednesday.

The International Finance Corp could use the Kangaroo market to expand its burgeoning green bond programme.

SNCF Réseau on Wednesday printed at the upper end of its size expectations with its second ever green bond, while the International Finance Corporation looked at the possibility of printing in the green format over the next three months.

With public sector borrowers having reached advanced stages in their annual funding programmes as the first quarter comes to a close, focus is shifting to socially responsible bonds.

The socially responsible bond pipeline ballooned on Tuesday, with a European supranational announcing a roadshow for a debut issue, a French agency mandating for a deal and a Washington supranational pricing a social bond in benchmark size for the first time.

A pair of public sector borrowers are set to bring socially responsible bonds this week, with one aiming at the dollar short end and the other at the long end of the euro curve.