KfW

With the year's end fast approaching, SSA issuers are jostling for space after a summer blighted by volatility. Investors are rewarding pragmatic borrowers with large order books but it seems there is little room for opportunism.

Three dollar issuers found no lack of demand at the short end when printing a trifecta of 2018s this week but tougher markets played into more defensive pricing strategies — at least in the early stages.

Bank Nederlandse Gemeenten and KfW came together in the same currency and tenor on Tuesday, with both issuers able to find healthy demand.

KfW has equalled its previous record-breaking green bond with its second issue in the format in euros — and was able to tighten pricing as well as,increasing the deal’s size.

A European agency is set to bring a green bond on Tuesday as optimism grows that SRI volumes could pick up even more over the next two months.

KfW has found stronger than expected demand after tapping the belly of its Kangaroo bond curve, as a Canadian province printed at the long end in the format.

Rentenbank this week jumped on pent-up demand for Australian dollar paper, printing the largest long dated Kangaroo bond from a public sector borrower since July.

Rentenbank has responded to pent-up demand for Australian dollar paper with the largest long dated Kangaroo bond from a public sector borrower since July.

This week's scorecard features updates on the progress of selected European supranationals and agencies through their funding targets for the year.

KfW

A conveyor belt of dollar benchmarks from SSAs passed quality control this week despite tough background conditions. But there are signs issuers are following those in euros by boosting concessions.

The euro market’s strength over dollars is impelling public sector borrowers to line up the currency for rare or even debut visits — and there are strong signs this opportunity could last longer than earlier windows.