KfW

Network Rail has hired a trio of banks for a five year dollar syndication as KfW was wrapping up a $4bn print of the same maturity on Wednesday.

KfW is expected to price its first dollar benchmark of 2014 on Wednesday, flouting expectations of a long dated bond by mandating banks for a more conservative maturity in the belly of the curve.

The Inter-American Development Bank and Rentenbank are both set to sell Kangaroos bonds on Thursday, looking to appeal to a receptive investor base that allowed KfW to more than double its target size with a five year trade on Wednesday.

KfW provided the euro market with a knock out syndication on Wednesday afternoon, printing a seven year benchmark at the tight end of guidance. The European Financial Stability Facility is set to follow next week, having sent out requests for proposals earlier on Wednesday.

SSA bankers breathed a sigh of relief on Tuesday as the first euro benchmark from a core European agency of 2014 performed well despite looking a little sluggish during the morning’s business.

A pair of supranationals are set to launch Kangaroo deals in the middle of the curve this week, following a new five year deal in the format from KfW that is set to be priced on Wednesday.

KfW is looking into the possibility of selling its first socially responsible investment (SRI) bond since 2010 next year. The issuer is in discussions with bankers and investors over potential demand for a Green Bond.

KfW sold a short-dated syndication on Wednesday afternoon but tight pricing meant it fell shy of full subscription, SSA Markets understands. The deal takes the German agency to within a hair’s breadth of completing its funding requirement for the year.

KfW mandated banks for a new euro syndication on Tuesday afternoon, looking to capitalise on strong demand for short dated paper in the currency.

Network Rail is set to add to a spate of dollar issuance this week, mandating banks for a benchmark on Wednesday morning. It will follow KfW and the European Investment Bank, which announced mandates just after lower than expected US non-farm payroll numbers were released on Tuesday afternoon.

KfW and the European Investment Bank are set to end a drought of dollar benchmark issuance on Wednesday. KfW hired banks on Tuesday for a three year benchmark in the currency, while EIB has opted for a longer five year deal.

Read this week's funding scorecard to see which European supranationals and agencies are nearly done for the year, and which have room for another benchmark.