Nederlandse Waterschapsbank
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Nederlandse Waterschapsbank has become the third European SSA to sell sterling this week, tapping a three year line for its second deal in the currency this year. -
The public sector market is awaiting the final big event of 2016 in the shape of the US Federal Reserve’s rate decision later on Wednesday. But while a US rate rise looks all but a certainty, some funding officials are anxious about the potential for volatility in the dollar market next year from a different source — politics.
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The Inter-American Development Bank, a Canadian sub-sovereign and two Danish agencies offered chunky issuance to the Kangaroo market this week. The SSAs took advantage of Asian accounts looking to work their cash at the 10 year part of the Australian dollar curve.
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Bank Nederlandse Gemeenten and Nederlandse Waterschapsbank were stunned by the scale of reverse enquiry for taps to their Kangaroo notes on Tuesday, with a rare Japanese investor driving both deals to double the size of any previous tap to their respective 10 year lines.
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A pair of public sector borrowers were able to sell tightly priced euro deals on Tuesday, with another two trades likely to follow on Wednesday.
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A French agency is set to bring a euro benchmark in the shortest tenor seen since the end of the summer, while a Dutch agency is about to sell its longest dated syndication ever in the currency.
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Nederlandse Waterschapsbank presented a Kangaroo tap to an expectant Japanese investor on Friday.
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This week's funding scorecard looks at the progress European supranationals and agencies have made with their funding programmes.
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After another week of a super solid dollar market, public sector bankers are starting to refer to the currency as “darling” — and all the signs suggest that the relationship is set for an extended honeymoon.
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The dollar market is set to remain the “darling” — in the words of one syndicate banker — currency in the coming weeks, after a trio of strong deals on Wednesday.
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Nederlandse Waterschapsbank tapped a A$355m ($266.6m) 3.15% September 2026 Kangaroo bond on Wednesday for A$55m.
