Nederlandse Waterschapsbank

Dutch agencies were active in core currency MTN markets earlier this week, including FMO, which sold its first currency-linked bond for almost a year.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 26. The source for secondary trading levels is ICE Data Services.

Rating: Aaa/AAA

Nederlandse Waterschapsbank was twice covered and paid zero new issue premium as it sold an intraday 30 year water bond on Monday. The European Union will follow into the euro public sector bond market on Tuesday to fund a maturity lengthening operation under its European Financial Stabilisation Mechanism programme.

BNP Paribas returned to the Swiss franc market to land a new senior non-preferred issue slightly inside its euro curve this week. In recent weeks, several foreign borrowers have tapped the market and, with tightening levels looking attractive, bankers are confident more could follow.

This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes in the middle of February.

A pair of triple-A rated European agencies sold their first Swiss franc bonds for several years this week, responding to reverse enquiry for long dated, high rated paper.

Rating: Aaa/AAA

The Europe Investment Bank extended the euro short term rate (€STR) floating rate note curve on Wednesday with 2021’s first deal in the format.

France set a new order book record with its new 50 year syndicated bond on Tuesday. Two other public sector borrowers joined the sovereign at the long of the euro curve.

This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes as we approach the end of 2020, with most issuers also setting their funding targets for 2021.

This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the start of the fourth quarter.