Rentenbank

The market for public sector euro issuers is springing back to life after a quiet week, with two benchmarks printed on Monday and a sovereign dual tranche expected on Tuesday. But although traffic is returning, conditions are no longer as supportive as in January.

This week's funding scorecard looks at the progress European supranationals and agencies have made during the first three weeks of the year.

The Nordic Investment Bank and Rentenbank brought sterling deals on Monday, adding to a busy start to the year for a market that has retained stability despite currency fluctuations around the latest speculation on Brexit.

Rentenbank added a A$475m ($349.6m) tap to its September 2022 Kangaroo bond, joining the Asian Development Bank and Inter-American Development Bank in printing Kangaroo fives in the new year.

Several European sovereign, supranational and agency borrowers this week published funding targets for 2017. Many will be looking for more funds than last year, despite markets likely to be wracked with political risk.

Rentenbank will sell up to €4.8bn of benchmarks next year, the German agency said on Tuesday, as it announced its funding plans for 2017.

Guarantor: Federal Republic of Germany

A pair of public sector borrowers hit screens this week for dollar syndications, providing an unexpectedly strong climax to 2016.

The Italian referendum on December 4 has been lurking in SSA bankers' diaries as a dangerous risk event but, on Tuesday, rumours of enhanced European Central Bank support led to a rally in Italian government paper.

Rentenbank sold what is likely to be its final benchmark of the year on Tuesday.

Rentenbank has announced that it will sell a five year dollar bond on Tuesday, winding up its 2016 funding programme and making the most of what a banker at one of the leads called “one of the last good windows of the year”.

Austria is looking to stretch its curve to hitherto untapped lengths, as it mulls a 70 year euro benchmark. Also seeking duration, Rentenbank pushed out its curve, printing a bond at 20 years for the first time ever.