Rentenbank
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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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Euros had to play second fiddle to a rampant dollar market this week, but there was still a steady flow of deals at the smaller end of the size scale. -
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Rentenbank has opened the 10 year part of the dollar curve to elite borrowers with a heavily oversubscribed trade. While the public markets have been in rare health, dollar issuance had, until Wednesday, been confined to the three and five year maturities for months.The last time an SSA borrower printed over $1bn of 10 year paper was, according to Dealogic, at the end of May when the Inter-American Development Bank sold $1.5bn with a 2% coupon.
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Two of this week's benchmark issuers are planning second trips to the capital markets for benchmark funding in the third quarter.
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NRW.Bank will bring a no-grow $1bn three year dollar benchmark on Wednesday, after African Development Bank and Rentenbank on Tuesday comfortably raised dollars in longer tenors.
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A pair of public sector borrowers on Monday hit screens with mandates earlier in the day than usual, which bankers suggested was due to a desire to get ahead of other possible issuers.
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After reopening the post-Brexit dollar market with a $150m tap on June 23, Rentenbank is coming back for more, opening books for another tap to be priced on Tuesday.
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The SSA market got back to business swiftly, if somewhat cautiously, this week, with taps and private placements (PPs) across core currencies coming quickly after the UK’s vote to leave the European Union. Although none of the trades were especially ambitious, their success has set a positive tone for the weeks to come.
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Rentenbank sold a public trade in dollars on Thursday, the first such deal since the UK voted on June 23 to leave the European Union.
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A pair of issuers reopened the 10 year part of the dollar curve for sovereigns, supranationals and agencies this week, but despite both trades gaining plaudits there is still scepticism over whether a $2bn-plus sized deal is possible.
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Rentenbank joined the rush for dollars on Wednesday as Inter-American Development Bank and British Columbia set pricing on deals announced the previous day.
