Rentenbank

This week's scorecard features updates on the progress of selected European supranationals and agencies through their funding targets for the year.

Rentenbank has returned to sterling with its largest print in the currency in over seven years as opportunities for cross currency arbitrage to euros abound, according to syndicate bankers.

The dollar market has been a haven for public sector borrowers during a tumultuous time for euros, but the possibility US Federal Reserve rate hikes is causing concern that that market could shut too.

Rentenbank opted to increase the size of a 10 year dollar benchmark over squeezing the pricing tighter on Tuesday.

A German agency is set to bring a dollar benchmark in 10 years — a tenor that could be due for a comeback after being largely shunned in May.

Three agency names kept the Kangaroo market ticking over this week, as bankers prepared for a slew of redemption driven activity later in April.

Rentenbank priced the first ever six year Kangaroo deal from an SSA issuer on Wednesday in line with guidance at 22bp over mid-swaps.

Rentenbank has opened books on a six year Kangaroo bond — the first from a sovereign, supranational or agency in the format.

International Finance Corporation has tapped a renminbi line to over Rmb3bn ($478.8m) as moves in the dollar/renminbi cross currency basis swap drove a burst of demand from Asian investors.

Rentenbank tapped a 2020 Kangaroo bond for A$200m ($152.9m) on Tuesday, pricing the deal in line with a recent World Bank print in the format.

World Bank launched a five year Kangaroo on Wednesday, while Rentenbank tapped its 2022 bond in the format.

World Bank has unveiled a five year Kangaroo hot on the heels of a Nordic Investment Bank tap of a 2020 bond in the format.