Rentenbank

Nordic Investment Bank on Monday made its second appearance in the Kangaroo market this year, announcing a tap of a five year line.

Rentenbank has launched a seven year Kangaroo, a scarcely seen maturity in the format. It comes alongside Kangaroo deals from Kommunalbanken and International Finance Corporation.

A pair of SSA issuers opted for deals in the Kangaroo market on Monday, amid a holiday induced supply slump.

KfW opened books on a tap of a 10 year Kangaroo on Tuesday as issuers took over A$1bn ($841.6m) out of the Australian dollar market, with deals from Inter-American Development Bank, the Province of Manitoba and Rentenbank.

Rentenbank opened books for a new five year Kangaroo bond on Monday, as Province of Manitoba and Inter-American Development Bank reopened Kangaroo lines.

KfW priced a more than twice subscribed Kangaroo bond on Wednesday — its first deal in the format this year — as other supranationals and agencies lined up with taps and new issues for their own inaugural 2015 Australian dollar deals.

Rentenbank was the first SSA borrower out of the traps in dollars in 2015 after mandating banks for a global deal on Monday. The European Investment Bank and Kommunalbanken are also rumoured to be planning deals in the US currency.

Rentenbank is set to return to the Canadian dollar market for the second time this year on Wednesday, with what will be its largest benchmark in the currency since 2007.

Rentenbank and Washington’s Inter-American Investment Corporation are the latest issuers out with mandates in dollars this week, as well-funded issuers look for price over size.

This week's scorecard features updates on the progess of selected European supranationals and agencies through their funding targets for the year. Most have almost reached their targets as we enter the final months of the year.

Rentenbank increased a tap of a March 2020 Kangaroo line on Wednesday while World Bank tapped a March 2017 deal, as improving cross currency basis swap rates make the short to medium part of the Kangaroo curve attractive for euro and dollar funding borrowers, according to bankers.

Rentenbank is set to price the second tap of a March 2019 Kauri bond on Thursday, hot on the heels of Kommunalbanken’s increase of its own March 2019 Kauri line.