World Bank
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Supranationals have delivered a spurt of niche currency medium term notes, returning to old favourites like South African rand as well as making use of demand for more exotic currencies, particularly in Latin America. -
The African Development Bank has sold its longest MTN ever, leading a spurt of long dated private placement euro issuance from public sector borrowers.
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A flurry of large trades from the European Investment Bank (EIB), the International Finance Corporation (IFC) and the World Bank helped push overall Kangaroo volume so far this year higher than those seen for the whole of 2016.
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The MTN market has produced a slew of dollar trades while the syndicated market was subdued by the midweek Federal Reserve meeting. Supranationals in particular have been able to pick up some sizeable dollar funding.
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This week's scorecard looks at the progress supranationals have made in their funding programmes this year.
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World Bank raised A$850m ($678.7m) in the Kangaroo market this week by printing a new September 2022 line, the largest Australian dollar SSA bond in the last three years.
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World Bank has raised A$850m ($678.7m) in the Kangaroo market by printing a new September 2022 line, the largest Australian dollar SSA bond of the year.
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Stanley Fischer has resigned as second in command at the US Federal Reserve, leaving four of the seven seats on the Fed governors' board vacant.
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SSAs enjoyed soaring conditions in the sterling market this week after a summer lull, which bankers attributed to a big Gilt redemption and sterling’s weakening against other main currencies.
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The SSA market leapt into life this week with multiple benchmarks hitting screens. While the backdrop was supportive, the narrow pick-up offered over US Treasuries appeared to be stunting demand.
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As the SSA market returns to life, two big name borrowers produced trades at the short end of the curve that underwhelmed some onlookers, prompting some syndicate bankers to speculate that there may be more fertile pastures further out the curve.
