ADB uses rarity value to bag giant Kanga
The Asian Development Bank (ADB) used its rarity value to print the largest deal since the Australian Prudential Regulation Authority’s announcement in February that it would exclude SSA paper from Liquidity Coverage Ratios.
Such scarcity and a strong regional following allowed the issuer to print inside some of its typically more expensive peers, as international buyers continued to take up the slack from the domestic banks affected by the APRA decision.
"Although ADB is a less frequent issuer compared to some European
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