Asian Development Bank ADB
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◆ Three and seven year deal gets big books ◆ 'Sensible' levels to start the deal ◆ Investors slower to react in volatile market -
◆ ADB brings ‘impressive’ seven year ◆ NWB hits five year sweet spot ◆ Both deals tighten a large 3bp
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◆ Third suprnational dollar benchmark of the week ◆ Deal was priced after swap spread leaps by more than 1bp ◆ 'Pretty strong' execution regardless
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◆ Tight spreads entice specific demand ◆ Sterling FRN supply quadruples versus last year ◆ Leads pushed to execute as pipeline builds
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Recently departed banker to resurface in Asia
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◆ Debate whether priced through US Treasuries ◆ Tighter than fixed ◆ Tenor handed investors optically pleasing spread
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◆ Supra prices inside peers’ seven year deals ◆ Slim NIP paid after 3bp tightening ◆ ‘Very strong day’ for SSA market
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Divisions deepen over multilateral development banks’ climate commitments
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Investors and techniques are ready for development banks to scale up securitization rapidly
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◆ Record IoIs and order book ◆ Landing flat to KfW ◆ Dollar yield plus SSA credit equals success
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Five more MDBs receive scholars’ opinion saying international law requires high climate standards
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◆ NRW tests 30 year demand ◆ both real and fast money feast duration ◆ ADB adds euro to funding mix in active 2026 start
