Asian Development Bank ADB

The Asian Development Bank joined the syndicated sterling issuance run started by the European Investment Bank earlier this week, pricing a £300m tap of its March 2024 Sonia-linked note on Wednesday. The World Bank looks set to follow with a fixed rate tap on Thursday that bankers feel could give a good indication of the market’s appetite for the format amid volatility.

The Asian Development Bank hopped on to screens on Tuesday to print a new 10.5 year green Kangaroo bond. Demand for longer dated Kangaroo bonds has been muted recently, leading to smaller transaction sizes. So introducing a green label helped the ADB feel “comfortable” with achieving its minimum issuance size, said Anthony Ruschpler, treasury specialist at the ADB in Manila.

KfW won huge praise from on-looking bankers for a curve extending and rare 10 year dollar green bond on Tuesday. The Inter-American Development Bank (IADB) and Österreichische Kontrollbank (OeKB) also enjoyed success in the dollar primary market with three year trades, with the former selling its debut Sofr-linked floating rate note.

The Asian Development Bank (ADB) hit screens on Monday morning with initial price thoughts for a new 10 year green Kangaroo bond. The trade follows a busy week for SSA Kangaroo issuance at the long end of the curve, driven by Japanese demand according to one banker.

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SSA issuers of dollar bonds were able to push harder on spread than they have in recent weeks on Wednesday, surprising syndicate bankers away from the deals.

The dollar SSA market burst into life on Tuesday, but some bankers say that the tight spreads and low yields on offer mean there is little guarantee any of the trades will be easy.

Westpac placed just under HK$13.4bn into the Hong Kong market across two MTNs last week — the pair of bonds are its largest ever in the currency, according to Dealogic. The notes came in a busy week for niche issuance, and bankers have posited that this move into the peripheral markets comes as a response to the global fall in yields.

This week’s funding scorecard looks at the progress supranationals have made in their funding programmes at the end of August.

The Asian Development Bank returned to the Kiwi dollar market to print its largest Kauri deal since January 2018 this week. With the Inter-American Development Bank and International Finance Corporation set to follow with a pair of taps in the coming days, bankers are expecting a busy few weeks in the market as investors react to the recent surprise interest rate cut from the Reserve Bank of New Zealand.

German agency KfW is “open to further business in [both] Singapore and Hong Kong dollars” as it looks to expand its recently updated green framework. Last week, the agency made its green bond debut in Hong Kong dollars, placing a two year private placement on August 2.

The Asian Development Bank (ADB) and Japan’s Government Pension Investment Fund (GPIF) have launched an initiative to promote green bonds, with the largest pension fund in the world requiring all of its asset managers to consider sustainability aspects in decision making.