Asian Development Bank ADB
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Public sector borrowers looking for dollar funding are likely to have to go even shorter than they have been used to after this week’s Federal Open Market Committee meeting, said SSA bankers. -
Public sector borrowers had one of their busiest weeks of the year in sterling, with a supranational trade in particular getting a strong reception. More could follow next week, with demand strong from Asian investors, said bankers.
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A pair of supranationals hit opposite ends of the euro curve on Tuesday, keeping down their size ambitions in favour of tightening pricing.
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Two mandates hit screens on Monday for supranational euro benchmarks. The Asian Development Bank (ADB), encouraged by a favourable basis swap, is set to make a rare appearance in the currency, coming to market alongside the European Stability Mechanism (ESM).
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The Asian Development Bank (ADB) is struggling to find the long term RMB funding it needs in both onshore and offshore markets, treasurers at the development bank told GlobalRMB at their head office in Manila.
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The widening of the dollar Libor/Overnight Indexed Swap (OIS) spread may be one of the biggest talking points in bond markets but it is wrenching open funding opportunities for public sector borrowers. The accompanying widening in dollar swap spreads led two issuers to break new issue records, writes Craig McGlashan.
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Public sector borrowers found buckets of dollar demand on Tuesday, as a French agency sold its largest ever benchmark in the currency and a supranational printed a trade at the upper end of its historical size range. Another supra is lined up to test whether that demand will hold on Wednesday.
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A pair of public sector borrowers are bringing short end dollar benchmarks as ever widening swap spreads support trades at that part of the curve.
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Public sector borrowers are finding funding conditions beyond their wildest dreams, with not just last year’s staples of dollars, euros, sterling and Australian dollars on offer across the curve but the Canadian and New Zealand currencies coming into play too.
