Asian Development Bank ADB
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Bank Nederlandse Gemeenten showed that investors in its dollar bonds are not overly concerned about an upcoming Dutch general election, as it priced a bond on Wednesday that was just $250m short of its record size in the currency. More public sector dollar supply is set for Thursday, after Asian Development Bank hired banks for a five year global benchmark. -
Asian Development Bank's first euro syndication in three years enjoyed only tepid success on Wednesday, as observers wondered if the 20 year trade was fully subscribed.
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Fondo de Amortización del Déficit Eléctrico (FADE) was warmly welcomed by capital markets on Tuesday for its first benchmark in 18 months, while Asian Development Bank hit screens looking for its first syndicated euro deal in almost three years. HSH Finanzfonds also raised cash on Tuesday.
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Rentenbank added a A$475m ($349.6m) tap to its September 2022 Kangaroo bond, joining the Asian Development Bank and Inter-American Development Bank in printing Kangaroo fives in the new year.
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Hopes that spiralling US Treasury yields could lead to a healthy year for 10 year dollar benchmarks from SSA borrowers took a beating this week when the Asian Development Bank bellyflopped with its own attempted entry. Craig McGlashan reports.
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A dual tranche global deal from the Asian Development Bank on Wednesday at least temporarily dashed hopes that this year could be strong for 10 year dollar benchmark issuance — although some bankers away from the trade felt that the problems were idiosyncratic rather than reflective of demand.
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SSA borrowers have wasted no time in approaching the primary market this year and the early pipeline appears strong. But as buoyant as conditions appear, there was evidence to suggest investors will not be buying everything thrown their way at any old price.
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A group of supranationals have revealed their local currency plans to GlobalCapital, with some planning to enter markets for the first time and others revisiting old haunts.
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The Asian Development Bank on Thursday sold the tightest priced SSA dollar benchmark of the year, as SNCF Réseau got off to a flying start with its first ever issue in the currency.
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The dollar market for SSAs is set to spark into life on Thursday, with one issuer lining up a debut deal in the currency and another attempting to print at the lowest spread to mid-swaps this year.
