Asian Development Bank ADB
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The Asian Development Bank reaffirmed its desire to revisit the Chinese Panda bond market at a conference in Beijing last week, although any deal will hinge on the resolution of problems linked to accounting standards. -
Asia Development Bank (ADB) and the International Finance Corp (IFC), the first issuers to sell Panda bonds, will not be able to return to the market quickly as Chinese regulators are refusing to grant them an exception to the accounting rules.
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A pair of rare SSA names kept Kangaroo and Kauri bond supply ticking over this week, as Asian investor appetite drove demand.
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The Asian Development Bank added to a busy few weeks in the Kauri market with a NZ$200m ($140m) five year note on Wednesday.
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An increase in swap spreads at the short end of the curve drove public sector issuers to focus their attention on shorter maturities in the dollar market this week.
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The Province of Ontario is to hit the dollar market on Wednesday with a 10 year benchmark while the Asian Development Bank (ADB) and Oesterreichische Kontrollbank printed deals on Tuesday, as bankers noted the popularity of dual tranche deals in the currency.
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The Asian Development Bank and Oesterreichische Kontrollbank hit screens with dollar deals on Monday, with ADB adding more supply to a burst of dual tranche trades that included deals last week by the World Bank and the Japan Bank for International Cooperation.
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Asian Development Bank printed a A$225m ($170.8m) 10 year bond on Thursday, the largest issue size in this tenor from an SSA borrower in the Australian dollar market since 2014.
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Bank Nederlandse Gemeenten brought a 10 year dollar benchmark this week that sparked much debate about whether other issuers would be able to follow in the tenor. Although with a flurry of other trades this week, it is clear that other options are available once next week’s US Federal Reserve meeting is held.
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There was a double breakthrough in dollars for public sector borrowers on Tuesday, as Bank Nederlandse Gemeenten reopened the 10 year part of the curve for core issuers for the first time in seven months and Sweden priced the tightest three year benchmark since the first week of the year.
