Asian Development Bank ADB
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An international development bank funding veteran has moved from his treasurer job at one supranational issuer to the same position at another borrower. -
A pair of supranationals hit the bid for seven year dollar benchmarks at a small spread to mid-swaps this week, after dollar curves flattened in the wake of the European Central Bank announcing a programme of bond buying in late January. The issuers took advantage of strong market conditions ahead of markets shutting down next week because of a holiday in the US on Monday and the start of Chinese New Year holidays later in the week.
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The Asian Development Bank priced a $2.25bn seven year on Tuesday at the same level versus mid-swaps as the World Bank printed a $4bn deal in that tenor last week. More issuers could follow given the strong demand at the long end of the curve in dollars.
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KfW, Asian Development Bank and Agence Française de Développement will sell dollar benchmarks on Tuesday in what SSA bankers said is a calmer backdrop than last week. Export-Import Bank of Korea was first to come to market in dollars this week and was set to price a dual tranche deal during the New York day on Monday as GlobalCapital went to press.
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Asian Development Bank raised over A$1bn ($808.3m) with a new five year Kangaroo and a tap of a 10 year line in the format on Friday, while European Investment Bank topped up its May 2018s to A$1bn. Bankers expect more supply in Australian dollars from public sector borrowers next week.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
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Vietnam’s Masan Group has opened books on what will be the longest bond issued under the Asian Development Bank’s debt guarantee scheme. It is one of two companies with bonds out under the scheme.
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Indonesian wireless tower operator Protelindo Finance is seeking to issue a Singapore dollar bond backed by the Asian Development Bank’s Credit Guarantee and Investment Facility (CGIF). If the bond goes head, Protelindo will become just the third issuer to use the facility.
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Asian Development Bank announced a seven year deal on Thursday as KfW wrapped up a $5bn 10 year that drew over $7bn of orders.
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Asian Development Bank brought its first dim sum in four years on Thursday, hot on the heels of a private placement in the format from Export Development Canada — its second offshore renminbi deal ever. The trades follow a dim sum from Province of British Columbia earlier in the week.
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Rentenbank and Washington’s Inter-American Investment Corporation are the latest issuers out with mandates in dollars this week, as well-funded issuers look for price over size.
