Asian Development Bank ADB
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The World Bank will test the short end in dollars on Wednesday, after a pair of issuers came at opposite ends of the curve on Tuesday.
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Asian Development Bank has made its first foray into the green bond format, joining a small group of issuers at the long end of the market. The debut attracted a strong bid from real money investors, parched for high quality green debt. -
Asian Development Bank attracted a strong bid from real money investors to a debut green bond on Thursday.
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Asian Development Bank has mandated banks for its debut green bond, set to be priced on Thursday, while World Bank opened subscriptions for a green index linker.
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A trio of public sector issuers are in the market for senior funding officials after a flurry of moves over the last few weeks. But a fourth borrower, which also lost a senior funding figure, has already appointed a replacement.
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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.
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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.
