Asian Development Bank ADB

Supranationals and agencies are taking advantage of a flood of Japanese demand for medium term notes and Uridashi since the start of the new Japanese fiscal year on April 1 — but competition from other sectors for the buyers’ attention is increasing, bankers warned.

Read on to see how selected benchmarks are faring in secondary. 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.

The Asian Development Bank wowed this week with its first euro benchmark. Not only did it get a deal away at decent levels but the level of demand meant it increased the size. But whether this means the beginning of a raft of non-European supranationals embracing a long untapped investor base of euro-buyers depends all too much on the vagaries of the euro/dollar basis swap.

A swap spread deep in the depths failed to deter investors from diving into the Asian Development Bank’s (ADB) first ever euro benchmark on Tuesday, with the issuer able to tighten pricing and increase the April 2017 bond’s size to €1.5bn. ADB’s success should pave the way for other dollar funding supranationals to enter the euro market, said bankers.

The Asian Development Bank is looking to capitalise on increased central bank demand for Kauri paper, setting out to syndicate its first Kauri issue in nearly a year on Tuesday.

Read on to see how benchmarks priced in January are faring in the secondary market. Trading levels given are the 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.

Read on to see how benchmarks priced in the first three weeks of the year are performing in the secondary market. Trading levels given are the bid-side spreads versus mid-swaps and/or an underlying benchmark bond as of Thursday's close. The source for secondary trading levels is Interactive Data.

Kommunalbanken made its first appearance in New Zealand dollars in 2014 on Thursday, tapping four year Kauri bonds. Other issuers are considering trades for next week, but syndicate bankers are struggling with a volatile basis swap and have only a narrow window before Chinese New Year shuts the market down.

Caisse d’Amortissement de la Dette Sociale crowned a barnstorming day in dollars on Wednesday, selling its largest ever benchmark in the currency. Asian Development Bank and the European Investment Bank also basked in strong demand with trades further out the curve.

Asian Development Bank and Caisse d’Amortissement de la Dette Sociale are set to bring dollar deals in the short to medium part of the curve, joining European Investment Bank in a spurt of issuance in the currency.

Uridashi deals backing sustainable and responsible investments will increase this year, said MTN bankers, despite Japanese retail demand for SSA paper being in steady decline since 2010. The Asian Development Bank is one of the first SSA issuers this year to sell a Uridashi with an SRI focus, printing a three year dual currency deal on Monday.

This week's funding scorecard contains updates on some of the major supranational borrowers' funding programmes. Both the IFC and the World Bank have raised nearly two-thirds of their targets as the first half of their funding year comes to a close.