Asian Development Bank ADB

The Asian Development Bank took advantage of strong investor appetite in the dollar bond market on Wednesday to make a deal that matched the spread Oesterreichische Kontrollbank paid on a five year dollar issue on Tuesday.

The Asian Development Bank (ADB) has hired banks to arrange a roadshow for its first Panda bond in over a decade, to be launched after Chinese New Year.

The V20 group of finance ministers from countries especially vulnerable to climate change has prepared a Climate Prosperity Plan — analogous to a green new deal — which it hopes will help member countries devise 10 year investment plans to recover from Covid-19 while becoming more climate-resilient.

Italy returned to the private placement market to print one of the year’s largest MTNs on Thursday. The deal stood out this week, since issuance in the market has started to wind down ahead of Christmas.

Banks were busy issuing sub-benchmark sized deals in the euro public market last week, prompting several issuers to follow suit in the MTN market.

The Asian Development Bank made its first foray into the Pakistani rupee market this week, tapping a growing appetite for frontier currency-linked paper.

Issuers are winding down their funding programmes before the end of the year and several smaller SSAs have turned to MTNs to complete the little they have left to do. The big deals of the week, however, came from corporates, with Volkswagen and Eurogrid coming in at opposite ends of the curve.

Asian Development Bank printed the largest SSA kangaroo benchmark of the year on Tuesday, taking advantage of a brief issuance window and capitalising on expectations of the start of quantitative easing in Australia.

Focus was on the public market this week, with supranationals making up the majority of MTN supply.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 12. The source for secondary trading levels is ICE Data Services

Asian Development Bank and the Province of Ontario hit the dollar market on Tuesday, with both issuers tapping the tricky 10 year part of the curve ahead of the start of public holidays in Asia this week which will put a pause on issuance in the currency.

Two SSA issuers are set to come to market on Tuesday for dollar benchmarks in the 10 year maturity bucket.