Asian Development Bank ADB
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This week's funding scorecard looks at the progress supranationals have made in their funding programmes as we approach the end of April. -
The Asian Development Bank has become the first public sector issuer to tap the Canadian dollar market to fund its coronavirus response. In the days since the deal was placed, the value of the Canadian dollar has mirrored the rapid decline in the price of oil, which some bankers fear could put off future non-domestic issuers visiting the market.
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Agence Française de Développement (AFD) will tap the dollar market this week to become the latest public sector borrower to print a bond in response to the coronavirus pandemic.
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The dollar market had looked sluggish, particularly in comparison to the volumes churned out in euros, but Tuesday's $4.5bn two year from Asian Development Bank indicates the market is back in working order.
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The Inter-American Development Bank has added slightly to its 2020 funding programme following the announcement of a substantial lending package in response to the Covid-19 crisis.
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This week’s funding scorecard looks at the progress supranationals have made in their funding programmes during a first quarter wracked by volatility.
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This week, it was the best of times, it was the worst of times – and despite volatility caused by the spread of the Covid-19, a trickle of MTN issuance has managed to slip through into the market.
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The recent fall in the price of oil is having a knock-on effect on non-core currency issuance. While oil dependent markets could take a hit as their currencies weaken, some net importers could benefit from a stronger currency and safe haven flows.
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A window for Kangaroo issuance opened this week, as a positive move in the Australian dollar/euro basis swap helped rouse a slumbering market that had not seen a deal for a fortnight. In spite of unstable conditions, SSAs entered the market on Monday and Tuesday, with a trio of regular borrowers tapping six lines for a combined A$575m ($364m).
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MTN deal volumes year-to-date have slumped by nearly a third year on year, falling from $51.6bn in 2019 to $35bn this year. The fall has been particularly pronounced in core currency deals, with deals from other currencies forming a larger proportion of the market.
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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, February 3. The source for secondary trading levels is ICE Data Services.
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