AfDB
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◆ AfDB brought forward dollar benchmark ◆ 'Challenges' from tight US Treasury and swap spreads ◆ New Asian investors buying callables -
◆ Deal lands near Renten and ESM records ◆ Volatile swap spreads during pricing ◆ Favourable demand dynamics
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◆ AfDB breaks several records on $1bn 10y bond ◆ Issuer 'normally not as active in January' ◆ Other currencies considered
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◆ Cades and IADB both print July 2031 lines ◆ Secondary performance shows investor appetite ◆ Order books lower than earlier this week
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Issuer could raise $2bn more than this year, putting a range of products on offer
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Mainstream credit investors pile in, reducing reliance on hedge funds
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◆ Deal came 20 months after debut ◆ NIP, senior-sub differential evaluated ◆ More issuers encouraged to follow?
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Out-of-the-box thinking takes issuer to 80% funded for the year
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◆ Canadian issuers return to dollars ◆ AfDB brings rare dual-trancher ◆ Kommuninvest offers diversification
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Four deals from a total of seven announced on Monday will price in dollars
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◆ First euro and social combo since 2022 ◆ Deal follows another MDB five year ◆ Market capable of absorbing similar deals
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US administration has cut funding for IFAD and said nothing about EBRD
