AfDB

The African Development Bank (AfDB) is eyeing a Kangaroo or dollar global to raise the $1bn it has left to print before the end of the year.

Rentenbank reopened the benchmark market for SSA borrowers on Monday with the first of a possible quartet of dollar trades that bankers expect to see in the near future.

A pair of European supranationals are expected to revive euro supply in October, following a two week pause in SSA benchmark issuance in the currency. Dollars hogged the limelight this week and three days of public holidays in China next week is likely to keep many borrowers away until October 8.

Tight swap spreads ticked even tighter on Friday, a day after the Federal Reserve unveiled QE3. The swap will make it hard for sub-Libor issuers to offer an attractive spread over Treasuries.

Several borrowers are working on dollar deals for as early as next week, SSA Markets understands. Dollars is set to be the go-to currency for benchmark issues in coming weeks. Tight swap spreads are putting investors off across the board but the central bank bid will support dollar deals.

African Development Bank (AfDB) made its fourth outing in Kangaroos on Friday, with another tap driven by Asian demand.

African Development Bank (AfDB) and Eurofima kept Kangaroo supply bouncy on Wednesday, each tapping a 2016 note.

African Development Bank re-opened its March 2022 Kangaroo notes on Tuesday following a tap of the same deal the day before.

The African Development Bank (AfDB) is visiting investors across Asia in anticipation of a dollar benchmark transaction which is expected in either August or September.

SSA Markets understands KfW is looking to issue a new five year Kangaroo line as soon as Tuesday, and that Export Development Canada (EDC) is also monitoring the market. The African Development Bank (AfDB) capitalised on the positive market tone on Monday to tap its 5.25% 2022s.

The International Finance Corp (IFC) answered investors’ prayers on Tuesday when it sold the second largest Kangaroo bond of the year.

The African Development Bank (AfDB) opened books on Tuesday on a Ugandan shilling bond. It is the issuer’s first entrance into a domestic capital market since it entered South Africa in 2007.