ADB and Ontario bring chinks of light to primary market

The euro market for SSA issuers remains stagnant and primary activity so far is concentrated in dollars, which remains open for top names insulated from the European crisis. This week the Asian Development Bank has weighed in with a three year global to be priced in the mid-swaps flat area. Daiwa, Goldman, Morgan Stanley and UBS have the mandate. The Nordic Investment Bank may well take advantage of this appetite by issuing a five year. The Province of Ontario meanwhile is testing the yen market with a two tranche five and 10 year bond lead managed by Bank of America Merrill Lynch, Credit Suisse and Mitsubishi UFJ. Read EuroWeek on Friday for coverage of ADB and Ontario, and views from the market on the continued dislocation of markets