Nimble ADB shows way to NIB and others
The dollar market proved a haven for supranational and agency issuers again this week despite the extreme volatility governing the sector on Monday and Tuesday. A degree of stability on Wednesday and a 25bp rally in rates created a small window of opportunity, which was nimbly taken advantage of by the Asian Development Bank to issue a stunning $3bn three year global bond. The success of the ADB deal encouraged Nordic Investment Bank and Kommuninvest to follow with benchmark trades on Thursday.
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