IFC overshadows IADB in dollars

The International Finance Corp’s annual visit to the dollar market with its traditional five year global was a spectacular event with the borrower issuing $3bn, its largest bond to date and, based on a book of over $4bn, the pricing was cut to 78bp over mid-swaps from guidance of plus 80bp area. Led by BNP Paribas, HSBC and JP Morgan, 57% of the deal was sold to central banks, much larger than typically seen in dollar bonds this year. Inter-American Development Bank chose to go head to head with IFC, opening books for a five year global on Monday with guidance of plus 85bp area and the transaction is yet to price. Lead managers Citi, Morgan Stanley and RBS say books are over $2bn and that pricing will take place this afternoon.