The Mumble: ADB’s benchmark doesn’t spell the start of an era

The Asian Development Bank wowed this week with its first euro benchmark. Not only did it get a deal away at decent levels but the level of demand meant it increased the size. But whether this means the beginning of a raft of non-European supranationals embracing a long untapped investor base of euro-buyers depends all too much on the vagaries of the euro/dollar basis swap.