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Emerging Markets

Rare Eurofima and JBIC go for 5 years, ADB goes defensive

Eurofima and JBIC have shrugged off negative and volatile undercurrents in global markets to launch respectively a $1bn five year at less 15bp area via Barclays Capital, Goldman Sachs and Nomura and a $1.5bn five year global at less 7bp area with BNP Paribas, JP Morgan and Morgan Stanley. Asian Development Bank has taken a more defensive route, announcing a $500m long two year at less 36bp with sole lead Morgan Stanley. The market is now waiting to find out whether KfW will issue a two year dollar bond and Council of Europe a five year. Read Friday’s EuroWeek to see how these rare borrowers fare against a soft Treasury market beset by inflationary concerns.

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