IADB and IFC tap busy Kauri market

Adobe New Zealand dollars 230x150
By Frank Jackman
20 Aug 2019

Following last Friday’s Asian Development Bank Kiwi dollar deal, the Inter-American Development Bank and International Finance Corporation both came to the Kauri market on Tuesday to tap a pair of mid-curve notes. With demand for mid-curve Kauri products high, bankers expect more issuers to follow as funding remains attractive for dollar-based borrowers.

The IADB mandated Bank of New Zealand and Commonwealth Bank of Australia to reopen its 3.5% July 2024 note for a minimum of NZ$150m ($96.1m) on Monday, and priced the full amount the following day. The reopening brings the amount outstanding on the bond to NZ$325m.

“It was fully ...

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