The Asian Development Bank joined the syndicated sterling issuance run started by the European Investment Bank earlier this week, pricing a £300m tap of its March 2024 Sonia-linked note on Wednesday. The World Bank looks set to follow with a fixed rate tap on Thursday that bankers feel could give a good indication of the market’s appetite for the format amid volatility.
The reopening brings the amount outstanding on the line to £1bn.
Just before midday, at the second update, books on the deal were in excess of £325m, including £30m of joint lead manager interest.
“We initially went out with £250m but demand surpassed that allowing us to increase