Greece and the Province of Québec won strong books in the euro public sector bond market on Tuesday, with the latter returning to the currency for the first time since June 2018. An attractive basis swap for dollar funders to issue in euros has tempted the International Development Association (IDA) out on screens for its first euro benchmark.
Following an investor call last week, IDA is taking indications of interest for an October 2026 euro benchmark with initial price thoughts of mid-swaps minus 5bp area.
Crédit Agricole, DZ Bank, JP Morgan and Natixis are the bookrunners.
Unusually, the investor call last week was announced without including any announcement of