AIIB and NDB make bold statements in dollars

By Burhan Khadbai
24 Sep 2020

The Asian Infrastructure Investment Bank and the New Development Bank, two relatively new supranational borrowers with a focus on the emerging markets, made a big splash in dollars this week as they continue to build out their curves. The issuers managed to achieve strong results despite facing worse volatility than expected as markets soured amid rising fears over the coronavirus pandemic.

AIIB’s leads, BNP ParibasCitiJP Morgan and Nomura, were quick to avoid any uncertainty on the pricing of the supranational’s new 0.25% September 2023 global sustainable development bond by setting the spread at mid-swaps plus 9bp, 1bp inside initial price thoughts, as soon as the order books opened ...

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