IFC sells biggest ever sterling bond as basis swap improves for non-UK funders

By Burhan Khadbai
07 Oct 2020

The International Finance Corporation made a strong return to the sterling market on Tuesday by printing its biggest ever bond in the currency with a negative new issue concession, as issuance heats up thanks to an improvement in the cross currency basis swap for dollar and euro borrowers.

IFC raised £1bn with a new December 2025 sterling benchmark at 32bp over the September 2025 Gilt, 2bp inside guidance. Bank of America, JP Morgan and Nomuraran the deal, gathering over £1.7bn of orders.

“Everything aligned,” said Elena Panomarenko, IFC’s head of funding for Europe. “The ...

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