ADB opens euro door for supranationals and agencies

ADB building II
By Craig McGlashan
27 Mar 2014

The second visit by a non-European supranational to the euro benchmark market since the euro/dollar basis swap neared parity late last year could encourage its peers to print in the currency over the coming weeks. The Asian Development Bank’s debut euro benchmark this week offered more enticing pricing than when the World Bank opened the market late last year — but by printing a larger deal, it was equally if not more impressive in many bankers’ eyes.

Unlike the World Bank’s €1bn deal in November, ADB offered a pick-up over KfW’s outstanding euro paper — a decision that helped it increase the size of its deal from €1bn to €1.5bn.

ADB’s success should encourage other dollar funding supranationals to look to enter the euro market, ...

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