BMO Capital Markets
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The Asian Infrastructure Investment Bank returned to the primary market for its second ever benchmark this week, raising $3bn close to fair value and debuting its new sustainable development bond branding. -
The Asian Infrastructure Investment Bank grabbed $3bn of five year paper on Wednesday, selling its first sustainable development bond. It was joined in the market by a 10 year dollar trade from Nederlandse Waterschapsbank.
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Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.
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Asian Infrastructure Investment Bank is preparing to issue a global sustainable development bond as early as next week to finance its newly created Crisis Recovery Facility aimed at mitigating the economic impact of the coronavirus pandemic.
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Last week, IDB Invest raised $1bn with its largest deal ever, a $1bn two year fixed rate bond. Although the proceeds of the bond will not be segregated from its regular funding, the issuer is adding a “Covid-19 lens” to the framework used to assess its development effectiveness.
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A trio of Wall Street heavyweights tapped the dollar market in size this week, with investors pouring cash into new deals.
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IDB Invest, the private sector arm of the Inter-American Development Bank, took advantage of the strong momentum in the dollar public sector bond market to sell its biggest ever trade on Thursday.
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Two supranationals will take to the market on Thursday to raise money for their socially responsible investment programmes. Inter-American Investment Corporation will raise dollars for its Covid-19 response bond, while Nordic Investment Bank is coming to market for a euro environmental bond. The transactions will share the market with Bank of England’s annual dollar deal.
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The World Bank's treasury team has had a busy week, raising almost $15bn in three days, including the largest ever SSA dollar benchmark on Wednesday.
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World Bank made the most of the recovery in market conditions to print the largest ever SSA dollar benchmark on Wednesday, raising $8bn.
