Inter-American Development Bank IADB
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Spring has finally sprung in the dollar market for SSA issuers printing at ultra-tight spread to US Treasuries. But questions raised whether it will last -
◆ 'Reasonable interest' in sterling market ◆ Popular tenors accessed ◆ Neither issuer tightens pricing from guidance
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◆ Record books from top tier issuers ◆ Investors attracted by different tenors ◆ Heavy competition in five years expected next day
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◆ Bankers disagree on NIP ◆ IADB demand allows larger size ◆ AIIB releases sterling IPTs
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◆ Supra concludes $2.4bn task ◆ Next year target could grow 25% ◆ Recent capital increase to double funding size over time
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Development bank now 82% funded for the year
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IADB taps sterling while two other issuers mandate for new issues
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Supra to bring one more dollar benchmark before year-end
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SSA issuers priced before US inflation data is announced
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Dollar-based funders return to the primary market
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Issuer will move to focus on euro and Kangaroo markets for rest of 2024, though another dollar deal is also on the cards
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Primary activity is set to ease into next week as Lunar New Year holidays take place
