Inter-American Development Bank IADB

Following last Friday’s Asian Development Bank Kiwi dollar deal, the Inter-American Development Bank and International Finance Corporation both came to the Kauri market on Tuesday to tap a pair of mid-curve notes. With demand for mid-curve Kauri products high, bankers expect more issuers to follow as funding remains attractive for dollar-based borrowers.

The Asian Development Bank returned to the Kiwi dollar market to print its largest Kauri deal since January 2018 this week. With the Inter-American Development Bank and International Finance Corporation set to follow with a pair of taps in the coming days, bankers are expecting a busy few weeks in the market as investors react to the recent surprise interest rate cut from the Reserve Bank of New Zealand.

Rentenbank and Inter-American Development Bank hit the market for small taps of existing dollar debt on Tuesday, though some investors’ attentions are focused on this week’s US Federal Reserve meeting.

Rentenbank and Inter-American Development Bank hit the market for small taps of existing dollar debt on Tuesday, dipping into the market before the US Federal Reserve cut rates for the first time since the financial crisis.

This week’s funding scorecard looks at the progress supranationals have made in their funding programmes towards the end of July

Rating: Aaa/AAA

SSA names found the going varied in dollars on Tuesday, with the Inter-American Development Bank only just covering the minimum size of its tightly priced short end trade while Land NRW and L-Bank saw chunkier demand.

A trio of issuers burst into the sovereign, supranational and agency dollar market on Monday, as syndicate officials say they have been pleasantly surprised by how quickly the sector bounced back after a tricky period.

Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, while a tight Export Development Canada trade followed the next day.

The Inter-American Development Bank ducked into the market with a $250m tap of its March 2022 floating rate notes on Thursday, printing the deal in line with guidance.

Bank Nederlandse Gemeenten printed ultra long paper this week, locking in low yields for the issuer but leaving buyers exposed to big price moves on any rate rise.

The Inter-American Development Bank is preparing to launch a new sustainable development bond programme. It will supplement existing EYE (education, youth and employment) bond issuance, and highlight the funding of other sustainable development goals (SDGs).