IFC

The International Finance Corporation could be back with another green benchmark as soon as July, SSA Markets understands.

The African Development Bank (AfDB) hopes to sell its first global green bond this year, SSA Markets can reveal. The supranational has been working on the issue internally since last year.

The International Finance Corporation (IFC) will price a $2bn June 2018 bond later on Wednesday afternoon at mid-swaps less 3bp, which will be the tightest supranational five year deal so far this year. It is also flat to the IFC’s outstanding 2017s and 3bp inside the trading level of the outstanding Inter-American Development Bank (IADB) five year.

The lack of yield on offer in dollars and euros is encouraging investors to look towards niche and local currencies in an effort to maximise the return on their investment. With the EBRD selling its first ever Vietnamese dong bond this week, niche currency bankers are confident in the outlook for emerging market currencies.

The International Finance Corporation (IFC) sold the largest ever Kauri bond by an SSA issuer on Tuesday, capturing a record set just a fortnight before. Activity in New Zealand dollars has also been brisk in Eurokiwi format, with investors drawn in by attractive yields compared to Australian dollars.

The International Finance Corporation priced the first green benchmark bond late on Thursday, in a deal that provides hope for the fledgling market. Interest from green investors was such that IFC’s $1bn deal could have been sold only to socially responsible investment (SRI) funds, according to one of the leads.

The International Finance Corporation (IFC) opened books on Thursday on the first ever benchmark-sized green bond. The three year global bond may price before the close of the New York trading session although the leads said they are keeping the flexibility to price the deal as late as tomorrow.

The International Finance Corporation has hired three banks to run a three year global syndication, in what could be the only benchmark sized deal of the week.

The International Finance Corporation (IFC) has taken the first steps to add an alternative to sovereign bonds in Nigeria’s capital markets. The supranational announced on Tuesday a mandate for its Nigerian naira-denominated onshore debut deal.

The Inter-American Development Bank (IADB) and the Asian Development Bank (ADB) are set to answer the burning question in the SSA dollar market on Tuesday as they attempt to find the price at which the apparently rampant appetite for SSA dollar paper extends to tightly priced supranational credits.

The International Finance Corporation sold its inaugural deal in the domestic Russian market on Tuesday. The inflation linked paper was targeted specifically at pension funds, and the IFC hopes it will pave the way for similar deals — both from the IFC and other issuers — in this market in the future.

The International Finance Corporation (IFC) on Wednesday issued its long awaited $1bn five year global dollar bond. It achieved pricing through initial price thoughts despite ultra tight swap spreads meaning yields against US Treasuries were already low and comparatively better yielding bonds from Fannie Mae and FMS Wertmanagement were also in the market.