IFC

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.

With Veterans’ Day keeping dollar markets quiet, bankers were able to disclose further guidance on this week’s anticipated deals from FMS Wertmanagement and the International Financial Corporation (IFC).

The International Finance Corporation (IFC) and FMS Wertmanagement are both scheduled to issue dollar benchmarks next week as demand for high grade dollar product shows no sign of abating. A deal from the Export Development Canada could be hot on their tails.

The IFC tapped its July 2017 Kangaroo bonds on Thursday, relying on a steady stream of demand to bring the total size of the issue over the A$1bn ($1.04bn) mark, despite pricing in line with the outstanding paper.

The havoc wrought by Hurricane Sandy on the Eastern seaboard of the US has caused the International Finance Corporation (IFC) to postpone its plans to issue a dollar deal this week.

The received wisdom in the SSA world is that pulled deals — like Madrid’s abortive attempt to come to the market this week — cause lingering investor distrust and make it hard for borrowers to return to markets when next they need to. But Madrid’s circumstances were as much to blame for this week’s mishap and SSA issuers should still see this autumn as a chance to drive down costs of funding.

Rentenbank reopened the benchmark market for SSA borrowers on Monday with the first of a possible quartet of dollar trades that bankers expect to see in the near future.

The Inter-American Investment Corporation (IIC) has mandated four banks for its debut offering which will be a dollar-denominated floating rate note.

The International Finance Corp (IFC) this week paid more for its return to the dim sum bond market than it did in its debut last year. Investors are seeking higher yields to compensate for diminishing expectations of the appreciation of the renminbi.