IFC

The International Finance Corporation made a strong return to the sterling market on Tuesday by printing its biggest ever bond in the currency with a negative new issue concession, as issuance heats up thanks to an improvement in the cross currency basis swap for dollar and euro borrowers.

The International Finance Corporation has named two of its senior funding officers to lead the supranational’s borrowing operations in Europe and Asia.

International Finance Corp sold the first Kauri bond in more than two months on Thursday, while in the Kangaroo market a pair of European agencies tapped a pocket of demand further down the curve.

The International Finance Corporation has mandated banks to lead a 10 year dollar bond in what will be the fourth public sector borrower to sell a bond in this part of the curve this week.

The International Finance Corporation sold the first SSA Kangaroo deal in over three weeks on Thursday, returning to the market with a A$100m ($71.9m) 11 year bond.

This week's funding scorecard looks at the progress supranationals have made in their funding programmes at the start of July.

The International Finance Corp has announced its funding programme for its 2020-21 fiscal year.

Kommunalbanken snagged NZ$500m ($324.5m) on Friday with the second largest Kauri bond of the year. Interest in the New Zealand dollar is high, with NZ$1.1bn worth of SSA Kauri deals printed so far this month — and more are set to follow.

Sovereign, supranational and agency bond issuers are mobilising their resources to support the fight against Covid-19. The below table details the bonds they have issued, specifically in response to the coronavirus pandemic.

Finland’s Municipality Finance returned to the domestic New Zealand dollar bond market on Friday after a long absence, to raise its largest Kauri bond since 2008.

The International Finance Corporation (IFC) has launched the first systematic process by an issuer to formally integrate environmental, social and governance (ESG) considerations into choosing its bookrunners. Senior funding officials and sustainability bankers have welcomed the initiative as an important evolution in the use of ESG in capital markets, write Burhan Khadbai and Jon Hay.

Egypt’s debut green bond, which had been expected to come to market in the first half of the year, is on hold, according to sources. But although the coronavirus pandemic has impacted issuance for issuers such as Egypt, the green bond market is far from dead.