IFC
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With one month to go of its 2019/2020 financial year, the International Finance Corporation has revised down its funding target. -
The International Finance Corp returned to the Australian dollar bond market to fund its response to the coronavirus pandemic on Monday, while at the end of last week BNG capped the strongest month for SSA Kangaroo deals for over nine months.
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This week's funding scorecard looks at the progress supranationals have made in their funding programmes as we reach the end of May and enter June.
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A quartet of SSAs borrowed a combined A$940m ($613.4m) into the Kangaroo market this week, spurring the SSA Aussie dollar market on to its best monthly volume in over nine months.
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Social bonds are proving to be a key part of SSAs fight against the coronavirus, with $10.6bn equivalent printed since the start of the pandemic. Having already tapped core currency markets last month, this week a pair of supranationals turned towards niche currencies to fund their response to the pandemic. With demand for the social format high, both bankers and funding officials are hopeful the new investor interest will stick around after the pandemic passes.
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The World Bank has increased its funding allowance for its 2019-20 fiscal year by $5bn. It now plans to raise between $55bn and $65bn, up from its previous $55bn-$60bn target, according to a funding official at the supranational.
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Despite the terrible effects of the coronavirus pandemic on capital markets, the MTN market is open and functioning.
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This week’s funding scorecard looks at the progress supranationals have made in their funding programmes during a first quarter wracked by volatility.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 16. The source for secondary trading levels is ICE Data Services.
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A vicious move in swap spreads left investors in IFC’s $1bn social bond with one of the lowest SSA spreads to US Treasuries ever on Wednesday, and a subsequent reversal has left investors wincing. Some questioned the strategy and timing of the trade, but most simply thought that investors were the victim of circumstance.
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This week, it was the best of times, it was the worst of times – and despite volatility caused by the spread of the Covid-19, a trickle of MTN issuance has managed to slip through into the market.
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