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World Bank-managed issuer taps capital markets to accelerate donor pledges into Gavi vaccine programmes
◆ Issuer plans regular appearance after 'warm welcome' ◆ Two euro bonds yet to come ◆ Inaugural covered deal not expected until late 2027
◆ Five year dollars preferred over euros ◆ New US investors in book ◆ Zero coupon structures suit ALM needs
◆ Issuer typically funds in dollars ◆ ESG euro bond had been in the pipeline ◆ Premium paid to leave room for performance
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The European Investment Bank and Caisse d’Amortissement de la Dette Sociale (Cades) took centre stage in the public sector dollar market this week, ahead of the Lunar New Year, with EIB selling its first 10 year benchmark in the currency since 2015. -
The Asian Development Bank brought a pair of new themed bonds to the market this week, printing its first gender bond in Kazakhstani tenge as well as its first education bond.
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Gilt yields jumped this week after the Bank of England's Monetary Policy Committee sounded more positive than expected, and pushed back any possibility of negative rates by at least six months. But SSA sterling issuance will likely still be sluggish until the cross-currency basis swap improves.
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KfW became the latest in a series of top SSA names to launch an ESG transaction in Canadian dollars, tapping into a growing base of investors in the country.
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Italian prime minister-designate Mario Draghi must walk a knife-edge if he is to form a government and present a national recovery and resilience plan. If he takes too hard a line the mill of Italian politics will chew him up and spit him out. If he is too quick to compromise, the EU’s life as a giant bond issuer may be shorter than hoped.
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The Asian Development Bank has sold its first ever education bond. The proceeds will go towards financing technical and vocational training for educators in the Asia Pacific region.
