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◆ Debut seven year priced through issuer's dollar curve, leads say ◆ Green label and no-grow size steady IFC through selloff ◆ Rival banker questions wisdom of July inaugural
◆ Steep government curve means investors need less spread on top ◆ French spreads widen, but AFD tightens ◆ Fair value 'a fluid concept' on inverted curve
◆ Early order book built before Middle East risk returned ◆ Seven year spread held steady as 'insurance' against volatility ◆ Format chosen to avoid straining 'finite pool of liquidity'
◆ Issuer brings another pre-summer deal to fund enlarged programme ◆ Tightening possible despite weakened backdrop ◆ Book not huge but quality 'extremely high', spreads 'decent' to KfW and Land NRW
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By all measures, the first two transactions of the European Union’s arrival as a supersized issuer in the capital markets were tremendous successes. The order books were world beaters, the new issue premiums were tiny despite the huge deal sizes, and the secondary performance has been incredible. But while it has been plain sailing so far, there are bigger tests ahead. -
Ontario Teachers’ Finance Trust hit the market on Thursday for the issuer’s first ever green bond — a €750m no-grow 10 year, for which it received an overwhelming response, causing a 7bp tightening.
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The Asian Development Bank made its first foray into the Pakistani rupee market this week, tapping a growing appetite for frontier currency-linked paper.
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The International Fund for Agricultural Development received its second credit rating on Thursday, marking another step towards its debut in capital markets. CFO Alvaro Lario spoke to GlobalCapital about its plans.
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The European Bank for Reconstruction and Development landed $1.5bn of five year paper on Wednesday — $500m more than it was originally targeting, thanks to stronger than anticipated demand.
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The European Union received strong demand as it tapped a June 2035 line on Wednesday to finance loan disbursements under its Covid-19 Macro-Financial Assistance (MFA) programme.
