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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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The Asian Infrastructure Investment Bank and the New Development Bank, two relatively new supranational borrowers with a focus on the emerging markets, made a big splash in dollars this week as they continue to build out their curves. The issuers managed to achieve strong results despite facing worse volatility than expected as markets soured amid rising fears over the coronavirus pandemic. -
Ontario Teachers’ Finance Trust made a convincing statement as it hit the dollar bond market on Thursday with new three and 10 year notes that were tightly priced and had record order books.
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Africa Finance Corp, the pan-African development finance institution, printed its first green bond on Monday.
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The Asian Infrastructure Investment Bank and European Investment Bank have increased their 2020 borrowing authorisations. The former has upped their potential borrowing by half in response to the rapid take-up of its Covid-19 Crisis Recovery Facility.
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Swedish Export Credit Corporation took full advantage of the quiet SSA market to print a three year dollar benchmark on Wednesday. Ontario Teachers Finance Trust is set to follow on Thursday.
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The recent high profile spurt of sustainability-linked bonds, including deals from Brazil’s Suzano, Switzerland’s Novartis and, coming this week, France’s Chanel, is a sharp change, after this structure — where the coupons are linked to sustainability performance targets — has made a surprisingly quiet and disappointing start to life.
