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Market in 'a process to find the new and appropriate levels', observes issuer
◆ Speculative interest anticipated ◆ Geopolitical tensions make little dent ◆ 15 year sweet spot for Dutch pension funds
Promoters expect new MDB to get go-ahead this year
EIB blows past 85% funded for full year ahead of summer
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◆ First KDB public sterling deal in seven years ◆ £250m bond could be first of many as issuer diversifies ◆ SSA transition ongoing, euros in focus for 2025
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◆ KfW inches away from funding target ◆ Compressed market causing suppressed demand ◆ Undersubscribed book is 'telling you where the SSA market is'
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Bund-swap spreads are heading to uncharted territory with little to stop them, which could cause a headache for SSA issuers
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◆ Issuer lands records in joint largest transaction ◆ Spread to World Bank ◆ Bigger size attracts more investors
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◆ Swap spread moves help issuer's spread to US Treasuries ◆ No-grow deal many times covered ◆ Investors expecting rate cuts turning to short end yields
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Innovations since 2023 have added $150bn to 10 year lending capacity, but full reform of MDB capital adequacy remains in future