Asian Development Bank ADB

After several months without any long end dollar benchmark bonds from public sector issuers, two came along at once this week — bolstering confidence that conditions are right for a borrower to print in jumbo size in the tenor for the first time in more than two years.

The European Stability Mechanism (ESM) brought its long awaited inaugural dollar transaction to market on Tuesday during a period of feverish activity in a dollar market that is “going from strength to strength”, according to one SSA banker.

The head of the Asian Development Bank tells GlobalMarkets that speed is of the essence when it comes to injecting new investment into infrastructure projects that could boost growth and raise living standards

The MTN market has produced a slew of dollar trades while the syndicated market was subdued by the midweek Federal Reserve meeting. Supranationals in particular have been able to pick up some sizeable dollar funding.

Last week brought a slew of high quality deals, despite the ECB meeting on September 7 causing some issuers to hold off. Those that went ahead have been scored by the BondMarker voters. Read on to see how they did.

A lack of five year dollar supply and an acceptance that since the summer issuers need to offer a bit more juice helped a pair of supranationals launch strong trades this week. Other supras are rumoured to be considering follow-on deals next week, although some bankers warn that investor appetite may be sated for the moment, and everything could hinge on how a sharp US Treasury move late on Thursday plays out.

Rating: Aaa/AAA/AAA

Inter-American Development Bank will on Thursday attempt a five year dollar benchmark, copying a Wednesday deal from Asian Development Bank that bankers on the trade said was the best dollar deal since the summer. Agence Française de Développement is also out with a dollar benchmark — its first since a pulled trade in February.

The Asian Development Bank hit screens on Tuesday announcing a dollar benchmark in a maturity that investors have been crying out for.

The Asian Development Bank (ADB) has proposed the creation of national green financing vehicles to give a boost to environmentally friendly and financially sustainable infrastructure investments.

Public sector borrowers are adding new flavours to the flurry of emerging market paper that has dominated flows in the medium-term note market throughout the summer, printing trades in currencies they only rarely access.

Public sector issuers are taking advantage of strong summer conditions in the dollar market to bring green and arbitrage-style deals, with more issuance expected next week.