Asian Development Bank ADB

The Asian Development Bank (ADB) printed its inaugural Rp3bn ($47m) green Masala bond on Wednesday, aimed at supporting the financing of climate change mitigation and adaptation projects in India, the agency said.

Kommunalbanken on Tuesday became the first issuer to tap the Kauri market since February. The Nordic agency responded to reverse enquiries, tapping an eight year bond at an after-swap pricing level that was a little over its dollar curve.

Asia is overloaded with infrastructure projects hungry for financing, even though there is money to fund them. How to bring the two together is the question raised by panellists at the Asian Development Bank’s annual meeting in Japan — and for some local currency lending is the way forward.

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The dollar market has enjoyed yet another strong week, with one issuer breaking its size record and another pair matching their own. SSA bankers are readying themselves for a busy May in the currency. But despite issuers keen to push out the curve, it looks like 10 year benchmarks are off the table.

The Asian Development Bank on Wednesday hit the $4bn mark for the first time with a dollar benchmark, taking advantage of a dearth of supply and offering a bit of juice to harvest a hefty amount of cash.

The European Bank for Reconstruction and Development on Tuesday equalled its largest ever size in dollars on Tuesday with a deal priced flat to or through its curve. The Asian Development Bank is set to follow in a market in which issuers are winning demand from investors starved of supply, said bankers.

A flurry of activity in the market for socially responsible investments shows no sign of letting up, with two borrowers set to make their debut next week and two more waiting in the wings.

Asian Development Bank will issue its first green bonds in the Uridashi market in May, with Daiwa Securities as dealer.

A higher than expected UK inflation rate led to a sell-off in Gilts this week, a move that may put an end to what has been a remarkable run of traffic in sterling SSA bond issuance.

The European Investment Bank on Tuesday became the sixth European public sector borrower to hit screens in sterling since March 13, tapping a January 2020 line for £250m. But UK inflation figures could put an end to the currency's run in the sun. Meanwhile, investors and banks discussed what form the next UK Gilt syndication should take.