Asian Development Bank ADB

Asian Development Bank printed a A$225m ($170.8m) 10 year bond on Thursday, the largest issue size in this tenor from an SSA borrower in the Australian dollar market since 2014.

Rating: Aaa/AAA/AAA

Bank Nederlandse Gemeenten brought a 10 year dollar benchmark this week that sparked much debate about whether other issuers would be able to follow in the tenor. Although with a flurry of other trades this week, it is clear that other options are available once next week’s US Federal Reserve meeting is held.

There was a double breakthrough in dollars for public sector borrowers on Tuesday, as Bank Nederlandse Gemeenten reopened the 10 year part of the curve for core issuers for the first time in seven months and Sweden priced the tightest three year benchmark since the first week of the year.

The Bank of England has printed $2bn of three year paper from a heavily oversubscribed book, as fears of a UK exit from the European Union showed no impact on the central bank’s bonds.

Bank Nederlandse Gemeenten is this week set to be only the second issuer in 2016 to attempt a 10 year dollar benchmark, while a trio of other SSAs are also entering a dollar market bouncing from strong US jobs data on March 4.

The Asian Development Bank (ADB) has backed the issuance of the first climate bond in the Philippines, providing a partial guarantee to AboitizPower Corp’s notes.

KfW this week printed its widest five year KfW dollar benchmark since 2009 as negative swap spreads took their toll on pricing despite an improving macroeconomic backdrop.

Nordic Investment Bank has printed the second dollar benchmark from an SSA this week, as issuers contend with the effects on pricing of negative swap spreads.

A window for sovereign, supranational and agency issuance opened after the Federal Open Market Committee (FOMC) meeting on Wednesday, with deals likely to get done before the inevitable slowdown accompanying the start of the Chinese new year on February 8.

Asian Development Bank was first out of the blocks in dollars after issuance in the currency stopped for a Federal Open Market Committee (FOMC) meeting on Wednesday.

The Nordic Investment Bank added to a busy week in sterling on Friday by printing a £200m March 2019 bond.