Asian Development Bank ADB
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Banks were busy issuing sub-benchmark sized deals in the euro public market last week, prompting several issuers to follow suit in the MTN market. -
The Asian Development Bank made its first foray into the Pakistani rupee market this week, tapping a growing appetite for frontier currency-linked paper.
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Issuers are winding down their funding programmes before the end of the year and several smaller SSAs have turned to MTNs to complete the little they have left to do. The big deals of the week, however, came from corporates, with Volkswagen and Eurogrid coming in at opposite ends of the curve.
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Asian Development Bank printed the largest SSA kangaroo benchmark of the year on Tuesday, taking advantage of a brief issuance window and capitalising on expectations of the start of quantitative easing in Australia.
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Focus was on the public market this week, with supranationals making up the majority of MTN supply.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 12. The source for secondary trading levels is ICE Data Services
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Asian Development Bank and the Province of Ontario hit the dollar market on Tuesday, with both issuers tapping the tricky 10 year part of the curve ahead of the start of public holidays in Asia this week which will put a pause on issuance in the currency.
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Two SSA issuers are set to come to market on Tuesday for dollar benchmarks in the 10 year maturity bucket.
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The Asian Development Bank has received a Rmb10bn ($1.48bn) Panda bond quota from the Chinese interbank regulator. The multilateral development bank, which sold the world's second ever Panda about 15 years ago, is waiting for the right window to push out its offering, GlobalCapital China understands.
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This week's funding scorecard looks at the progress supranationals have made in their funding programmes at the beginning of September.
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The Asian Infrastructure Investment Bank (AIIB) returned to the market this week to place two more deals, as it ramps up its MTN issuance following a debut in Hong Kong dollars last Friday.
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