African Development Bank AfDB
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World Bank has reopened the 10 year part of the dollar curve, with other public sector issuers keen to follow it into the tenor.
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The World Bank will on Thursday attempt to resurrect the 10 year part of the dollar curve, a sector that has had next to no benchmark issuance from top tier issuers in the second half of the year.
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Investors are still hungry to put their money to work in short dated dollars after a bumper last week, with the European Investment Bank on Tuesday set to price a $4.5bn three year bond and the African Development Bank mandating for a two year benchmark.
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This week's funding scorecard looks at the progress supranationals have made in their funding programmes.
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Bankers on and off the deal deemed the African Development Bank’s first foray into the euro market a success, thanks to the borrower's cautious approach to size and pricing.
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The African Development Bank’s funding team will be “heroes” if the issuer’s debut euro benchmark is a success on Friday, said SSA bankers away from the deal.
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The African Development Bank has printed a $1bn no-grow to, it is thought, cap off the week's flurry SSA dollar bonds before primary markets dry up ahead of the US rates decision next week.
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African Development Bank and Nordic Investment Bank both tapped 2026 Kangaroo bonds this week. But investor interest in the Kangaroo market is diminishing, the supras said.
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The long end of the Kanga curve saw action this week, as Japanese investors hunted for yieldy paper.
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The African Development Bank has sold an A$35m ($26.6m) tap of its June 2026 Kangaroo bond.