African Development Bank AfDB
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This week's funding scorecard looks at the progress supranationals have made in their funding programmes as we reach the end of May and enter June. -
Social bonds are proving to be a key part of SSAs fight against the coronavirus, with $10.6bn equivalent printed since the start of the pandemic. Having already tapped core currency markets last month, this week a pair of supranationals turned towards niche currencies to fund their response to the pandemic. With demand for the social format high, both bankers and funding officials are hopeful the new investor interest will stick around after the pandemic passes.
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Nigeria, Africa's largest economy, is the latest emerging market to approach international financing institutions for help to deal with Covid-19.
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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, March 30. The source for secondary trading levels is ICE Data Services.
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Investors flocked to African Development Bank’s Fight Covid-19 social bond on Thursday, allowing the supranational to print its own largest ever dollar deal, and its largest ever social bond.
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Public sector borrowers returned en masse to the primary bond market this week, with many selling new issues with an explicit focus on providing emergency financing in response to the coronavirus outbreak.
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The Inter-American Development Bank on Thursday started marketing a five year sustainable development bond in Global format as it looks to become third SSA borrower to jump into the dollar market this week. But SSA issuers that fund in euros will unlikely be able to mirror join the party.
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The Republic of Austria and the African Development Bank announced new bond transactions on Wednesday which will be used to provide emergency financing in response to the coronavirus outbreak.
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This week’s funding scorecard looks at the progress supranationals have made in their funding programmes during a first quarter wracked by volatility.
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This week's funding scorecard looks at the progress supranationals have made in their funding programmes at the beginning of December, with some issuers also setting their funding targets for 2020.
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Ghanaian cocoa agency, Ghana Cocoa Board (Cocobod), will raise a $600m loan from supranational and international lenders. The deal is Cocobod's third syndicated loan this year.
