Inter-American Development Bank IADB
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The 10 year dollar market is back open for supranational issuers, after the Inter-American Development Bank (IADB) sold a barnstormer on Wednesday that broke its 10 year size record. -
The Inter-American Development Bank sent SSA bankers into rapturous applause on Wednesday as it reopened the 10 year part of the dollar curve for richer names with what Dealogic data shows is its largest ever global benchmark in the tenor.
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The Inter-American Development Bank is set to tackle the 10 year part of the dollar curve, a maturity that most of its peers have avoided so far this year.
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Inter-American Development Bank launched a debut 15 year Kangaroo bond on Monday, the third supranational to look for ultra-long Australian dollar funding in the last year.
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A call by US Treasury secretary Steven Mnuchin this week to lessen the capital burden on banks had a bigger effect on US rates than a well telegraphed Federal Reserve target rate rise, creating some breathing space in long end swap spreads. That could ease long dated public sector bond issuance, but with euro market offering enviable duration funding, there may not be a queue of borrowers ready to print, writes Craig McGlashan.
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Kommunalbanken built a doubly subscribed book on Tuesday for a long three year dollar deal that bankers said should give confidence to the market after a similar trade from KommuneKredit two weeks ago fell short of full subscription.
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A pair of SSAs are set to nip in with dollar deals ahead of a US Federal Open Market Committee meeting on Wednesday at which investors overwhelmingly expect a target rate rise — although the strength of that expectation has dipped slightly.
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The Asian Infrastructure Investment Bank has announced a new head of treasury strategy, the latest hire in its recruitment drive.
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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.
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The GC BondMarker scores for last week's benchmarks have been counted and market participants have deemed the European Financial Stability Facility's return to the long end a success.
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The dollar market was on spectacular form on Wednesday, with a Canadian province pushing out a rare 10 year bond, a supranational smashing its size record and a $4bn five year from a German agency.
