Inter-American Development Bank IADB

KfW won huge praise from on-looking bankers for a curve extending and rare 10 year dollar green bond on Tuesday. The Inter-American Development Bank (IADB) and Österreichische Kontrollbank (OeKB) also enjoyed success in the dollar primary market with three year trades, with the former selling its debut Sofr-linked floating rate note.

KfW mandated banks for its longest ever dollar green bond on Monday, while the Inter-American Development Bank is taking indications of interest for its inaugural Sofr-linked floating rate note.

A trio of European agencies and a supranational all priced taps at the long end of the Kangaroo curve last week, with tenures ranging from nine to 12 years. Yields on these notes have fallen compared to previous taps, as the Kangaroo market feels the effects of the global bond rally.

Following last Friday’s Asian Development Bank Kiwi dollar deal, the Inter-American Development Bank and International Finance Corporation both came to the Kauri market on Tuesday to tap a pair of mid-curve notes. With demand for mid-curve Kauri products high, bankers expect more issuers to follow as funding remains attractive for dollar-based borrowers.

The Asian Development Bank returned to the Kiwi dollar market to print its largest Kauri deal since January 2018 this week. With the Inter-American Development Bank and International Finance Corporation set to follow with a pair of taps in the coming days, bankers are expecting a busy few weeks in the market as investors react to the recent surprise interest rate cut from the Reserve Bank of New Zealand.

Rentenbank and Inter-American Development Bank hit the market for small taps of existing dollar debt on Tuesday, though some investors’ attentions are focused on this week’s US Federal Reserve meeting.

Rentenbank and Inter-American Development Bank hit the market for small taps of existing dollar debt on Tuesday, dipping into the market before the US Federal Reserve cut rates for the first time since the financial crisis.

This week’s funding scorecard looks at the progress supranationals have made in their funding programmes towards the end of July

Rating: Aaa/AAA

SSA names found the going varied in dollars on Tuesday, with the Inter-American Development Bank only just covering the minimum size of its tightly priced short end trade while Land NRW and L-Bank saw chunkier demand.

A trio of issuers burst into the sovereign, supranational and agency dollar market on Monday, as syndicate officials say they have been pleasantly surprised by how quickly the sector bounced back after a tricky period.

Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, while a tight Export Development Canada trade followed the next day.