Nomura

The European Bank for Reconstruction and Development ventured out to raise its largest ever bond linked to the secured overnight financing rate (Sofr) this week in what otherwise a thin week for issuance in dollars.

Société du Grand Paris plans to steam ahead with funding as it announced a doubling of its green EMTN programme and a substantial increase to its 2020 funding programme to help prefund the financing for the next three years of the Grand Paris Express project.

Woori Bank is set to make its Kangaroo bond debut, seeking to tap the Australian dollar market to fund its coronavirus response.

Green, social and sustainable issuance has dominated the supranational and agency bond market for a whole month, consistently outpacing conventional supply. That trend looks set to continue with three SRI deals already on screens.

Two borrowers visited the long end of the dollar curve this week and while both completed their deals successfully, investors clearly displayed more appetite for the higher yielding of the pair.

Engineering Group, an Italian IT services company, has returned to market after pulling a deal in June, for a second attempt at taking out the buyout bridge for its acquisition by Bain Capital and Neuberger Berman.

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.

Mongolia returned to the dollar bond market on Monday, ending a nearly three year hiatus. The sovereign borrower pulled off a $600m liability management exercise that has taken care of the country’s upcoming bond maturities.

Biopharmaceutical firm Everest Medicines has hit the road for its up to HK$3.5bn ($451m) Hong Kong IPO.

Rating: Aaa/AAA/AAA

The Asian Infrastructure Investment Bank and the New Development Bank, two relatively new supranational borrowers with a focus on the emerging markets, made a big splash in dollars this week as they continue to build out their curves. The issuers managed to achieve strong results despite facing worse volatility than expected as markets soured amid rising fears over the coronavirus pandemic.

The Asian Infrastructure Investment Bank and the New Development Bank made a big splash in the dollar market on Tuesday, despite facing worse volatility than expected as fears over the coronavirus pandemic grew.