ADB goes global
There were two other Australian-linked bond sales last week. European Investment Bank added A$500 million to its August 2019 line to take outstandings to A$3.1 billion. The top-up was priced at 101 basis points over Commonwealth bonds to yield 6.295 per cent per annum.Asian Development Bank issued a A$200 million global bond with a March 2020 maturity. The bond will pay a 0.5 per cent coupon but was issued at just 60.5 per cent of face value.The lack of issuance activity in the domestic market over the last two months has caused the rolling twelve month issuance total for the market to plunge. In April 2010 the total was running at a record A$113 billion - it is now sitting at A$97 billion.