Making bond market history

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◆ The first of a new asset class in SSA debt 
◆ Full inspection of AfDB's landmark deal 
◆ A power shift in the European CLO market

Years in the making, the first publicly sold hybrid deal from a multilateral development bank arrived this week. The African Development Bank's latest instrument heralds not just the dawn of a new product in the bond market but, as other MDBs bring their own deals, will lead to an increase in supranational bond issuance overall and, most importantly, more development dollars for lower income countries.

We take a look this week at how this deal came to fruition, who bought it and why, and what will happen next as this nascent asset class takes its first steps.

Meanwhile, Victoria Thiele, co-host of our sister podcast dedicated to securitization, called Another Fine Mezz, helped us examine how growing demand for equity tranches in European CLOs means the buyers of their triple-A tranches no longer have it all their own way.