With Bank of America acting as lead dealer and London Stock Exchange hosting, the International Finance Corporation has issued its first-ever local EM currency bond in support of private small enterprises, women-owned businesses, and low-income households in Tajikistan.
The World Bank Group's Structuring Director, Keshav Gaur, noted half of the trade's proceeds are earmarked for climate-related and energy-efficient housing micro-finance in the Central Asian outpost.
Offshore local currency-linked bonds continue to grow in preference for emerging markets multilateral development financing, both to better enable enhanced local access and debt management, as well as hedge for volatility in traditional harder currencies.