The Inter-American Development Bank (IaDB), the US supranational, will re-open the dollar global bond market on Wednesday when it prices a $2bn (€2.2bn) issue that has so far received a warm welcome from fund managers.

HSBC and Schroder Salomon Smith Barney, the lead managers, reported that their order books were oversubscribed by up to 25% ahead of pricing, despite continued liquidity problems on the US government bond and swap markets. The deal, which will be priced mid-morning in the New York session, also includes 11 co-managers to help provide liquidity.