World Bank’s deal, which was priced by Barclays, BNP Paribas, Nomura and TD Securities on November 14, scored particularly highly in the timing and structure/maturity categories — taking a score of 8.7 in each.
Voters awarded it slightly lower marks in the three other categories available for voting — pricing (7.7), quality of the investor distribution (7.8) and performance (7.3).
The Appraise the Leads category took an 8.
The deal marked the tightest spread to mid-swaps on a 10 year SSA benchmark in dollars this year — at mid-swaps plus 21bp and 19.5bp over the 2.25% November 2027 US Treasury.
“It’s good to do 10 year dollars at this spread to swaps and so tight to Treasuries but, in terms of book size compared to deal size, it’s not super exciting,” a head of SSA syndicate away from the deal told GlobalCapital at the time of pricing. “But I’m sure it’s high quality orders.”
