World Bank issues largest five year in receptive dollar market

The World Bank stormed into the dollar market earlier this week, printing a $4.5bn five year global bond at an attractive mid-swaps plus 5bp. A book of $5.5bn with 130 investors testified to the appeal of this rare and pristine credit. L-Bank and Eurofima followed with oversubscribed dollar bonds, L-Bank with a $1bn five year and Eurofima with a $1bn three year. Despite the low yield environment and continuing volatility, there is plenty of money to invest in top credits. While the euro market remains closed for most SSA issuers, who will pitch up next to take advantage of the dollar bounty? Read EuroWeek on Friday to find out — and for coverage of the week’s SSA dollar issuance.