Rare gems shine in dollars

The World Bank achieved pricing of mid-swaps less 3bp for a $3.5bn long three year deal this week, which although missing the less 5bp that had been talked about last week, is still a rich level. And, demonstrating its worldwide appeal, the deal attracted a book of over $4bn, comprising 80 investors from 30 different countries. The Province of British Columbia meanwhile issued its first global bond since 2003 and its largest ever dollar deal – a $1.5bn three year. Clearly a hit, since books exceeded $2.5bn, the deal was priced at plus 11bp – 1.5bp inside guidance. Read EuroWeek on Friday for comments from borrowers and bankers