BondMarker: World Bank wins on timing and performance
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BondMarker: World Bank wins on timing and performance

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World Bank’s $5bn July 2021 was the solitary benchmark available for BondMarker scoring in the week commencing July 16 — and voters rewarded the supranational for picking a window that it had all to itself.

The global bond scored 8.10 in the timing category, although its strongest showing was in performance, for which it drew an 8.30. The bond traded about 1.5bp-2bp tighter the day after pricing and “brought in the rest of three year universe of supras and agencies with it, by 0.5bp tighter”, according to one of the leads — Bank of America Merrill Lynch, Citi, JP Morgan and Morgan Stanley — at the time.

Perhaps reflecting the bond’s standard form of a dollar three year, the lowest — although still strong — score came for structure/maturity, with 7.30.

Adding in a 7.70 for pricing and a 7.90 for investor distribution quality, the issue scored an overall average of 7.86.

180730 ssa bondmarker

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