World Bank’s first SOFR sparks price discussion

The World Bank priced a landmark deal this week as financial markets ween themselves off Libor. But the execution of the $1bn August 2020 bond, the supranational's first with a coupon linked to the Secured Overnight Financing Rate, sparked a debate about the premium the borrower paid. Burhan Khadbai reports.

  • By Burhan Khadbai
  • 16 Aug 2018
The deal was only the second to be linked to SOFR, following Fannie Mae’s three tranched sale last month. The US Federal Reserve’s Alternative Reference Rate Committee, of which Fannie Mae is a member, chose SOFR as its preferred alternative to dollar Libor in June last year. The ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,503.69 19 12.05%
2 Citi 11,025.37 16 9.84%
3 HSBC 10,438.07 12 9.31%
4 BNP Paribas 8,371.12 12 7.47%
5 Barclays 7,970.77 10 7.11%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 19,445.86 45 11.85%
2 JPMorgan 17,028.13 38 10.38%
3 Barclays 12,294.11 26 7.49%
4 HSBC 10,936.92 25 6.67%
5 Deutsche Bank 10,542.52 22 6.43%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 26,837.08 52 10.13%
2 HSBC 19,545.39 55 7.37%
3 Credit Agricole CIB 19,047.28 39 7.19%
4 BNP Paribas 18,161.36 34 6.85%
5 Barclays 17,311.25 36 6.53%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 47,893.64 205 7.93%
2 HSBC 39,754.93 139 6.58%
3 Citi 39,007.41 113 6.46%
4 Barclays 35,828.56 113 5.93%
5 Deutsche Bank 29,087.56 82 4.81%