The World Bank made a brave foray into uncharted territory this week, printing a 30 year euro benchmark. Unfortunately for the supranational, the trade met with sharp criticism over its price, and speculation abounded that the deal had not been fully subscribed.
The supranational printed a €500m January 2050 global bond with a spread of mid-swaps plus 7bp and a yield of 0.318% on Wednesday. The deal was the longest ever euro benchmark from a non-European supranational. BNP Paribas, Deutsche Bank and Goldman Sachs were the joint bookrunners.
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