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Bloc steals focus in euro market this week as World Bank's IDA brings SEC-exempt debut in dollars
◆ Issuer's first sterling deal since Feb 2024 ◆ Large order book, decent levels ◆ Enough peer comps to build curve
New label and attractive relative value of French agency paper allow large spread tightening
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The World Bank has kicked off its up to $60bn funding programme for the year, and the issuer is expecting to be in the market again soon.
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The quality of debt management in Africa needs to be strengthened, the World Bank has warned, while the International Monetary Fund suggested that countries stop encouraging banks to hold government securities. -
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The World Bank has printed the longest ever bond with a coupon linked to the Secured Overnight Financing Rate (Sofr), edging the market towards settling the debate about how to calculate coupons based on the benchmark rate.
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The European Investment Bank set two records in the sterling bond market this week. The supranational issued the largest ever single tranche socially responsible bond in sterling across any sector, which took supranational and agency supply in the currency to an all-time annual high — even though it’s only August.
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New Development Bank, the supranational set up in 2015 by the Brics nations, is building a diverse funding programme, which includes local currency, dollar and green bonds. Leslie Maasdorp, chief financial officer of the NDB, spoke to GlobalCapital this week about the bank’s plans to become a regular and diversified borrower in the capital markets.
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
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