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ESM priced new €2.5bn 10 year at flat to EIB
◆ Issuer's first green benchmark in 2026 ◆ Blended premium estimated ◆ Central bank/official institution allocations 'notable and high' for green label
◆ 'Impressive' and 'blockbuster' gush rival bankers ◆ Consensus on new issue premium ◆ Final deal size was amended
◆ Investor demand for 10 year dollars continues ◆ Secondary markets keep tightening ◆ Real money place structural bets in long end
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◆ Sovereign prices just 1.7bp over US Treasuries ◆ Rarity and diversification attract investors ◆ International issuance picks up
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S&P’s cut to sovereign rating was unscheduled, but unsurprising
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◆ Market backdrop aids book momentum ◆ New issue premium 'low' ◆ Hamburg mandates for 20 year
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Access to knowledge and expertise should become more seamless
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World Bank online dashboard helps countries evaluate targets
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After 10 years, plan to leverage concessional capital for sustainable development has not raised trillions. But World Bank is still looking for ways to mobilise private capital to increase its impact