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World Bank-managed issuer taps capital markets to accelerate donor pledges into Gavi vaccine programmes
◆ Issuer plans regular appearance after 'warm welcome' ◆ Two euro bonds yet to come ◆ Inaugural covered deal not expected until late 2027
◆ Five year dollars preferred over euros ◆ New US investors in book ◆ Zero coupon structures suit ALM needs
◆ Issuer typically funds in dollars ◆ ESG euro bond had been in the pipeline ◆ Premium paid to leave room for performance
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World Bank has been aggressively pushing out its curve linked to the Secured Overnight Financing Rate: the new risk free rate in dollars. Other supranationals are eager to follow the Bretton Woods institution into longer dated floating rate paper. -
Green commercial paper is taking off rapidly, propelled by issuers wanting to go green across the full financing spectrum and investors eager to put short-term cash to sustainable use. The market could grow as fast as green bonds have, and is attracting interest from new kinds of players, including government treasuries.
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The International Development Association sold its second sterling bond this week to extend its curve in the currency from December 2024 to September 2027.
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World Bank sold the longest ever Sofr-linked floating rate note from a public sector borrower on Thursday with a $600m 10 year trade.
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HSBC's Henry to retire — European Commission borrows IR and funding officials from EIB — Paterson joins CQS
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IDB Invest, the arm of the Inter-American Development Bank that lends to the private sector, matched its biggest ever deal size as it came to the market on Thursday for its debut sustainability bond.
