World Bank
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Two public sector borrowers managed to get euro deals done in the primary market ahead of the European Central Bank’s governing council meeting on Thursday, with World Bank issuing its biggest ever bond in euros longer than 10 years and Hamburg comfortably crossing the line despite an embarrassing start to the execution process. -
The World Bank has selected a trio of banks for a new 15 year Sustainable Development Bond (SDB), its first euro benchmark of its 2020/21 fiscal year. Elsewhere, the Republic of Korea scooped €700m with its return to the euro market after a six year absence.
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SSA borrowers, and supranationals in particular, have long aspired to break into the vast pool of domestic US investors. Thanks to a long-dated floater linked to Sofr, the World Bank has found a new means of accessing these investors.
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The International Finance Corporation has mandated banks to lead a 10 year dollar bond in what will be the fourth public sector borrower to sell a bond in this part of the curve this week.
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KfW opened up a window for 10 year dollar bonds in the public sector market on Tuesday amid a rise in long-dated US Treasury yields with two more borrowers hoping to find similar success in the tenor on Wednesday.
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Expectations are building that the G20 Debt Service Suspension Initiative (DSSI), introduced to alleviate the debt burden of the world’s poorest countries in the face of the coronavirus shock, will be extended this winter.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, July 27. The source for secondary trading levels is ICE Data Services.
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The World Bank impressed with its first benchmark transaction of its new fiscal year this week as it received solid demand despite pricing tightly to match the spread it paid for a five year deal before the outbreak of the coronavirus pandemic.
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The International Finance Facility for Immunisation (IFFIm) was set up in 2006 to provide funding to Gavi, the Vaccine Alliance, itself a public/private sector partnership, to expedite the vaccination of children in the poorest countries against endemic infectious diseases. Doris Herrera-Pol, IFFIm board member and former director of global capital markets at the World Bank, spoke to GlobalCapital about the role the capital markets can play in the development and deployment of a Covid-19 vaccine.
