World Bank
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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. -
The World Bank has printed the longest ever bond with a coupon linked to the Secured Overnight Financing Rate (Sofr), with the market finally seeming to find a consensus on how to work out the coupon for the dollar Libor replacement benchmark.
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The World Bank placed its first Hong Kong dollar deal of its 2019/2020 funding year last week. The supranational chose to link the private placement to the Hibor benchmark, a now little seen structure that was likely the result of a "very specific enquiry", according to one MTN banker away from the deal.
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This week’s funding scorecard looks at the progress supranationals have made in their funding programmes towards the end of July
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Investors have looked towards structured and long dated notes in their hunt for yield as the summer break creeps closer.
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The World Bank is targeting $50bn-$60bn of funding for its 2019/20 funding year, which began on July 1, and will keep busy during the summer.
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A cavalcade of “familiar names” have come to the market over the last week. SSAs, corporates and FIG issuers printed across the euro curve, while a trio of supranationals were also active in emerging market currencies.
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A trio of supranational and agency names headed out into niche currencies this week, as other SSA names say non-core currencies will be their focus for the rest of the year.
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L-Bank issued its biggest single bond in dollars this week while the Inter-American Development Bank (IADB) printed its first ever dual tranche trade in the currency. But some market participants warned that the good times at the short end of the dollar curve might be coming to an end.
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World Bank hit the Canadian dollar market on Wednesday to begin its 2019/20 benchmark funding programme. It followed the European Investment Bank and KfW which have also been active in non-core currencies this week.
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The World Bank is rolling out a rating system for infrastructure projects in a bid to attract greater investment into more resilient schemes that could save poorer countries as much as $390bn a year in disruption costs.
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This week’s funding scorecard looks at the progress supranationals have made in their funding programmes as we hit the middle of June.
