World Bank
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The World Bank is due to return to the bond markets for around $5bn by the end of June, as the issuer seeks to complete its funding programme by the end of its fiscal year. -
Dollar issuers in the primary public sector bond market are paying some of their tightest ever spreads over US Treasuries, and investors say this is unlikely to change anytime soon as a “wall” of money floods into the market.
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NRW.Bank has joined the list of dollar issuers this week, as the beneficial euro/dollar swap spread for euro funders and tight spread over Treasuries for dollar names proves an attractive lure.
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World Bank mandated banks on Monday for its first three year dollar benchmark since 2017.
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The new president of the World Bank used one of his first public speeches this week to call for comprehensive transparency over countries’ “hidden” debt burdens that make it harder to resolve a financial crisis.
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KfW and the World Bank brought well received socially responsible bonds to the market this week that set new landmarks for the public sector borrowers.
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Kangaroo investors filled their pouches to the brim with a bumper World Bank tap on Wednesday. The supranational reopened its February 2024 Kangaroo to print the largest Aussie dollar tap in the SSA market since 2016.
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The World Bank sold its first 10 year euro benchmark since 2009 on Tuesday, with the supranational going slightly through its own curve on its return, according to onlooking SSA bankers.
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The International Finance Corporation printed the first offshore Cambodian riel-linked note last week. The bond’s proceeds will go towards the creation of a local capital market in Cambodia and the expansion of local currency lending in the country.
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The World Bank printed its second Sonia linked note on Wednesday as part of efforts to build its Sonia curve. The supranational has now sold over £2.5bn of Sonia paper across two benchmark bonds since September 2018.
