World Bank
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The Sonia market is developing quickly to become a mainstream product for supranationals, as the transition from sterling Libor into the alternative reference rate takes shape, according to SSA bankers. More Sonia-linked deals are expected from supranationals, potentially as soon as next week. -
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World Bank blew the doors off its first bond referenced to the Sonia benchmark on Thursday, setting a new record for non-UK sterling SSA supply in the process.
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World Bank is set to become the second supranational to issue a floating rate note referencing the Sonia benchmark, after mandating banks on Wednesday. The deal is expected to launch “as soon as Thursday” amid strong demand for the product from bank treasuries, according to one of the leads.
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Public sector borrowers rushed into what is likely to be the last window for dollar issuance for a few weeks, removing some of the price tension they had enjoyed in what had been an undersupplied currency so far this year. That meant pricing correctly involved fine margins — although most deals made it through happily.
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The World Bank cleared $4bn in the dollar market on Thursday but with spreads very tight, SSA bankers are warning that there is still little margin for error in the currency.
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More supranational banks will use synthetic securitization and other risk transfer techniques, specialists believe, after the African Development Bank’s trailblazing $1bn deal, revealed this week, writes Jon Hay.
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Dollar investors gave public sector issuers something to think about on Wednesday, as a pair of SRI bonds had very different receptions. One aggressively priced deal struggled to reach full subscription while another offering some concession grew by a half. World Bank is up next in the currency, though in conventional format, and bankers believe the trade will indicate the market’s direction.
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This week's funding scorecard looks at the progress supranationals have made in their funding programmes.
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Established SRI bond issuers are bringing deals to market over the coming weeks, including a new format from a seasoned borrower.
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The World Bank is introducing a new SRI note that offers exposure to the environmental, social and governance (ESG) performance of signatories to the UN Global Compact.
