World Bank
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Big central bank and bank treasury demand, alongside good liquidity in the sterling/dollar cross currency basis swap and issuers’ willingness to print large deals, are driving the strongest ever start for the sterling SSA market — and a record trade for World Bank. -
The World Bank is set to become the latest public sector borrower to visit the sterling market, following the European Investment Bank’s £1bn trade on Tuesday.
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World Bank issued a rare benchmark Canadian dollar bond this week, raising C$1bn ($802m) with a sustainable development deal in a strong week for niche currency sales from SSA borrowers that also included several Australian and New Zealand dollar deals.
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Nigeria has become the first government in Africa to issue a green bond, with a N10.69bn ($29m) five year issue led by Chapel Hill Denham, a local investment bank.
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SSA bankers looking to get their Christmas shopping in early were in a state of shock on Tuesday, as the World Bank brought a dollar deal to follow the Province of New Brunswick’s return to the currency after a six year hiatus. But that could be it for 2017 as issuance is unlikely next week, which is bisected by a Federal Open Market Committee meeting.
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SSA bankers looking to get their Christmas shopping in early were in a slight state of shock on Tuesday, as World Bank lined up a dollar deal to follow a Canadian province’s return to the currency after a six year hiatus.
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The Turkish lira’s value has been battered by a chaotic political and economic backdrop but, with yields at their highest level since 2007, some MTN investors are opting to take the plunge.
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World Bank capped off a series of 10 year dollar benchmarks from SSA issuers, on Tuesday, with the tightest spread to mid-swaps and US Treasuries in the tenor for at least two years. But further benchmark issuance in the currency — other than a rumoured Canadian deal — is unlikely, with issuers well-funded and investors winding down for the year.
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World Bank on Tuesday added to a spate of 10 year dollar benchmark issuance over the last few weeks and set a new pricing marker in the tenor as it printed at the tightest spread of the year.
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World Bank will bring the latest test for a wall of dollars waiting to tumble into the SSA bond market, after mandating banks on Monday to bring a 10 year global benchmark. The trade could be the first jumbo 10 year dollar deal from an SSA in well over two years — and bankers away from the deal expect it to fly.
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The European Investment Bank (EIB) tapped South African rand twice this week, amid rising yields in the currency. Elsewhere, the International Finance Corporation (IFC) and World Bank both sold three lots of offshore renminbi, and Nordic Investment Bank (NIB) returned to Hong Kong dollars.
