World Bank
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A shift in a cross currency basis swap rate is behind a spurt of issuance in Hong Kong dollars, said bankers. -
The World Bank has a new head of funding.
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An increase in swap spreads at the short end of the curve drove public sector issuers to focus their attention on shorter maturities in the dollar market this week.
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Issuers stormed out of the blocks with a set of deals across the curve this week, with factors including an increase in swap spreads on the short end, a positive feeling towards the US market since Janet Yellen’s statements in March and the start of the Japanese fiscal year all credited.
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The World Bank increased a January 2021 New Zealand dollar note on Thursday with a tap that is largest issue in the Kauri market so far this year, according to a banker on the deal.
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A stream of SSA borrowers entered the primary bond market this week in both euros and dollars. Dual tranche deals were popular as borrowers sought to take size without paying heavy new issue premiums.
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Finland is lining up a three year dollar benchmark for Wednesday, following a stream of issuance on Tuesday that highlighted the strength of the dollar market.
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Issuers have nipped into the euro market after Easter with some canny deals. Meanwhile the dollar market was watching US Federal Reserve chairperson, Janet Yellen, who on Tuesday said that the possibility of further rate hikes was “not a plan set in stone”.
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With the dollar market taking an early Easter holiday, the World Bank came through as the sole issuer to print in the currency, hitting $3bn in an arbitrage trade that was heralded as a “strong signal” of the health of the dollar market.
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World Bank tapped Italian retail investors for $165m this week, issuing a 10 year sustainable development bond.
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The World Bank surpassed expectations by raising $3bn of four year cash on Wednesday, in what one banker away from the deal said was a "strong signal" for the dollar market.
