World Bank
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The World Bank has surprised onlookers with a five year benchmark bond, printed into the teeth of the volatility caused by Covid-19 and an emergency rate cut from the Federal Reserve. The successful deal from the supranational has emboldened an agency to follow suit, with others expected to follow. -
The World Bank and Assicurazioni Generali are each giving the insurance-linked securities (ILS) they issue a sustainability label, as the market attempts to burnish its credentials for investors concerned with environmental, social and governance (ESG) criteria. Both issuers are imitating conventional green bond programmes by focusing on direct use of proceeds, but there are also debates around issues such as freed-up insurance capital and what governments do with funds released from catastrophe bonds.
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World Bank surprised some market participants by announcing a five year dollar benchmark shortly after the Federal Reserve slashed rates in response to the Covid-19 coronavirus outbreak, but before the details of the Fed's plans were unveiled at a press conference.
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World Bank cemented its status as one of the leading sterling issuers in the public sector bond market with a record-breaking 10 year deal on Thursday.
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World Bank mandated banks for a 10 year sterling deal on Wednesday — an extremely rare trade from a non-UK public sector borrower, but in line with the trend of issuers going out longer in the sterling curve.
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The World Bank on Tuesday brought a new five year Kauri bond — the largest since August — at a “pretty aggressive” level to its Australian dollar curve.
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The World Bank is looking to New Zealand for a new five year. The deal will be its first bond in the Kauri market since January 2019.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 3. The source for secondary trading levels is ICE Data Services.
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World Bank hit a number of landmarks on size, demand and pricing with its first sterling benchmark of the year. It used a maturity that has become the new sweet spot for SSAs in the currency as issuers seek more attractive funding levels versus euros and dollars.
