World Bank
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Dual tranche dollar deal breaks record despite tight US Treasury spread while cross-currency basis assists 'big win' in euros -
◆ Blowout books ◆ World Bank goes for dual trancher and dual currencies on same day ◆ EIB success formula discussed
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◆ Issuers serve up five, seven and 10 year deals ◆ Finland takes record size in a decade ◆ World Bank access euro and dollar on same day
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Compelling relative value, larger sizes and greater outcome diversification hold key to developing market
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Issuer starts with rare sterling seven year and mandates for new dollar dual-trancher
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World Bank group issuer returns to dollars for a record $4bn
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World Bank would consider gearing callable capital more if rating agencies allowed
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Callable capital is not capital, but a significant rating uplift
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Second largest outing from a single deal for the WB since 2021
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Rates backdrop causing greater order book attrition in dollars as spreads grind tighter in euros
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World Bank, Ontario Teachers’ and Development Bank of Japan kept investors engaged after the holiday
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Signs of indigestion in the market after record buying from investors
