World Bank
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Callable capital is not capital, but a significant rating uplift -
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
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Front-loading pushes up volumes but no respite for SSA issuers as volatility flashpoints loom in huge funding year
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CAF, CDP and Kommuninvest also take to primary market
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Issuers and bankers debate whether pricing against swap rates will become the norm or remain an exception
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Issuer lands $11bn demand for first dollar outing and sells biggest sterling SSA for two years
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‘Very, very strong’ first week sets up bigger test ahead
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World Bank hits Gilt spread sweet spot as AIIB relies on SONIA
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Supra peers EIB and ADB will follow issuer into the market on Thursday
