World Bank
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A trio of agencies and an infrequent issuer have printed long dated paper in MTN euros this week, and there has also been long end corporate interest in Swedish kronor. -
Emerging markets and developing economies (EMDEs) are at risk of a financial crisis as mounting debt levels are making them vulnerable to an economic shock, the World Bank warned this week.
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The World Bank won a strong response from sterling investors on Thursday, adding a second tranche to its deal midway through execution to get to a total deal size of £1bn.
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The World Bank has returned for its third Sonia-linked note, with the issuer taking indications of interest for a 3.5 year sterling benchmark trade.
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Spreads over Treasuries on supranational and agency trades shrank to record low levels this week, with the World Bank raising debt just a hair’s width wide of US government debt. Market watchers reckon the good times for issuers are here to stay for the foreseeable future.
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The World Bank is due to return to the bond markets for around $5bn by the end of June, as the issuer seeks to complete its funding programme by the end of its fiscal year.
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Dollar issuers in the primary public sector bond market are paying some of their tightest ever spreads over US Treasuries, and investors say this is unlikely to change anytime soon as a “wall” of money floods into the market.
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NRW.Bank has joined the list of dollar issuers this week, as the beneficial euro/dollar swap spread for euro funders and tight spread over Treasuries for dollar names proves an attractive lure.
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World Bank mandated banks on Monday for its first three year dollar benchmark since 2017.
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The new president of the World Bank used one of his first public speeches this week to call for comprehensive transparency over countries’ “hidden” debt burdens that make it harder to resolve a financial crisis.
