World Bank
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The World Bank has appointed a replacement for its departing treasurer Arunma Oteh. -
World Bank treasurer Arunma Oteh is leaving the institution in December this year to join Oxford University.
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World Bank Group president Jim Yong Kim plans to take the new Human Capital Index he launched on Thursday to Davos in the new year, where he will urge CEOs of companies in lagging countries to invest in health and education.
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Pledges by leading banks to pull back from financing “dirty” projects such as coal will be meaningless unless governments step in with regulations to prevent other investors taking their place, a senior banker has said.
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The Development Bank of Japan was able to tighten pricing on a €700m October 2025 sustainability bond this week, something not every issuer has found possible in the currency in the past few weeks. Meanwhile, the World Bank tapped an old friend for $200m with a green bond.
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Public sector bond market participants are growing increasingly frustrated at the pace of the implementation of Ester, the alternative euro risk-free rate to replace Euribor. Borrowers are unable to plan for, let alone issue, a bond linked to the benchmark without the rate being published by the European Central Bank. That leaves the euro far behind other markets where Libor is being replaced, writes Burhan Khadbai.
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The State of California has bought $200m of short dated green bonds from the World Bank, the latest stage in a relationship that stretches back to the issuer’s first dollar green bond in 2009.
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The Sonia market is developing quickly to become a mainstream product for supranationals, as the transition from sterling Libor into the alternative reference rate takes shape, according to SSA bankers. More Sonia-linked deals are expected from supranationals, potentially as soon as next week.
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World Bank blew the doors off its first bond referenced to the Sonia benchmark on Thursday, setting a new record for non-UK sterling SSA supply in the process.
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World Bank is set to become the second supranational to issue a floating rate note referencing the Sonia benchmark, after mandating banks on Wednesday. The deal is expected to launch “as soon as Thursday” amid strong demand for the product from bank treasuries, according to one of the leads.
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