World Bank hit the US dollar and euro markets last week, including printing its first 10-year dollar deal in more than a year in an opportunistic move that was lapped up by investors. As part of a dual-tranche trade, the Triple A rated issuer printed a US$1.25bn, its first 10-year since July 2015. "We do not like to ignore the 10-year sector," George Richardson, global head of capital markets at World Bank, told IFR, "but it is a tricky one." Ten-year trades have been few and far between among US dollar issuers in recent months as swap spreads at that maturity are deeply negative. They were at -16bp at on Friday, according to Thomson Reuters. The World Bank's decision to pull the trigger was opportunistic.
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