A large maturity and pricing that has moved more in line with global markets allowed World Bank to make its first foray into antipodean markets for 2020 with a New Zealand dollar deal. Domestic balance-sheet support anchored the transaction, lead managers say.
On 10 February, World Bank (AAA/Aaa) revealed a book update for its five-year Kauri deal. The new minimum volume is NZ$400 million (US$256.5 million), after launching earlier in the day at minimum NZ$200 million. The book is in excess of NZ$415 million, with the issuer open to further upsize. Pricing is unchanged at 33 basis points area over mid-swap. ANZ and BNZ are leading.
On 10 February, World Bank (AAA/Aaa) launched a new minimum NZ$200 million (US$128.1 million), five-year, Kauri bond transaction. The forthcoming deal, which is expected to price on the day after launch, is being marketed at 33 basis points area over mid-swap. ANZ and BNZ are joint lead managers.