Who says it's selfless to set an example? Last month, by combining its own purposes with those of the greater good, the World Bank pulled off its cheapest global funding to date. In fact, it achieved the tightest spread for a five-year bond from any public issuer ever, in a market that was imploding. In its guise as the International Bank for Reconstruction and Development, the World Bank visits the capital markets to borrow anything from $10bn to $20bn each year. As it likes to point out, it does this strategically and in response to investor demand rather than according to any planned schedule. In its last fiscal year, which ended in June 2008, it raised $19bn and it expects to do between $15bn and $20bn in the current fiscal year.
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