The world bank found strong and diverse demand for a US$4bn 1.875% April 2020 Global that priced as the FOMC started its policy meeting. The success of the trade showed the depth of the market and investors' calm ahead of a widely anticipated rate hike. Indications of interest were taken at mid-swaps less 3bp and the spread was finally set at mid-swaps minus 4bp. Books closed in excess of US$5.6bn with orders from 88 investors. Central banks and official institutions accounted for 44%, while bank treasuries and corporates bought 29%, and asset managers, insurance and pension funds 27%.
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