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Washington:The World Bank (International Bank for Reconstruction and Development, IBRD rated Aaa/AAA) has priced a NZD 1 billion 1.625% fixed-rate global bond due May 10, 2028. The NZD bond was launched with an initial minimum target size of NZD 300 million and was increased due to very strong investor demand. The size of this bond matches the largest Supranational, Sovereign and Agency (SSA) bond issued last year, which was a 5-year NZD bond issued by the World Bank.
The bonds were distributed to a broad range of institutional investors in New Zealand (87%), Europe (8%), and Asia (5%). More than 20 investors participated including commercial banks and asset managers. The deal priced at 99.625077% to yield 1.682% p.a. semi-annual. This equates to a spread of 44.2 basis points over the New Zealand Government Bond due May 2028.
Lead Manager Quotes
“Congratulations to the World Bank for another outstanding Kauri bond transaction, matching their own tranche size record for the market and setting a new benchmark for a 7-year offering. It was a well-timed deal, welcomed by the broad investor base that World Bank attracts in the New Zealand dollar market,” said Glen Sorensen, Director Syndicate, ANZ.
“The World Bank has continued their outstanding track record in 2020 of Kauri issuance to follow suit with another outstanding transaction in 2021. In achieving a second consecutive billion dollar Kauri transaction within six months, we have seen both the demand that the market has for high grade NZ paper at present, and the high regard that investors have for the World Bank as an issuer,” said Mike Faville, Head of Capital Markets, BNZ.
Singapore’s DBS Takes Control of Rural Lender in Push Into Bay Area
Singapore’s biggest bank,
DBS, is putting its chips on China’s Greater Bay Area with the purchase of a 13% stake in
Shenzhen Rural Commercial Bank Corp., marking the first foreign investment in China’s small and medium-sized lenders since 2010.
The Singaporean bank will become the largest shareholder of the Shenzhen rural lender after the deal, under which DBS will pay 5.29 billion yuan ($814 million) for 1.35 billion new shares of the privately owned commercial lender.
The offer represents 1.01 times the book value of the Shenzhen bank’s shares as of Dec. 31, DBS said. The deal was approved by the Monetary Authority of Singapore and the Shenzhen office of the China Banking and Insurance Regulatory Commission.