Issuer: World Bank
Date: August 1998
Amount: €500m ($580 million)
Bookrunner: Nomura
This seven-year €500 million ($580 million) issue was the World Bank’s first standard euro-denominated bond. It was also the first offering in euros by a supranational organization not based in Europe and provided a welcome new pricing comparison. The World Bank saw an opportunity for low-cost borrowing, believing that Japanese investors would be willing to hold euro-denominated bonds even though the pricing was tight and spreads have widened in the secondary market since the bond was launched.
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