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IssuerNovember 3 2008

Strengthening the market’s backbone

In October, the World Bank responded to market tensions by proving that highly creditworthy longer-tenor funding was possible with its five-year global bond. Writer Edward Russell-Walling.
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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.

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