World Bank, Cades bring new issues; Shell tightens as oil prices rebound; Barclays firms

By Aleesia Forni

New York, Jan. 21 – World Bank and Caisse d'Amortissement de la Dette Sociale entered the primary market on Thursday, pricing a combined $8 billion of new issuance, as persistent market volatility pushed spreads mostly wider in the secondary market.

International Bank for Reconstruction and Development (World Bank) garnered an order book that was around 1.13 times oversubscribed.

The bank priced $4.5 billion of 1.25% 3.5-year global bonds at mid-swaps plus 26 basis points, or Treasuries plus 34.7 bps, according to a market source and a bank news release.

Pricing was at 99.517 to yield 1.392%.

The notes sold at the tight end of price guidance.

And Cades offered $3.5 billion of three-year bonds in a Rule 144A and Regulation S sale.

The 1.5% three-year notes priced at mid-swaps plus 49 bps, a market source said.

The notes sold in line with price talk.

Moving to the secondary market, Shell International Finance BV’s bonds traded tighter late Thursday as oil prices rebounded following a 12-year low.

Meanwhile, bank and financial paper traded around 3 basis points to 5 bps weaker on the day.

Barclays plc’s 5.25% bonds due 2045 and Lloyds Bank plc’s 2.7% bonds due 2020 each traded 5 bps tighter.

And AstraZeneca plc’s 3.375% senior notes due 2025 widened 4 bps during the session.

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