World Bank set to issue up to $1 billion in debut hybrid note this year

The World Bank logo is seen at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. REUTERS/Elizabeth Frantz/File Photo

When the AfDB sold this deeply subordinated, debt-like equity instrument, it said it hoped to establish this as a new asset class. Looking at the ratings that would be assigned to the new instrument, Richardson said the World Bank was convinced that hybrid capital issued by multilateral development banks would be a better credit, relative to senior, unsecured bonds, than currently reflected in the rating agencies' methodologies.

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