LONDON - The World Bank is looking to issue up to $1 billion in a debut hybrid note on capital markets this year, a senior executive told Reuters, as development banks face increasing pressure to find new ways to boost their lending.
"We are working towards a potential pilot transaction some time this calendar year," said George Richardson, director of the capital markets and investment department at the World Bank Treasury. "These state that hybrid capital will be rated 3 to 5 notches below senior ratings," he said, adding that Fitch was undergoing a methodology change and it remained to be seen what changes the ratings agency would make on hybrid capital.
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