To lead a World Bank mandate is one of the more prestigious things that you can do, contends George Richardson, a Goldman Sachs banker. The Bank achieves among the best financing rate of any borrower in the marketplace, is definitely an innovator and thinks strategically about its financing, adds his colleague, Tuck Bradford.

Another banker who has also worked with the World Bank takes a less enthusiastic view. 'Pricing at the margin is understandable, but it does not endear them to the underwriters. It's a struggle to sell those bonds at a profit.' The same banker adds that the job of covering supranationals, including the World Bank, is no longer perceived as important within investment banks. Coverage of financial institutions and corporates is much more interesting. The World Bank is an intelligent borrower, but no longer a leader, he says.