By Devika Patel
Knoxville, Tenn., Nov. 15 – International Bank for Reconstruction and Development (World Bank) priced an upsized $2 billion of 2.5% global benchmark notes (Aaa/AAA) due Nov. 22, 2027 at 99.395 on Tuesday, according to a market source. Funds will be used for sustainable development.
The company originally planned to issue just $1 billion of the notes. The bond was oversubscribed, with more than $2.4 billion in the order book.
The spread is mid-swaps plus 21 bps, and the yield is 2.569%.
Barclays, BNP Paribas Securities Corp., Nomura and TD Securities (USA) LLC were the joint lead managers.
The transaction extends the World Bank’s benchmark maturity profile to 2027.
The notes were distributed globally with 38% going to Asia, 34% to Europe and 28% to investors in the Americas.
The bulk, 53%, went to central banks and official institutions, 24% went to banks and corporates, while 23% went to asset managers.
The global development financing cooperative is based in Washington, D.C.
| Issuer: | International Bank for Reconstruction and Development (World Bank)
|
| Amount: | $2 billion
|
| Description: | Global benchmark notes
|
| Maturity: | Nov. 22, 2027
|
| Bookrunners: | Barclays, BNP Paribas Securities Corp., Nomura and TD Securities (USA) LLC
|
| Coupon: | 2.5%
|
| Price: | 99.395
|
| Yield: | 2.569%
|
| Spread: | Mid-swaps plus 21 bps
|
| Trade date: | Nov. 14
|
| Settlement date: | Nov. 22
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
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