By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., Sept. 20 – The International Bank for Reconstruction and Development (World Bank) priced $3.5 billion of five-year global sustainable notes on Tuesday, according to a market source and a press release.
The 4.625% bonds due Aug. 1, 2028 priced at 99.975 to yield 4.632%, or at SOFR mid-swaps plus 34 basis points, or, alternatively, Treasuries plus 14.7 bps.
Guidance was unchanged from the initial price talk, which was in the SOFR mid-swaps plus 35 bps area.
The transaction attracted more than $5.25 billion of investor interest with 75 high-quality orders led by official institutions, closely followed by global private sector investors including bank treasuries and asset managers.
Barclays, Citigroup Global Markets Ltd., HSBC Bank plc and Nomura International plc are the bookrunners.
The bond will be listed on the Luxembourg Stock Exchange.
The global development financing cooperative is based in Washington, D.C.
| Issuer: | International Bank for Reconstruction and Development
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| Amount: | $3.5 billion
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| Issue: | Global sustainable development notes
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| Maturity: | Aug. 1, 2028
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| Bookrunners: | Barclays, Citigroup Global Markets Ltd., HSBC Bank plc and Nomura International plc
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| Senior co-managers: | BMO Capital Markets Corp., CastleOak Securities, LP, National Bank of Canada Financial Inc. and Wells Fargo Securities, LLC
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| Coupon: | 4.625%
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| Price: | 99.975
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| Yield: | 4.632%
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| Spread: | SOFR mid-swaps plus 34 bps or Treasuries plus 14.7 bps
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| Trade date: | Sept. 19
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| Settlement date: | Sept. 26
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| Initial price talk: | SOFR mid-swaps plus 35 bps area
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| ISIN: | US459058KW25
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