By Cristal Cody
Tupelo, Miss., March 12 – The International Bank for Reconstruction and Development, or World Bank, priced $4.5 billion of 2.5% five-year global notes (Aaa/AAA/AAA) on Tuesday at mid-swaps plus 6 basis points, or a spread of Treasuries plus 12.75 bps, according to market sources.
The deal was launched tighter than initial price talk at mid-swaps plus 6 bps, compared to talk in the 7 bps area.
Final book size was more than $6.6 billion.
J.P. Morgan Securities plc, BNP Paribas Securities Corp., Citigroup Global Markets Ltd. and Wells Fargo Securities, LLC were the bookrunners.
The global development financing cooperative is based in Washington, D.C.
| Issuer: | International Bank for Reconstruction and Development
|
| Amount: | $4.5 billion
|
| Description: | Global notes
|
| Maturity: | March 19, 2024
|
| Bookrunners: | J.P. Morgan Securities plc, BNP Paribas Securities Corp., Citigroup Global Markets Ltd. and Wells Fargo Securities, LLC
|
| Coupon: | 2.5%
|
| Spread: | Mid-swaps plus 6 bps, or Treasuries plus 12.75 bps
|
| Trade date: | March 12
|
| Settlement date: | March 19
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| Price guidance: | Mid-swaps plus 6 bps; initial price talk at mid-swaps plus 7 bps area
|
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