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PRESS RELEASE November 18, 2014

World Bank Raises USD 4 billion in a Landmark 10-Year Global Bond

Washington, DC, November 18, 2014 – The World Bank (IBRD, Aaa/AAA) priced a record setting 10-year transaction today, raising USD 4 billion in a single tranche. This is the World Bank’s largest 10-year benchmark ever, and its longest dated debt offering since February 2013. The transaction was significantly oversubscribed, with an order book of more than $5 billion from over 100 high quality orders from all around the world. This is the World Bank’s third USD benchmark offering of its 2015 fiscal year, following successful 2- and 5-year transactions in July and September. The joint-lead managers for this global bond are BNP Paribas, J.P. Morgan, Morgan Stanley and RBC Capital Markets.

This 10-year USD benchmark carries a semi-annual coupon of 2.500% and matures on November 25, 2024.  It offers investors a yield of 2.521%, which is equivalent to a spread of 20.2 basis points over the 2.250% U.S. Treasury note due November 15, 2024.

“This is a milestone benchmark transaction for the World Bank - the World Bank’s largest 10-year transaction to date. This bond provides the institution with stable, attractive, long-dated funding to support loans to our member countries. At the same time, it offers investors a rare opportunity to be part of a large, liquid, long-dated World Bank transaction. We appreciate the continued support from investors for the World Bank and our development mandate,” said Madelyn AntoncicVice President and Treasurer of the World Bank.

Investor Distribution of the USD 4 billion 10-year USD Benchmark:
By GeographyBy Investor Type



Banks / Bank Treasuries / Corporates




Central Banks / Official Institutions




Asset Managers / Pension / Insurance


Middle East and Africa



Transaction Summary:


World Bank (International Bank for Reconstruction and Development, IBRD)

Issuer rating:





USD 4* billion

Settlement date:

November 25, 2014



Coupon payment dates:

May 25 and November 25 (semi-annual)

Maturity date:

November 25, 2024

Issue price:


Issue yield:



Luxembourg Stock Exchange

Clearing systems:

Fedwire, Euroclear, Clearstream



Joint lead managers:

BNP Paribas, J.P. Morgan, Morgan Stanley, RBC Capital Markets

Senior Co-lead managers:

Bank of Montreal, Credit Suisse, Deutsche Bank

Co-lead managers:

Bank of America Merrill Lynch, Barclays, Castle Oak Securities, Citi, Crédit Agricole CIB, Daiwa, DZ Bank, Goldman Sachs, HSBC, Nomura, Société Générale, TD Securities, Wells Fargo

*On March 11, 2015, IBRD agreed to increase the principal amount with a second tranche in the amount of USD 300 mllion with an issue price of 102.991% (settlement date: March 18, 2015). The new total outstanding principal amount is USD 4.3 billion.

The present transaction is consistent with the World Bank’s longstanding practice of deploying its franchise as an issuer in the international capital markets to offer investors high-quality, liquid instruments. This approach has direct benefits for World Bank member countries as well, since as a cooperative institution it is able to fund its activities as a provider of financial services to its members on highly attractive terms.

Joint Lead Manager Quotes:

“This is the largest ever 10-year supranational USD global and clearly establishes the maturity as a core sector of liquidity for the Sovereign, Supranational and Agency (SSA) sector going forward. To be able to achieve such a sizeable transaction in a maturity historically not the most liquid and at such a price, illustrates the World Bank's ongoing appeal to global investors,” said Martin Egan, Global Head of Primary Markets, at BNP Paribas.

“The printing of a $4 billion 10-year USD global benchmark illustrates that there seems to be no limit for the World Bank when it comes to investor reach. The 10-year part of the curve traditionally represents a more shallow pool of investor demand, but this deal size matches the size of both 5-year global benchmarks the World Bank printed earlier this year.  Further, at a level of mid-swaps+8, it proves how well the World Bank curve has performed in 2014 as market conditions continued to normalize back towards pre-crisis conditions,” said Carl Norrey, Managing Director, at J.P. Morgan.

“The World Bank has astutely capitalized on current demand for long-dated assets, delivering a transaction that is notable both in its size and investor composition. By returning to the 10-year market after a nearly two year absence, the World Bank has established a liquid reference point for both its borrower countries and the broader Sovereign, Supranational and Agency (SSA) market,” said Claus Skrumsager, Co-Head of Global Capital Markets Europe Middle East and Africa, at Morgan Stanley.

“RBC is very pleased to play a part in World Bank's largest ever 10-year USD global benchmark. The fact that this was the tightest 10-year Sovereign, Supranational and Agency (SSA) USD benchmark of the year is a testament to investors' very high regard for the World Bank credit. It is clear that World Bank's long term strategy of investor outreach continues to pay dividends and results in great investor breadth, extremely high quality order books, and very efficient pricing,” said Amery Dunn, Head of US Debt Capital Markets, at RBC Capital Markets.

About the World Bank

The World Bank (International Bank for Reconstruction and Development, IBRD), rated Aaa/AAA (Moody’s/S&P), is an international organization created in 1944 and the original member of the World Bank Group. It operates as a global development cooperative owned by 188 nations. It provides its members with financing, expertise and coordination services so they can achieve equitable and sustainable economic growth in their national economies and find effective solutions to pressing regional and global economic and environmental problems. The World Bank Group has two main goals: to end extreme poverty and promote shared prosperity. The World Bank (IBRD) seeks to achieve them primarily by providing loans, risk management products, and expertise on development-related disciplines to its borrowing member government clients in middle-income countries and other creditworthy countries, and by coordinating responses to regional and global challenges. The World Bank has been issuing sustainable development bonds in the international capital markets for over 60 years to fund its activities that achieve a positive impact. Information on bonds for investors is available on the World Bank Treasury website: (