Skip to Main Navigation
PRESS RELEASE April 17, 2015

World Bank Prices NZD 600 million Tap of 10 February 2020 Kauri bond

Washington, DC, April 17, 2015 – The World Bank (International Bank for Reconstruction and Development, IBRD rated Aaa/AAA) has priced a NZD600 million tap to the existing 3.75% February 2020 fixed-rate global bond to take the total outstanding to NZD1.4 billion. The total volume represents the largest ever Kauri bond in the market. The transaction adds to the record breaking NZD800 million initial offer due February 2020 which still represents the largest ever primary offering in the Kauri market and reinforces the World Bank’s market leading presence in the that market.

The bonds were distributed to a broad range of institutional investors in New Zealand 64%, Asia 22%, Japan 6%, Middle East 5%, Europe 2%, and Americas 1%, with around 20 orders from central banks and other official institutions, commercial banks, and fund managers.

The joint-lead managers for the transaction were ANZ and Westpac Banking Corporation (acting through its New Zealand Branch).

“We are pleased to see a number of new investors participating in this bond. The Kauri market continues to attract new investors and we are happy to be part of this ongoing development of the Kauri market by offering investors a high quality AAA New Zealand dollar asset. We would like to thank all the investors who participated in this transaction and also our lead managers for their commitment and support." said Andrea Dore, Lead Financial Officer, Capital Markets, at the World Bank.

“This transaction once again cements the World Bank as the market leader in the Kauri market. The tap of NZD600 million takes the current outstanding to NZD1.4 billion and as a result sits nicely alongside the World Bank's February 2019 bond with NZD1.35bln outstanding. The success of this transaction reflects the positive investor sentiment for the World Bank by Kauri investors and Westpac is once again pleased to be involved.” said Peter Dalton, Head of Syndicate at Westpac.

“Another outstanding reception for World Bank in Kauri. ANZ is thrilled to have played a part in such a successful transaction, but even more so to see the continued development and diversification of the Kauri markets investor base that this deal represented.” said Glen Sorensen, Director, Syndicate at ANZ.

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 in a variety of currencies. 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.

Transaction Summary


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

Issuer rating:



NZD 600 million  

Settlement date:

April 28, 2015

Minimum Subscription:

NZD 1,000 (within New Zealand NZD 500,000)


NZD 1,000 and multiples thereof (within New Zealand, NZD 100,000 with multiples of NZD1,000 thereafter)


Registered notes


3.75% semi-annual

Coupon payment dates:

10 February and 10 August in each year, beginning on 10 August 2015, up to and including the maturity date

Maturity date:

February 10, 2020

Issue price:

1100.169770% + 77 days accrued interest of 0.79765193%

Issue yield:

3.71% semi-annual


Luxembourg Stock Exchange

Clearing systems:

NZ Clear and Euroclear



Joint lead managers:

ANZ Bank New Zealand Limited, Westpac Banking Corporation (acting through its New Zealand Branch)

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. 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 for investors is available on the World Bank Treasury website: (