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PRESS RELEASE March 12, 2019

World Bank Prices First USD Global Benchmark of 2019

Washington, D.C., March 12, 2019 – The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) today priced a USD 4.5 billion five-year global benchmark. This is the World Bank’s first USD global issuance this year, and its largest five-year USD global benchmark since 2016.

The high-quality US$6.6 billion order book was significantly oversubscribed, with over 120 orders from investors in 31 countries. The order book was anchored by central banks and official institutions. Other investors included banks treasuries, corporates, asset managers, as well as pension and insurance funds.  Joint lead managers for this global bond are BNP Paribas, Citi, J.P. Morgan, and Wells Fargo.

The five-year benchmark has a semi-annual coupon of 2.500% per annum and a maturity date of March 19, 2024.  It offers investors a yield of 2.535%, equivalent to 12.75 basis points over the 2.375% UST due February 29, 2024.

“Since issuing its first bond denominated in USD over 70 years ago, the World Bank (IBRD) has developed a lasting partnership with investors in the U.S. and around the world. We are pleased to price our first USD benchmark issue this year with a high-quality order book and diverse investor allocation. ,” said Jingdong Hua, Vice President and Treasurer, World Bank.

“It’s been almost six months since the last World Bank USD global benchmark, but it was well worth the wait. As we have almost come to expect from the World Bank, the trade was another huge success printing at the tightest level for a five-year level of the year with a typically diversified order book of the highest quality,” said Jamie Stirling, Head of SSA DCM, BNP Paribas.

“IBRD delivers another spectacular result in the USD market with its first benchmark of 2019. With over 120 investors and more than US$6.6 billion of orders, IBRD has achieved its tightest spread to Treasuries for a five-year benchmark that I can remember. Many congratulations on an outstanding transaction,” said Alex Barnes, Head of SSA Syndicate, Citi.

“The World Bank was swift to take advantage of the recent favorable turn in funding spreads which coincides with a clear issuance window to come with a US$4.5 billion USD Global, its first USD benchmark funding exercise of the calendar year. Amid historically low USD supply volumes, IBRD’s premium credit quality attracted a wide constellation of investor demand, especially from the global central banks and official institutions community. At UST +12.75 bps, the deal marks the tightest spread to U.S. Treasuries achieved by a supranational issuer year-to-date.” said Keith Price, Managing Director, Head of SSA DCM & Syndicate, J.P. Morgan.

“It’s a privilege to work with such a prestigious borrower on its first USD Global Benchmark of the calendar year. The World Bank once again proves how wide and deep its investor base is with this tightly priced and heavily oversubscribed transaction. Furthermore, at MS + 6, this issue becomes the tightest price five-year SSA transaction this year, a huge achievement to the World Bank team!” said Carlos Perezgrovas, Head of SSA origination at Wells Fargo.

The World Bank issues approximately US$50 billion annually in bonds for sustainable development. These range from structured notes that highlight the Sustainable Development Goals to benchmark-sized issuances that cover a variety of impact themes including climate, education, gender, health, social services and clean water and sanitation. A key priority for the World Bank’s engagement in the capital markets is to build strategic partnerships with investors and other market participants to raise awareness for development challenges and accelerate opportunities to mobilize finance for development.


Investor Distribution

By Geography

By Investor Type



Central Banks/Official Institutions




Banks/Bank Treasuries/Corporates




Asset Managers/Insurance/Pension Funds



Transaction Summary


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

Issuer rating

Aaa /AAA




USD 4.5billion

Settlement date

March 19, 2019


2.500% per annum

Coupon payment dates

19 March and 19 September of each year

Maturity date

March 19, 2024

Issue price


Issue yield



Luxembourg Stock Exchange

Clearing systems

Fedwire, Euroclear, Clearstream



Joint lead managers

BNP Paribas, Citi, J.P. Morgan, Wells Fargo

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 is the original member of the World Bank Group and operates as a global development cooperative owned by 189 nations. The World Bank provides loans, guarantees, risk management products, and advisory services to middle-income and other creditworthy countries to support the Sustainable Development Goals and to end extreme poverty and promote shared prosperity. It also provides leadership to coordinate regional and global responses to development challenges. The World Bank has been issuing sustainable development bonds in the international capital markets for over 70 years to fund programs and activities that achieve a positive impact. More information on World Bank bonds is available at www.worldbank.org/debtsecurities.

* This press release is not an offer for sale of bonds of the International Bank for Reconstruction and Development ("IBRD"), also known in the capital markets as "World Bank". Any offering of the bonds will be made only by means of a prospectus containing detailed information that will made available through the joint lead managers, senior co-lead managers and co-lead managers, and is subject to restrictions under the laws of several countries. Securities may not be offered or sold except in compliance with all such laws.