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PRESS RELEASE October 16, 2019

World Bank Prices New USD 2 Billion 10-year Benchmark Global

Washington, DC, October 16th, 2019 – The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) today priced a new USD 2 billion 10-year global benchmark bond maturing October 23, 2029.

The transaction was announced at US market open on Tuesday October 15th, with formal bookbuilding commencing the following day. Strong global investor demand led to a granular final orderbook in excess of USD 2.3 billion, with over 95 investors participating in the transaction. 

The transaction was priced with a final spread of 12.2 basis points over the UST 1.625% August 2029 reference Treasury bond, with a yield of 1.856%. This represents the tightest spread to Treasuries that the World Bank has ever priced its bonds in the 10-year maturity.

Bank of America Merrill Lynch, Citibank, J.P. Morgan and RBC Capital Markets are the joint lead managers for the transaction.

 “We are extremely pleased with the success of the World Bank's new 10-year USD global bond. The high number of investors participating in the transaction demonstrates the value investors place in the World Bank bonds and their continued support of the World Bank’s sustainable development mission - to end extreme poverty and promote shared prosperity in our member countries”, said Jingdong Hua, Treasurer, World Bank.


Investor Distribution

By Geography

By Investor Type



Banks/Bank Treasuries/Corporates




Central Banks/Official Institutions




Asset Managers/Insurance/Pension Funds



Joint Lead Manager Quotes

“A great return to the 10-year U.S. dollar benchmark market by the World Bank, timing this transaction perfectly by responding quickly to favorable market conditions and executing a strong USD 2 billion trade”, said Adrien de Naurois, SSA Syndicate, BofA Merrill Lynch.

"Another great result for the World Bank, achieving the tightest spread to US Treasuries for any World Bank 10-year transaction and printing its first in this tenor since 2017. The strong global appetite from central banks, bank treasuries and asset managers in the orderbook highlights the continued loyal support from investors for the renowned World Bank name. Citi is delighted to have been part of this transaction", said Philip Brown, Head of Public Sector Debt Capital Markets at Citi.

“World Bank’s first return to the USD 10-year since 2017 has been well received by the global capital markets, printing a USD 2 billion benchmark transaction at their tightest-ever spread to Treasuries in this tenor.” said Matthieu Batard, Head of SSA Syndicate, J.P. Morgan.

"World Bank’s long-awaited return to the 10-year USD market has set a benchmark for broad global distribution, once again demonstrating the universal appeal of the World Bank credit supported by a consistent investor relations program which ensures that they remain the issuer least dependent on any single group of investors", said Jigme Shingsar, Managing Director, RBC Capital Markets


Transaction Summary


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

Issuer rating:



USD 2 billion



Settlement date:

October 23, 2019

Maturity date:

October 23, 2029

Issue price:


Issue yield:

1.856% s.a.


1.750% s.a.


USD 1,000


Luxembourg Stock Exchange

Lead managers:

Bank of America Merrill Lynch, Citibank, J.P. Morgan, RBC Capital Markets

Senior co-lead:

TD Securities



This press release does not constitute or form part of and should not be construed as an offer for sale or issue or the solicitation of an offer to buy or acquire the securities described in any jurisdiction or an inducement to enter into investment activity. No part of this press release, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The offering and sale of the securities described in this document are subject to restrictions under the laws of several jurisdictions. Securities may not be offered or sold except in compliance with all such laws.

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 189 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 bonds in the international capital markets for over 70 years to fund its sustainable development activities and achieve a positive impact. Information on bonds for investors is available on the World Bank Treasury website: www.worldbank.org/debtsecurities.


Heike Reichelt
Head of Investor Relations and New Products
The World Bank
+1 202 477 2880