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PRESS RELEASESeptember 14, 2022

World Bank Raises USD 4.5 Billion With 4-Year SOFR-Linked and 7-Year Fixed Rate Bonds

WASHINGTON, D.C., September 14, 2022 – The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) today priced two Sustainable Development Bonds, raising a total of USD 4.5 billion with a USD 1.5 billion 4-year bond linked to the Secured Overnight Financing Rate (SOFR), maturing in September 2026, and a USD 3 billion 7-year fixed rate bond maturing in September 2029.

The transactions attracted over 115 orders totaling more than USD 5.7 billion appealing to investors seeking a high credit quality investment while supporting sustainable development. Barclays, BMO Capital Markets, JP Morgan, and RBC Capital Markets were the lead managers for the transactions. The bonds will be listed on the Luxembourg Stock Exchange.

The 4-year SOFR-index linked tranche pays a coupon of compounded SOFR +31 basis points. The 7-year tranche priced at a spread versus the reference US Treasury of +22.5 basis points.   

“We thank investors in today’s dual tranche transaction for their ongoing support for the World Bank’s sustainable development activities,” said Jorge Familiar Vice President and Treasurer, World Bank.“By issuing SOFR-index linked and fixed rate tranches at the same time, we were able to reach a wider range of globally diverse investors.”

Investor Distribution

By Geography



Europe, Middle East, Africa










By Investor Type


Central Banks/Official Institutions



Banks/Bank Treasuries/Corporates



Asset Managers/Insurance/Pension Funds



Lead Manager Quotes

“The World Bank has again demonstrated its lead positioning and unmatched depth of investor following in the Sovereign, Supranational and Agency (SSA) market with today’s successful deal. The issuer’s long-standing strategy to establish and develop multiple products, to benchmark standard, meant that they were able to match evolving investor appetite, in a volatile environment, with a perfectly balanced dual tranche offering across fixed and floating coupon formats. Two orderbooks of large size and high quality, for entirely different but complementary products, pay strong compliments to the work of the World Bank team – Barclays was honored to support this transaction,” said Lee Cumbes, Managing Director, Head of EMEA DCM, Barclays.

“Once again a trailblazer in SSA markets, World Bank prices the first-ever dual-tranche fixed-rate and SOFR FRN transaction. In a turbulent market, attracting a high quality orderbook greater than USD 5.7 billion speaks to the quality and global appeal of IBRD. Responding to short and long duration demand, the World Bank’s fixed and floating format attracted interest from a diverse set of investors,” said Sean Hayes, Managing Director & Head of US Syndicate & Credit Sales, BMO Capital Markets.

“Congratulations to the World Bank team on today’s successful dual-tranche transaction. World Bank has shown yet again its ability to respond quickly to investor needs – tapping into clear pockets of demand for floating-rate product in a rising interest rate environment, as well as taking advantage of the return of demand for longer-dated assets. The combined USD 4.5 billion deal size demonstrates the depth of the World Bank’s global investor base as well as the strong support for its development mission," said Keith Price, Managing Director and Head of Frequent Borrower Group, J.P. Morgan.

"The World Bank’s success in navigating a volatile market to raise USD 4.5 billion speaks to the continued strength of the credit as well as the continued demand for their pioneering Sustainable Development Bond format. The rare floating and fixed dual tranche structure offered investors an opportunity to express their rate views in either direction during a period of uncertainty and provided incremental demand that enhanced the final distribution,” said Jigme Shingsar, Managing Director, RBC Capital Markets.

Transaction Summary


4-Year Bond

7-Year Bond


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

Issuer rating:

Aaa /AAA


USD 1.5 billion  

USD 3 billion

Settlement date:

September 23, 2022

September 23, 2022

Maturity date:

September 23, 2026

September 21, 2029

Issue price:



Issue yield:


3.735% semi-annual


USD 1,000

USD 1,000


Compounded SOFR + 31 basis points, payable quarterly

3.625% p.a., payable semi-annually in arrear






Luxembourg Stock Exchange

Clearing system:

Fedwire, Clearstream, Euroclear

Lead managers:

Barclays, BMO Capital Markets, JP Morgan and 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, 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

World Bank bonds support the financing of programs that further the Sustainable Development Goals (SDGs). World Bank bonds are aligned with the Sustainability Bond Guidelines published by the International Capital Market Association and as such support the financing of a combination of green and social, i.e., “sustainable development” projects, programs and activities in IBRD member countries as described in the World Bank Sustainable Development Bond Framework. The World Bank is also a member of the Executive Committee of the Green Bond, Social Bond, and Sustainability Bond Principles. A key priority for the World Bank’s capital markets’ engagement is building strategic partnerships with investors to promote the importance of private sector financing in sustainable development. The World Bank’s Sustainable Development Bond Impact Report describes how the World Bank engages with investors on the SDGs and raises awareness for specific development challenges.


This press release is not an offer for sale of securities of the International Bank for Reconstruction and Development ("IBRD"), also known in the capital markets as "World Bank". Any offering of World Bank securities will take place solely on the basis of the relevant offering documentation including, but not limited to, the prospectus, term sheet and/or final terms, as applicable, prepared by the World Bank or on behalf of the World Bank, and is subject to restrictions under the laws of several countries. World Bank securities may not be offered or sold except in compliance with all such laws. The World Bank Sustainable Development Bond Framework and the information set forth therein are not a part of, or incorporated by reference into, the offering documentation.

Net proceeds of the bonds described herein are not committed or earmarked for lending to, or financing of, any particular projects or programs, and returns on the bonds described herein are not linked to the performance of any particular project or program.


Heike Reichelt, The World Bank
+1 202 477 2880


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