Skip to Main Navigation
PRESS RELEASEFebruary 15, 2024

World Bank’s SOFR Index-Linked Floating Rate Bond Draws Diverse Investor Demand

WASHINGTON, D.C., February 15, 2024 – The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) today priced a USD 1.25 billion Sustainable Development Bond linked to the Secured Overnight Financing Rate (SOFR) Index maturing on February 23, 2027.

The transaction attracted interest from a diverse set of investors seeking a high credit quality investment while supporting sustainable development. The book totaled USD 1.4 billion and over 30 orders. The 3-year SOFR-index linked note pays a coupon of Compounded Daily SOFR +28 basis points.

BMO Capital Markets, Scotiabank, and Wells Fargo Securities are the lead managers for the transaction. The bond will be listed on the Luxembourg Stock Exchange.

Jorge Familiar, Vice President and Treasurer, World Bank, said, “We are thrilled to return to the SOFR market in 2024 with a transaction that appealed to both returning and new SOFR investors. Our continued offering of SOFR-index linked bonds is just one example of our commitment to bring high quality, liquid products to the market that also offer investors an opportunity to support the World Bank’s mission to end extreme poverty and boost prosperity on a livable planet.”


Investor Breakdown by Type

Banks/Bank Treasuries/Corporates


Central Banks/Official Institutions


Asset Managers/Insurance/Pension Funds


Investor Breakdown by Geography



Europe/Middle East/Africa





Lead Manager Quotes

Sean Hayes, Head of US Syndicate, BMO Capital Markets, said, “The World Bank has once again accelerated the development of SOFR floating rate product, attracting first-time buyers through this Sustainable Development Bond. As the only SSA borrower to issue a floating rate note (FRN) every year since SOFR inception, the regularity of World Bank in FRNs has both long-standing and new investors looking to their transactions as the true benchmark.”

Bob Nguyen, Global Head of Fixed Income Origination, Scotiabank, said, “Scotiabank was delighted to serve as a joint bookrunner on the World Bank's outstanding 3-year USD 1.25 billion floating rate note to support their sustainable development activities in member countries. The deal's success can be attributed to a number of factors, including the increasing demand for FRNs, strategic tenor, and use of the sustainable label. Congratulations to the World Bank team on today's terrific outcome.”

Carlos Perezgrovas, Head of SSA Origination, Wells Fargo Securities, said, “Another successful result from the World Bank in pricing the first $1 billion or greater SSA floating rate note in the primary market since World Bank’s own 4-year SOFR index-linked benchmark in January 2023. The World Bank took advantage of pent-up demand, little competing supply, and a stable backdrop to price the tightest 3-year benchmark, fixed or floating, USD transaction of the year. World Bank affirms its position as a premier borrower in FRN product. Wells Fargo is delighted to be part of this trade.”


Transaction Summary


World Bank (International Bank for Reconstruction and Development)

Issuer rating:

Aaa / AAA (Moody’s/S&P)


USD 1,250,000,000

Settlement date:

February 23, 2024

Maturity date:

February 23, 2027


Compounded Daily SOFR + 28 basis points

Coupon payment dates:

Paid quarterly on 23rd of each February, May, August, and November

Issue Price:



USD 1,000



Clearing systems:

Fedwire, Euroclear, Clearstream


Luxembourg Stock Exchange

Joint lead managers:

Wells Fargo Securities, BMO Capital Markets, Scotiabank


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, the World Bank’s Sustainable Development Bond Impact Report, 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. Payments on the bonds described herein are funded by any particular project or program.



Investor Relations and Sustainable Finance, World Bank Treasury,


    loader image


    loader image