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PRESS RELEASEApril 3, 2024

The World Bank Demonstrates Depth of its Capital Markets Investor Base with Dual Tranche USD 6 Billion Sustainable Development Bond Transaction

WASHINGTON, D.C., April 3, 2024 – The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) today priced two Sustainable Development Bonds, raising a total of USD 6 billion from a USD 3 billion 2-year bond maturing in April 2026 and a USD 3 billion 7-year bond maturing in April 2031.

The transactions attracted over 260 orders totaling more than USD 12.7 billion. The dual tranche format, with points on the short and longer end of the yield curve, drew a globally diverse and broad base of fixed income investors and their investment strategies.  As is common with World Bank benchmark transactions, leading investor groups included central banks and official institutions, including sub-national and municipal entities, as well private sector investors including bank treasuries, pension funds, insurance companies and asset managers.

HSBC Bank plc, J.P. Morgan Securities plc, Merrill Lynch International, Wells Fargo Securities, LLC are the lead managers for both transactions. The bonds will be listed on the Luxembourg Stock Exchange.

The 2-year tranche priced at a spread versus the reference US Treasury of +8.5 basis points, resulting in a semi-annual yield of 4.764%, and the 7-year tranche priced at a spread versus the reference US Treasury of +15.3 basis points, resulting in a semi-annual yield of 4.521%.   

“This dual tranche transaction mobilized over 260 investor orders, demonstrating the wide breadth and depth of support that we enjoy from capital markets investors” said Jorge Familiar Vice President and Treasurer, World Bank.  “This globally diverse stakeholder group is very important to the World Bank by providing financial support for its efforts to end extreme poverty and boost prosperity on a livable planet.”

Investor Breakdown by Type




Central Banks/Official Institutions



Banks/Bank Treasuries/Corporates



Asset Managers/Insurance/Pension Funds



Investor Breakdown by Geography




Europe / Middle East/ Africa (EMEA)









Lead Manager Quotes

“Congratulations to the World Bank team, returning to the bond market with a dual-tranche transaction and printing an impressive USD 3 billion 2-year and USD 3 billion 7-year bond on the back of a combined orderbook over USD 12.7 billion. This high-quality investor support allowed for their largest issuance since April 2021 and the largest USD dual tranche to date,” said Adrien de Naurois, Head of EMEA IG Syndicate, BofA Securities / Merrill Lynch International.

“Today’s US dollar dual-tranche transaction was a great result for the World Bank team. The trade highlights the quality and global appeal of the World Bank name and its Sustainable Development Bond format, taking a combined issue size of USD 6 billion and attracting a strong and diverse orderbook on both the 2-year and 7-year tranche. HBSC was delighted to be a part of the transaction,” said Asif Sherani, EMEA Head of Syndicate and Head of Public Sector DCM, HSBC.

“The World Bank was quick to take advantage of the constructive market tone following the holiday break, moving ahead with the first Sovereign, Supranational and Agency (SSA) US dollar new issue of the quarter.  With this well-timed transaction, the World Bank was able to achieve the largest US dollar outing of the year in the SSA market, choosing two under-supplied tenors and launching a USD 6 billion combined size across the two maturities.  Congratulations to the World Bank team for this impressive transaction,” said Sarah Lovedee, Head of Supranational DCM, J.P. Morgan.

“Utilizing good timing sense, the World Bank issued their first dual-tranche USD benchmark since March 2022. Robust demand allowed issuer to garner an orderbook more than USD 12.7 billion to price a combined USD 6 billion 2 & 7-year transaction. This issue becomes, the largest USD SSA transaction priced this year, an impressive result.  Wells Fargo is delighted to be part of this trade,” said Carlos Perezgrovas, Head SSA Origination, Wells Fargo Securities.

Transaction Summary


2-Year Bond

7-Year Bond


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

Issuer rating:

Aaa /AAA


USD 3 billion  

USD 3 billion

Settlement date:

April 10, 2024

Maturity date:

April 10, 2026

April 10, 2031

Issue price:



Issue yield:

4.764% semi-annual

4.521% semi-annual


USD 1,000

USD 1,000


4.75% p.a., payable semi-annually in arrear

4.5% p.a., payable semi-annually in arrear





Luxembourg Stock Exchange

Clearing system:

Fedwire, Clearstream, Euroclear

Lead managers:

Merrill Lynch International, HSBC Bank plc, J.P. Morgan Securities plc, Wells Fargo Securities, LLC


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 securities described herein are not committed or earmarked for lending to, or financing of, any particular projects or programs. Payments on the securities described herein are not funded by any particular project or program

Heike Reichelt,
The World Bank
+1 202 477 2880



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