Investor Demand Soars as World Bank Raises Record USD 9 Billion in Dual Tranche Benchmark Bonds

WASHINGTON, D.C., April 29, 2025 – The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) today priced two Sustainable Development Bonds, raising a total of USD 9 billion from a USD 4 billion 3-year bond maturing in May 2028 and a USD 5 billion 7-year bond maturing in May 2032.  

The dual-tranche transaction attracted over 300 orders totaling more than USD 22.5 billion, representing the World Bank’s largest volume raised in one day through USD benchmark bonds as well as its greatest number of investor orders. The dual tranche format led a diverse set of global bond investors to participate in the transaction seeking high credit and liquid investment product.

Citi, HSBC Bank plc, Morgan Stanley and National Bank of Canada Financial Markets are the joint lead managers for both transactions. The bonds will be listed on the Luxembourg Stock Exchange. 

The 3-year tranche priced at a spread versus the reference US Treasury of +6.8 basis points, resulting in a semi-annual yield of 3.704%, and the 7-year tranche priced at a spread versus the reference US Treasury of +11.2 basis points, resulting in a semi-annual yield of 4.071%.    

“This record-breaking transaction once again shows the tremendous support the World Bank has from the global investor community,” said Jorge Familiar Vice President and Treasurer, World Bank, “We are appreciative of the hundreds of loyal repeat investors as well as the first-time investors who have put their confidence in the World Bank and its work to maximize impact for development by efficiently channeling resources into projects that create jobs, drive growth, reduce poverty, and improve living standards.”

Investor Breakdown by Type

Investor Breakdown by Geography

Lead Manager Quotes

“On behalf of Citi, we would like to congratulate the World Bank team on this landmark USD transaction. In a busy primary market backdrop and while navigating recent market volatility, the World Bank raised USD 9 billion across two tranches and in doing so achieved its largest ever USD trade and its largest ever USD 3 year orderbook of over USD 12.3 billion. This outcome is reflective of the robust support from the global investor base for the World Bank’s credit and mission. We are proud to have had the opportunity to work with the World Bank team on this transaction,” said Ebba Wexler, Head of Global Sovereign, Supranational and Agency (SSA) DCM, Citi.

“Congratulations to the World Bank team for pricing an extremely successful USD 9 billion dual-tranche trade, the largest Supranational USD outing, ever. The result is even more impressive when considering the volatile market backdrop and is testament to the World Bank's leadership in SSA markets,” said Asif Sherani, Head of DCM Syndicate and Head of Public Sector DCM, HSBC.

“Congratulations to the World Bank on an incredible outcome on this USD benchmark, printing USD 9 billion dual-tranche 3 and 7-year Sustainable Development Bonds. With the volatile backdrop, the success of the deal shows the true strength of the World Bank in the SSA market. Morgan Stanley was delighted to be a part of the deal,” said Ben Adubi, Head of SSA, Morgan Stanley.

“The World Bank has once again demonstrated its leadership by reopening the USD SSA market after a period of volatility. This transaction generated a high quality, diverse order book with more than USD22 billion in total demand across both tranches. NBF was proud to partner with the World Bank to bring these highly sought after bonds to the market,” said Scott Graham, Managing Director and Head of USD SSA Finance.

Transaction Summary

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 end extreme poverty and promote shared prosperity on a livable planet. It also provides leadership to coordinate regional and global responses to development challenges. The World Bank has been issuing bonds in the international capital markets for over 70 years to fund programs and activities that achieve a positive impact. World Bank bonds are aligned with the Sustainability Bond Guidelines published by the International Capital Market Association. More information on the World Bank’s Sustainable Development bonds is available at www.worldbank.org/debtsecurities and in the World Bank’s Sustainable Development Bond Impact Report that describes how the World Bank engages with investors and raises awareness for specific development challenges.

Disclaimers

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 not funded by any project or program.

Contact

Investor Relations and Sustainable Finance, World Bank Treasury, debtsecurities@worldbank.org