The World Bank’s First USD Benchmark Bond of the 2026 Fiscal Year is a 10-Year with Record Orderbook

WASHINGTON, D.C., August 19, 2025 – The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) today priced a USD 5 billion benchmark bond that matures in August 2035. The World Bank’s successful USD bond attracted its largest ever 10-year order book with investors around the world.  

With more than 180 investor orders, the transaction attracted over USD 13 billion high-quality investor orders, primarily driven by bank treasuries, central banks/official institutions, and asset managers.

The lead managers are BMO Capital Markets, HSBC, JP Morgan, and Wells Fargo. The bond pays a semi-annual coupon of 4.375%, offers a spread of 8.98 basis points versus the reference US Treasury and will be listed on the Luxembourg Stock Exchange.   

"The remarkable size of this orderbook reflects deep trust and confidence in the World Bank from investors worldwide,” said Jorge Familiar, Vice President and Treasurer, World Bank. “The strong demand for the benchmark bond demonstrates our standing in global capital markets and the lasting relationships we have built with investors over seven decades, but also highlights the appeal of a liquid, high-quality investment. Investors are drawn to opportunities that offer stability, liquidity and contribute to the World Bank’s goal to end extreme poverty and boost prosperity on a livable planet.”

Investor Breakdown by Type

Investor Breakdown by Geography

Lead Manager Quotes

“We are thrilled to have been involved in the World Bank's first USD benchmark of the new fiscal year. As the largest 10-year issue in the SSA market since 2023, the USD 5 billion benchmark size underscores the deep relationship between World Bank and its global investor base. Congratulations to the World Bank team on a tremendous outcome,” said Massimo Antonelli, Head of International SSA, BMO Capital Markets.

“Congratulations to the World Bank team on a record-breaking USD 5 billion transaction. The joint largest USD 10-year SSA issuance ever, is testament to the issuer's deep investor base and the World Bank team's ability to seize strong issuance windows. The exceptional investor demand for the deal highlights the consistent investor support the World Bank receives globally. HSBC is delighted to have played a role in this transaction,” said Asif Sherani, Head of DCM Syndicate and Head of Public Sector DCM, HSBC.

“We commend the World Bank team for an impressive return to the USD market, printing USD 5 billion or the largest USD 10-year SSA benchmark since 2023. With over USD 13 billion of investor demand, the orderbook is the largest-ever in this tenor for the issuer.  J.P. Morgan is proud to have partnered with the World Bank for its successful first USD benchmark of the 2026 fiscal year,” said Sarah Lovedee, Head of Supranational DCM, J.P. Morgan.

“We’re proud to have worked with World Bank on this milestone 10-year Sustainable Development Bond — matching its largest-ever issuance size for the tenor at USD 5 billion and drawing the biggest 10-year orderbook in the institution’s history. This outcome highlights the enduring strength of the World Bank’s credit, the market’s deep alignment with its development mission, and the impact of thoughtful execution in a competitive environment as multiple issuers looked to tap the market this week,” said Carlos Perezgrovas, Head SSA Origination, Wells Fargo Securities.

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 75 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