WASHINGTON – The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) today priced a 3 billion Norwegian krone-denominated floating rate Sustainable Development Bond that matures on October 26, 2029.
The bond offers a quarterly coupon of 3-month NIBOR + 19 bps and was priced at 100%. Nordea acted as sole lead manager for the transaction.
The bonds were placed with Norwegian investors, with banks representing the majority share of allocations at 74%, followed by central banks and official institutions at 24%. The remainder was placed with insurance companies, pension funds and others.
Andrea Dore, Head of Funding, World Bank Treasury, said, “The impressive size of this Sustainable Development Bond underscores the Norwegian investor community’s interest in a liquid, highly rated product as well as the continued support for the World Bank’s mission to end poverty on a livable planet.”
Kamal Grossard-Amin, Head of SSA Origination, Nordea, said, “We want to congratulate IBRD for their first NOK transaction in 2024. Parring the tightest NOK SSA transaction in the 5.5-year tenor year to date, despite recent geopolitical uncertainty, is a true testament of IBRD’s reputation among the Norwegian investor community.”
Transaction Summary
| Issuer: | World Bank (International Bank for Reconstruction and Development, IBRD) |
| Issuer rating: | Aaa/AAA (Moody’s/S&P) |
| Currency: | NOK |
| Amount: | NOK 3,000,000,000 |
| Settlement date: | April 26, 2024 |
| Maturity date: | October 26, 2029 |
| Issue price: | 100% |
| Issue yield: | 3-month NIBOR + 19 bps |
| Denomination: | NOK 10,000 |
| Coupon: | 3-month NIBOR + 19 bps |
| Listing: | Luxembourg Stock Exchange |
| ISIN: | XS2809237378 |
| Clearing system: | Euroclear/Clearstream |
| Lead manager: | Nordea |