Commentary & Deal Flow

IPTs: 5.5yr: SONIA+37a

• Issuer: World Bank (International Bank for Reconstruction and Development)
• Ticker: IBRD
• Issue Rating: Aaa/AAA (Moody's/S&P)
• Format: Global (SEC Exempt) Registered Note. Sustainable Development Bond
• Size: £ Benchmark
• Settlement: 02-Apr-26 (T+5)
• Maturity: 30-Sep-31
• Coupon: FRN, SONIA +XX bps, Quarterly, Act/365F, short first on 30-Jun-26
• SONIA Convention: SONIA Index where SONIA Index Start and SONIA Index End will be 5 days prior to Interest Periods Start/End
• Discount Margin: SONIA + 37bps area
• Denoms: £1,000 + £1,000
• Docs: Global Debt Issuance Facility
• Listing: Luxembourg Stock Exchange
• Leads: Barclays, BMO (B&D), NatWest, RBC CM
• SEC Exemption: The Notes are not required to be registered with the U.S. Securities Act of 1933. Accordingly, no registration statement has been filed with the US Securities and Exchange Commission
• UoP: Bond proceeds support the World Bank’s sustainable development activities in member countries. World Bank’s latest Sustainable Development Bond Impact Report is https://worldbank.org/sdb-impact-report for examples of such eligible projects, programs, and activities. IBRD’s Sustainable Development Bond Framework is: https://worldbank.org/ibrd-sdb-framework
• Advertisement: The final prospectus, when published, will be available at https://treasury.worldbank.org/IBRDfunding
• Target Market: For MIFID II/UK MiFIR purposes, all target markets and all distribution channels are eligible
• Timing: Books open, today's business