Commentary & Deal Flow

Reoffer: 5.5yr: SONIA+36bp / 100 / SONIA+36bp

Final books closed in excess of £2bn (excl. JLM)

Launched: 5.5yr: £1bn @ SONIA+36bp - Books in excess of £2bn (excl. JLM)
Book Update: Books in excess of £1.1bn (excl. JLM)

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: £1bn
• Settlement: 02-Apr-26 (T+5)
• Maturity: 30-Sep-31
• Coupon: FRN, SONIA +36bps, 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 +36bps
• Reoffer Price: 100
• Denoms: £1k + £1k
• 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
• ISIN: XS3333014747
• Timing: Priced, TOE 13.01, FTT immediately