Commentary & Deal Flow

IPTs: 5yr: SOFR MS+33a (currently equivalent to CT5+5.8a)

• Issuer: International Finance Corporation (IFC)
• Issue Rating: Aaa/AAA (Moody's/S&P — all stable)
• Format: Global SEC Exempt
• Size: US$ Benchmark
• Ranking: Senior Unsecured
• Type: Green
• Leads: BMO / Citi / GSI / JPM
• Maturity: 14-Jul-31
• Settlement: 14-Jul-26 (T+5)
• Coupon: Fixed, Semi-Annual, 30/360
• Listing: Luxembourg Stock Exchange
• Docs: Issuer's 2023 Global Medium-Term Note Program
• Law/Denoms: New York, US$1,000 + US$1,000
• Clearing: Fedwire, Euroclear, Clearstream
• Timing: Taking IOIs, expect tomorrow's business
• Target Market: The target market for the Notes is eligible counterparties, professional clients and retail clients, each as defined in MiFID II/UK MiFIR (all channels for distribution of the Notes are appropriate)
• UOP: The net proceeds of the issuance of the Notes also referred to as IFC's Green Bonds, which may be converted into US Dollars, will be added to the Issuer's general liquidity pool and tracked through a designated sub-account. Management of the Issuer's general liquidity is governed by a set of policies and practices, including the General Investment Authorization adopted by the Issuer's Board of Directors, the Issuer's Investment Directives for liquid assets, and the Issuer's internal ESG risk screening system. The sub-account balance is based on the difference between the outstanding amount of IFC Green Bonds as compared to the outstanding amount of selected Eligible Projects. Eligible Projects will be selected from all projects funded, in whole or in part, by the Issuer. The Issuer reserves the right to lend directly or indirectly. Eligible Projects may include projects that contribute to or enable the following environmental objectives:
  The Issuer also finances activities through financial intermediaries and investments in third-party green bonds. Across its environmental objectives, the IFC Green Bond Program applies the IFC Performance Standards to manage environmental and social risks and excludes activities that support the fossil fuel industry, livestock and deforestation.
  The above examples of Eligible Projects are for illustrative purposes only and no assurance can be provided that disbursements for projects with these specific characteristics will be made by the Issuer during the term of the Notes. Payments of interest and principal in respect of IFC Green Bonds are strictly based on the credit quality of the Issuer and are not directly affected by the result of the underlying investments the Issuer makes consistent with the eligibility criteria outlined above.
  IFC's annual Green and Social Bond Impact Report publishes a list of projects in emerging markets that have been funded through the proceeds of our green and social bonds. IFC Green and Social Bond Impact Report: https://www.ifc.org/content/dam/ifc/doc/2026/green-and-social-bond-impact-report-fy25.pdf
  IFC has published the updated Green Bond Framework (https://www.ifc.org/content/dam/ifc/doc/2026/ifc-green-bond-framework.pdf) and obtained Second-Party Opinion from S&P Global Ratings (https://www.ifc.org/content/dam/ifc/doc/2026/s-and-p-second-party-opinion-ifc-green-bond-framework.pdf)
• • Climate change mitigation (e.g., renewable energy, energy efficiency, green buildings and clean transport)
  • Climate change adaptation and resilience (e.g., activities that integrate measures to manage and/or reduce physical climate risks and build the adaptive capacity of the system within which the activity takes place)
  • Biodiversity and natural resource conservation (e.g., investment in biodiversity conservation and/or restoration, reduction of the direct drivers of biodiversity or ecosystem services loss, nature-based solutions)
  • Ocean and water protection (e.g., regeneration, protection, and sustainable use of oceans and water resources)
  • Circular economy (e.g., activities that minimize the use of nature resources and promote the regeneration of nature, design out waste generation, and maintain the value of products and materials for as long as possible)