Commentary & Deal Flow

IPTs: 10yr: SARON MS+20a

• Issuer: International Bank for Reconstruction and Development (Ticker: IBRD)
• Issuer Domicile: Supranational
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Sustainable Development Notes
• Ranking: Senior unsecured debt
• Issuer Rating: Aaa/AAA (Moody's/S&P)
• Instrument Rating (exp): Aaa/AAA (Moody's/S&P)
• Issue Size: min. CHF 100mm
• Coupon (indicative): 0.8025% p.a. (will price at par) (30/360, following unadj.)
• Maturity: 22-Jul-36 (10 years)
• Spread/Yield (indicative): SARON MS +20bps area // YTM 0.8025% // Govt +43bps
• Lead Manager(s): Commerzbank, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 1)
• Documentation: Off the Issuer's Global Debt Issuance Facility, dated 24-Sep-21, as supplemented
• FinSA Prospectus: No prospectus required in accordance with Art. 37(1) (h.) FinSA
• Use of Proceeds: World Bank bonds support the financing of a combination of green and social, i.e. "sustainable development", projects, programs, and activities in IBRD member countries. See IBRD’s Sustainable Development Bond Framework for examples of such eligible projects, programs, and activities.
• SDB Framework: https://worldbank.org/ibrd-sdb-framework
• Governing Law: English
• Covenants: PP, NP, XD
• SIX Listing: 20-Jul-26
• Denomination: CHF 100,000 and multiples thereof
• TEFRA D Rules: In accordance with usual Swiss practice
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (All distribution channels).
• Timing: Today's business, books can close at short notice
• Settle: 22-Jul-26