Commentary & Deal Flow

Reoffer: 7yr: MS+14bp / 99.952 / 3.132%
Benchmark: 7yr: DBR 2.3 15-Feb-33 @ 96.520% / B+24.7 / HR 108%

Final books: over €2.65bn (incl. €100m JLM)

Launched: 7yr: €1bn @ MS+14bp - Books above €2.25bn (incl. €100m JLM)
Guidance: 7yr: MS+15a

• Issuer: International Finance Corporation (IFC)
• Ratings: Aaa / AAA (Moody's / S&P, all stable)
• Risk Weighting: 0%
• Format: Global (SEC exempt) Green Bond
• Size: €1bn
• Coupon: 3.125% Fixed, Annual ACT/ACT ICMA, Long First Coupon
• Maturity: 15-Aug-33
• Settlement: 15-Jul-26 (T+5)
• Spread: MS+14 bps / +24.7 vs. DBR 2.3 15-Feb-33 @ 96.520% / 2.885% (HR: 108%)
• Re-offer: 99.952 / 3.132%
• ISIN: XS3440163569
• Bookrunners: Barclays, BNPP, CACIB (B&D/DM), TD
• Governing Law: English
• Denoms: €10k x 10k
• Listing: Luxembourg Stock Exchange’s regulated Market
• Documentation: Issuer’s 2023 Global Medium-Term Note Program
• Timing: Priced | TOE 13.33 UKT / 14.33 CET | FTT immediately
• Target Market: For MIFID II/UK MiFIR purposes, all target markets and all distribution channels are eligible
• 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:
• 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)
• 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
• 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
• IFC’s Green Bond Framework FAQ: https://www.ifc.org/content/dam/ifc/doc/2026/faqs-ifc-green-bond-framework.pdf
• IFC’s Investor Presentation: https://www.ifc.org/content/dam/ifc/doc/2025/ifc-fy26-investor-presentation.pdf
• IFC’s Global MTN Program: https://www.ifc.org/content/dam/ifc/doc/2023/GMTN-Base-Prospectus-2023.pdf