Commentary & Deal Flow

Tranche 1 (10yr): Final Books over €6.4bn (incl. €350m JLM interest).

Launched: 10yr: €3bn @ MS+23bp - Orderbook closed over €6.4bn (incl. €350m JLM interest)
Spread set at: 10yr: MS+23bp - Orderbooks in excess of €6.3bn (incl. €600m JLM)
Guidance: 10yr: MS+25a

• Issuer: International Bank for Reconstruction & Development (IBRD)
• Ratings: Aaa (stable) / AAA (stable) (Moody's/S&P)
• Risk Weighting: 0%
• Format: Global (SEC exempt) Sustainable Development Bond
• Size: €3bn
• Coupon: Fixed, Annual Act/Act ICMA
• Maturity Date: 02-Sep-36
• Settlement: 02-Sep-26
• ISIN: XS3486811766
• Bookrunners: Citi (B&D/DM) / Crédit Agricole CIB / Goldman Sachs International / J.P. Morgan
• Governing Law: English
• Denominations: €1,000 x 1,000
• Target Market: For MiFID II/UK MiFIR purposes, all target markets and all distribution channels are eligible
• Listing: Luxembourg Stock Exchange's regulated market
• Documentation: Issuer's Global Debt Issuance Facility
• Books Subject: 11:00 UKT / 12:00 CET
• Schedule: Books open, today's business
• Hedge Deadline: 13:45h LDN / 14:45h CET
• Hedge Ratio: 100% vs DBR 3 15-Aug-36
• Allocations: Out
• Pricing: Will follow