Commentary & Deal Flow

Reoffer: 10yr: MS+23bp / 99.775 / 3.477%
Benchmark: 10yr: DBR 3% 15-Aug-36 @ 98.12% / B+25.5bp / HR: 100%

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)
• Risk Weighting: 0%
• Format: Global (SEC exempt) Sustainable Development Bond
• Size: €3bn
• Maturity: 02-Sep-36
• Settlement: 02-Sep-26 (T+5)
• Coupon: 3.45% Fixed, Annual ACT/ACT ICMA
• Yield: 3.477%
• Price: 99.775%
• Spread: MS + 23bps
• Benchmark: DBR 3% 15-Aug-36 +25.5bps (Price: 98.12%) / HR: 100%
• ISIN: XS3486811766
• Bookrunners: Citi (B&D/DM) / Crédit Agricole CIB / Goldman Sachs International / J.P. Morgan
• Governing Law: English
• Denoms: €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
• Timing: Priced. TOE: 13:54 UKT / 14:54 CET | FTT: Immediately