Commentary & Deal Flow

Launched: 5yr: US$5bn @ MS+34bp - Global Books closed in excess of US$9.8bn (excl. JLM interest)
Spread set at: 5yr: MS+34bp - Books in excess of US$9bn (excl. JLM interest)
Guidance: 5yr: MS+35a - IOIs in excess of US$6.5bn (excl. JLM interest)
IPTs: 5yr: MS+36a

• Issuer: World Bank (International Bank for Reconstruction and Development)
• Issue Rating: Aaa/AAA (Stable/Stable) (Moody's/S&P)
• Format: Global (SEC Exempt) Sustainable Development Bond
• Size: US$5bn
• Ranking: Senior Unsecured
• Maturity: 27-Oct-31
• Settlement: 27-Oct-26 (T+5)
• Final Terms: US$5bn @ SOFR MS+34bp
• Coupon: Fixed, SA 30/360
• Denoms: US$1,000 x US$1,000
• Listing: Luxembourg Stock Exchange's Regulated Market
• Docs: Global Debt Issuance Facility
• Law: New York
• Clearing: Fedwire, Euroclear, Clearstream
• Bookrunners: Citi (B&D/DM) / MS / Nomura / WFS
• UOP: Bond proceeds support the World Bank’s sustainable development activities in member countries
• Timing: Books Open. Today's business. EMEA/Asia Books to close 10:30am UKT; Americas Books to close at 08.30am EDT
• ISIN / CUSIP: US459058ME09 / 459058ME0
• Target Market: For MIFID II/UK MiFIR purposes, all target markets and all distribution channels are eligible
• World Bank’s latest Sustainable Development Bond Impact Report is: https://worldbank.org/sdb-impact-report for examples of such eligible projects, programs, and activities.
• IBRD’s Sustainable Development Bond Framework is: https://worldbank.org/ibrd-sdb-framework
• Advertisement: The final prospectus, when published, will be available at https://worldbank.org/ibrd-funding