World Bank GBP Bond Sees Strong Investor Demand

WASHINGTON, D.C., March 26, 2026 - The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) today priced a SONIA-linked bond maturing in September 2031. The British pound sterling (GBP) 1 billion floating rate note (FRN) is World Bank's first SONIA-linked bond since May 2019. The Sustainable Development Bond raised GBP 1 billion from investors globally to support the financing of the World Bank's sustainable development activities in member countries.

The strong investor participation in this transaction underscores the solid demand for SONIA-linked assets, pricing at SONIA + 36 basis points. The high-quality order book reached over 50 investors. Barclays Bank, Bank of Montreal Capital Markets, NatWest and RBC are joint lead managers for the transaction. The bond will be listed on the Luxembourg Stock Exchange.

"The World Bank's return to the SONIA-linked GBP market was met with exceptional demand - our first such transaction since 2019. The remarkable breadth and quality of participation in this trade reflects the deep confidence investors place in World Bank as an issuer and reflects the growing maturity of the SONIA-linked market. The steadfast support of our investors remains fundamental to World Bank's ability to channel private financing toward development projects that create jobs and improve livelihoods in our member countries," said Jorge Familiar Vice President and Treasurer, World Bank.

Investor Breakdown by Type

Lead Manager Quotes

"The World Bank's highly successful return to the GBP market is a standout achievement. Its re‑entry into the SONIA FRN space - the first such transaction since 2019 - marks the longest‑dated issue in this format since 2022, underscoring the issuer's ability to set new benchmarks and extend duration amid a shifting macro backdrop. Moreover, the market's confidence in IBRD as a safe-haven asset was evident through over GBP 2 billion in orders, exceptionally high‑quality participation, and a GBP 1 billion final size - among the largest SSA GBP FRN trades this year. We are delighted to support the World Bank in achieving such a strong outcome," said Alex Paterson, Managing Director, Head of SSA Debt Capital Markets (DCM), Barclays.

"Congratulations to the World Bank team on a successful return to the Sterling market in SONIA FRN format, re-opening IBRD's SONIA FRN curve with a new long 5 year reference point. Against one of the most volatile backdrops, this transaction appealed to a unique blend of strong bank treasury and real money investors, paving the way for an impressive GBP 1 billion print alongside pricing tension and a two-fold oversubscribed orderbook. BMO is thrilled to have been a part of this remarkable return," said Massimo Antonelli, Managing Director, Head of International SSA, BMO Capital Markets.

"IBRD reaffirmed its strong following in the Sterling market with a successful return to benchmark issuance for 2026, drawing over GBP 2 billion of high‑quality demand. Reflecting its investor‑centric approach, IBRD chose to issue an FRN - its first since 2019 - offering the flexibility investors value amid a volatile backdrop and securing exceptionally broad support. We are proud to have been involved at NatWest," Damien Carde, Head of SSA DCM, NatWest.

"Congratulations to the World Bank team on a landmark return to the GBP Benchmark market for IBRD and a significant milestone with this first GBP FRN issuance since 2019. This successful transaction underscores continued strong investor demand for IBRD's credit and demonstrates the World Bank's strategic commitment to diversifying its funding sources across currencies and product types. The robust orderbook reflects the confidence global investors place in IBRD's mission and financial strength. RBC is honoured to have supported the World Bank in achieving this important result," said James Taunton, Managing Director, Head of Public Sector Origination, Europe, RBC.

Transaction Summary

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