World Bank Raises Record $9B Amid Investor Demand

WASHINGTON, D.C., April 29, 2025 - The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) today priced two Sustainable Development Bonds, raising a total of USD 9 billion from a USD 4 billion 3-year bond maturing in May 2028 and a USD 5 billion 7-year bond maturing in May 2032.

The dual-tranche transaction attracted over 300 orders totaling more than USD 22.5 billion, representing the World Bank's largest volume raised in one day through USD benchmark bonds as well as its greatest number of investor orders. The dual tranche format led a diverse set of global bond investors to participate in the transaction seeking high credit and liquid investment product.

Citi, HSBC Bank plc, Morgan Stanley and National Bank of Canada Financial Markets are the joint lead managers for both transactions. The bonds will be listed on the Luxembourg Stock Exchange.

The 3-year tranche priced at a spread versus the reference US Treasury of +6.8 basis points, resulting in a semi-annual yield of 3.704%, and the 7-year tranche priced at a spread versus the reference US Treasury of +11.2 basis points, resulting in a semi-annual yield of 4.071%.   

"This record-breaking transaction once again shows the tremendous support the World Bank has from the global investor community," said Jorge Familiar Vice President and Treasurer, World Bank, "We are appreciative of the hundreds of loyal repeat investors as well as the first-time investors who have put their confidence in the World Bank and its work to maximize impact for development by efficiently channeling resources into projects that create jobs, drive growth, reduce poverty, and improve living standards."

Investor Breakdown by Type

Investor Breakdown by Geography

Lead Manager Quotes

"On behalf of Citi, we would like to congratulate the World Bank team on this landmark USD transaction. In a busy primary market backdrop and while navigating recent market volatility, the World Bank raised USD 9 billion across two tranches and in doing so achieved its largest ever USD trade and its largest ever USD 3 year orderbook of over USD 12.3 billion. This outcome is reflective of the robust support from the global investor base for the World Bank's credit and mission. We are proud to have had the opportunity to work with the World Bank team on this transaction," said Ebba Wexler, Head of Global Sovereign, Supranational and Agency (SSA) DCM, Citi.

"Congratulations to the World Bank team for pricing an extremely successful USD 9 billion dual-tranche trade, the largest Supranational USD outing, ever. The result is even more impressive when considering the volatile market backdrop and is testament to the World Bank's leadership in SSA markets," said Asif Sherani, Head of DCM Syndicate and Head of Public Sector DCM, HSBC.

"Congratulations to the World Bank on an incredible outcome on this USD benchmark, printing USD 9 billion dual-tranche 3 and 7-year Sustainable Development Bonds. With the volatile backdrop, the success of the deal shows the true strength of the World Bank in the SSA market. Morgan Stanley was delighted to be a part of the deal," said Ben Adubi, Head of SSA, Morgan Stanley.

"The World Bank has once again demonstrated its leadership by reopening the USD SSA market after a period of volatility. This transaction generated a high quality, diverse order book with more than USD22 billion in total demand across both tranches. NBF was proud to partner with the World Bank to bring these highly sought after bonds to the market," said Scott Graham, Managing Director and Head of USD SSA Finance.

Transaction Summary

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