World Bank Returns to CAD Bond Market with $1.5B Bond

WASHINGTON, D.C. August 21, 2025 - The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) today priced a new 3-year CAD $1.5 billion Sustainable Development Bond that matures in September 2028.

The 3-year benchmark transaction pays a semi-annual coupon of 2.90% p.a. and has an issue price of 99.946% and a final spread of 9.8 bps over the CAN 3.25% September 2028 reference bond, offering investors a yield of 2.919% (semi-annual). Joint lead managers for this transaction are BMO Capital Markets, CIBC, National Bank Financial and Scotiabank.

"It has been a dynamic start to the new fiscal year for the World Bank, as we conclude successful transactions for the World Bank in two different currencies this week - USD and now in CAD," said Jorge Familiar, Vice President and Treasurer, World Bank. "This benchmark attracted interest from a wide range of investors, reflecting robust demand for secure, liquid investments that also deliver positive impact."

Lead Manager Quotes:

"We are proud to have been involved in World Bank's first Canadian dollar transaction since January 2024. With interest over CAD 2.3 billion at closing, the order book is the largest on record for a CAD-denominated transaction - a testament to the enduring nature of World Bank's deep relationships with its global investors. Congratulations to the World Bank team on an extremely successful return to the CAD market," said Massimo Antonelli, Head of International SSA, BMO Capital Markets.

"We are pleased to welcome back the World Bank to the Maple market with their successful 3-year offering. After more than a year's absence, their return was met with exceptional investor demand, reaffirming the World Bank's ability to re-open markets, and demonstrating how the World Bank's ongoing commitment to impactful, sustainable development continues to strongly resonate with investors," said Priya Radha, Managing Director & Global Head, Government Solutions, CIBC Capital Markets.

"In the midst of the post-summer capital markets reopening in several currencies, the World Bank seized the opportunity to reopen the Canadian Maple market for the second half of the year with an outstanding Canadian dollar 1.5 billion 3-year benchmark bond. It is the largest CAD transaction year to date and shows the World Bank's continued support for the Canadian market. National Bank Financial was proud to partner with the World Bank with this outstanding opportunity," said Scott Graham, Head of Public Sector New Issues, National Bank Financial Inc.

"Congratulations to the World Bank on a successful CAD 1.5 billion 3-year Sustainable Development Bond benchmark. This marks a truly impressive return to the CAD global bond market, commencing the World Bank's 2025 Fiscal Year activity in this currency. This issuance garnered strong demand and broad participation from high caliber domestic and international investors. Scotiabank was pleased to be involved in such an important issuance," said Cesare Roselli, Global Head of SSA Origination at Scotiabank.

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