World Bank's 10-Year Bond Sets Record Orderbook

WASHINGTON, D.C., August 19, 2025 - The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) today priced a USD 5 billion benchmark bond that matures in August 2035. The World Bank's successful USD bond attracted its largest ever 10-year order book with investors around the world.

With more than 180 investor orders, the transaction attracted over USD 13 billion high-quality investor orders, primarily driven by bank treasuries, central banks/official institutions, and asset managers.

The lead managers are BMO Capital Markets, HSBC, JP Morgan, and Wells Fargo. The bond pays a semi-annual coupon of 4.375%, offers a spread of 8.98 basis points versus the reference US Treasury and will be listed on the Luxembourg Stock Exchange.

"The remarkable size of this orderbook reflects deep trust and confidence in the World Bank from investors worldwide," said Jorge Familiar, Vice President and Treasurer, World Bank. "The strong demand for the benchmark bond demonstrates our standing in global capital markets and the lasting relationships we have built with investors over seven decades, but also highlights the appeal of a liquid, high-quality investment. Investors are drawn to opportunities that offer stability, liquidity and contribute to the World Bank's goal to end extreme poverty and boost prosperity on a livable planet."

Investor Breakdown by Type

Investor Breakdown by Geography

Lead Manager Quotes

"We are thrilled to have been involved in the World Bank's first USD benchmark of the new fiscal year. As the largest 10-year issue in the SSA market since 2023, the USD 5 billion benchmark size underscores the deep relationship between World Bank and its global investor base. Congratulations to the World Bank team on a tremendous outcome," said Massimo Antonelli, Head of International SSA, BMO Capital Markets.

"Congratulations to the World Bank team on a record-breaking USD 5 billion transaction. The joint largest USD 10-year SSA issuance ever, is testament to the issuer's deep investor base and the World Bank team's ability to seize strong issuance windows. The exceptional investor demand for the deal highlights the consistent investor support the World Bank receives globally. HSBC is delighted to have played a role in this transaction," said Asif Sherani, Head of DCM Syndicate and Head of Public Sector DCM, HSBC.

"We commend the World Bank team for an impressive return to the USD market, printing USD 5 billion or the largest USD 10-year SSA benchmark since 2023. With over USD 13 billion of investor demand, the orderbook is the largest-ever in this tenor for the issuer. J.P. Morgan is proud to have partnered with the World Bank for its successful first USD benchmark of the 2026 fiscal year," said Sarah Lovedee, Head of Supranational DCM, J.P. Morgan.

"We're proud to have worked with World Bank on this milestone 10-year Sustainable Development Bond - matching its largest-ever issuance size for the tenor at USD 5 billion and drawing the biggest 10-year orderbook in the institution's history. This outcome highlights the enduring strength of the World Bank's credit, the market's deep alignment with its development mission, and the impact of thoughtful execution in a competitive environment as multiple issuers looked to tap the market this week," said Carlos Perezgrovas, Head SSA Origination, Wells Fargo Securities.

Transaction Summary

About the World Bank