IBRD Funding Program

Benchmark Bonds

  • Investors benefit from investing in global and benchmark bonds because of IBRD's credit quality, liquidity and portfolio opportunities. 

    Credit Quality

    • AAA/Aaa rating for the World Bank (International Bank for Reconstruction and Development, IBRD)
    • Owned by 189 member governments, including the US, Japan, China, Germany, and France and UK
    • BIS Basel II and III 0% risk weighting

    Liquidity

    1. Large issue size
    2. Diverse investor base geographically and across investor types
    3. Multiple clearing systems
    4. Traded in secondary market on electronic platforms
    5. Underwriters commit to secondary market making

    Portfolio Opportunities

    • Diversification of triple-A holdings
    • Secondary market performance
    • Rarity value

    Typical Terms of World Bank (IBRD) Global Bonds (USD or EURO)

    Average Summary and Conditions

    Issue Size

    2-4 billion

    Maturity

    2, 5, 7, 10 or 30 years

    Coupon

    Fixed, 30/360, semiannual

    Denomination

    1,000 or multiples thereof

    Listing

    Luxembourg

    Form of Notes

    Registered, Fed Bookentry notes (only USD)

    Clearing

    Euroclear, Clearstream, Fedwire (only USD)

    Governing of Law

    New York (for USD), English (for EUR)



  • The World Bank (IBRD) created the concept of the global bond and was the first global bond issuer in:

    • US Dollar (1989)
    • New Zealand Dollar (1990)
    • Japanese Yen (1992)
    • Deutsche Mark (1993)
    • Mexican Peso (2006)
    • Turkish Lira (2007).
  • Global Bond Issues

    Maturity Date

    Volume

    Coupon

    2017

    NZD 400 Million

    3.375%

    2017

    GBP 1.030 Million

    1.250%

    2017

    USD 3.5 Billion

    1.000%

    2017

    USD 1.5 Billion

    Floater

    2018

    AUD 1.2 Billion

    3.500%

    2018

    USD 4 Billion

    1.375%

    2018

    AUD 750 Million

    FRN

    2018

    NZD 850

    3.625%

    2018

    CAD 500 Million

    2.125%

    2018

    USD 5 Billion

    1.000%

    2018

    USD 4 Billion

    1.000%

    2018

    USD 5 Billion

    0.875%

    2019

    AUD 1.5 Billion

    3.750%

    2019

    USD 4 Billion

    1.875%

    2019

    EUR 3 Billion

    3.875%

    2019

    CHF 425 Million

    2.750%

    2019

    AUD 1.5 Billion

    5.750%

    2019

    NZD 1.350 Billion

    4.625%

    2019

    CAD 1 Billion

    1.875%

    2019

    USD 4.150 Billion

    1.875%

    2019

    USD 4.5 Billion

    1.250%

    2019

    USD 3 Billion

    1.125%

    2020

    USD 4 Billion

    1.875%

    2020

    AUD 1.250 Billion

    2.500%

    2020

    AUD 1.1 Billion

    5.750%

    2020

    USD 3 Billion

    2.125%

    2020

    NZD 1.4 Billion

    3.750%

    2020

    CAD 1.2 Billion

    1.125%

    2020

    GBP 850 Million

    1.375%

    2020

    USD 3 Billion

    1.375%

    2020

    USD 3 Billion

    1.625%

    2021

    NZD 1.050 Billion

    4.625%

    2021

    NZD 1.150 Million

    3.500%

    2021

    AUD 2.8 Billion

    2.800%

    2021

    USD 4 Billion

    1.625%

    2021

    CAD 500 Million

    1.250%

    2021

    USD 3.5 Billion

    1.375%

    2021

    GBP 650 Million

    0.375%

    2021

    GBP 500 Million

    0.750%

    2021USD 5 Billion2.750%

    2022

    AUD 1 Billion

    2.800%

    2022

    AUD 350 Million

    5.000%

    2022

    USD 4.3 Billion

    1.625%

    2022

    USD 1.250 Billion

    1.875%

    2022

    USD 5 Billion

    2.000%

    2022

    NZD 550 Million

    3.375%

    2023

    USD 750 Million

    2.125%

    2023

    USD 1.250 Billion

    7.625%

    2024

    USD 4 Billion

    2.500%

    2025

    AUD 950 Million

    4.250%

    2025

    USD 3.500 Billion

    2.500%

    2026

    USD 1.250 Billion

    1.875%

    2026

    AUD 300 Million

    3.000%

    2030

    EUR 600 Million

    0.500%

    2034EUR 750 Million1.200%

    2035

    USD 750 Million

    4.750%