The World Bank’s International Bank for Reconstruction and Development has priced a US$1.5 billion five-year benchmark bond linked to the Secured Overnight Financing Rate (SOFR) index, the largest SOFR Index-linked bond issued by a sovereign, supranational or agency.
The five-year structure, which matures on 18 September 2025 and has an interest rate of compounded SOFR +31 basis points, has attracted interest from more than 30 investors. These placed orders in excess of US$1.7 billion, according to the World Bank. The order book was anchored by bank treasuries and asset managers. Joint lead managers for this transaction were BMO Capital Markets, RBC Capital Markets and Wells Fargo Securities. ‘We are very pleased to offer investors a liquid, SOFR Ind
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