IFC Issues $2 Billion Global Benchmark Bond To Aid Developing Countries
Date
6/26/2024 6:08:53 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 26. The International
Finance Corporation (IFC), part of the World bank Group, has issued
a new US dollar global benchmark bond, raising $2 billion to
support private businesses in developing countries, Trend reports via the
IFC.
The five-year bond saw strong demand, with orders exceeding
$2.79 billion, and achieved the tightest spread over US Treasuries
for a five-year sovereign, supranational, and agency (SSA) bond
this year.
The transaction was managed by BMO Capital Markets, J.P. Morgan,
TD Securities, and Wells Fargo Securities.
Since 2000, IFC has issued US dollar-denominated global bonds
annually. Additionally, IFC diversifies its funding sources by
accessing various markets, including private placements and
thematic bonds. These thematic bonds include green bonds for
climate-smart businesses and social bonds to fund projects aiding
underserved populations in developing countries. IFC also issues
local-currency bonds to develop local capital markets and finance
local-currency investments. All IFC bond issuances carry triple-A
ratings from Standard & Poor's and Moody's.
IFC's fiscal year runs from July 1 to June 30.
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