IFC Issues $2 Billion Global Benchmark Bond To Aid Developing Countries

2024-06-26 06:08:53

(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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