New Telegraph 
To support private businesses and help drive job creation in emerging markets, IFC issued a new $2 billion global benchmark bond.
The new five-year benchmark was met with strong investor demand with final orders over $3.8 billion. The transaction priced at seven basis points over US Treasuries, the tightest spread for an IFC five-year US dollar benchmark.
It also priced at 41 basis points above the SOFR mid-swap rate, one of the most competitively priced five-year bonds from a public sector issuer so far this calendar year.
“The broad and varied demand for our benchmark reflects both our financial strength and our leading role in supporting private sector growth in emerging markets,” said John Gandolfo, IFC Vice President and Treasurer, Treasury & Mobilization.
“Our bond issuances provide funding for private businesses in emerging markets, creating more and better jobs to alleviate poverty and drive economic growth,” he said. Joint lead managers for this transaction were BofA Securities, Citi, J.P. Morgan, TD Securities.
“Congratulations to the IFC team on a solid return to the US dollar benchmark market. The success of today’s annual outing, IFC’s tightest five-year benchmark spread versus Treasuries, highlights the unwavering support from the investor community for the issuer’s mission to reduce poverty and boost shared prosperity.
The $2 billion transaction received support from a highquality and geographically diversified investor base. BofA is delighted to have been part of this transaction,” said Kamini Sumra, Managing Director, BofA Securities.
“Congratulations to the IFC team for a highly successful benchmark outing. Primary market conditions were favourable despite the challenging geopolitical backdrop and IFC achieved its tightest pricing versus US Treasuries in five years.
“The quality and diversity within the orderbook are a testament to the global appeal of the IFC credit and mission. Citi is delighted to have been involved,” said Ebba Wexler, Head of SSA DCM, Citi.
“Congratulations to IFC on their 2 billion US dollar five-year global benchmark, marking a strong start to the new fiscal year.
Priced at their tightest UST spread for a five-year maturity, the deal achieved the highest APAC allocation for any SSA [Sovereign, Supranational and Agency] dollar transaction this year, with 43 per cent participation.
This success underscores the trust and support from global investors in the IFC name. JPM is honoured to have leadmanaged this transaction.” said Keith Price, Head of Frequent Borrowers Group, J.P. Morgan.
“Congratulations to the IFC team on a flawlessly executed five-year US dollar transaction, which demonstrates the broad investor support for IFC’s credit.
Amidst a challenging geopolitical backdrop, IFC responded to investor demand for AAA-rated product by opting for a five-year maturity that was priced to perfection,” said Laura O’Connor, Managing Director, Head of UK DCM, TD Securitie.
