IFC Launches $2 Billion Bond to Support Private Sector Investment and Jobs in Emerging Markets

Washington D.C., June 24, 2025 – To support private businesses and help drive job creation in emerging markets, IFC issued a new 2 billion US dollar 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 7 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.” 

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 US dollar transaction received support from a high-quality 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 it's 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 percent participation. This success underscores the trust and support from global investors in the IFC name. JPM is honoured to have lead-managed 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 Securities.

IFC has issued US dollar-denominated global benchmark bonds each year since 2000. In addition, IFC complements its public issuance by accessing a variety of different markets, including through private placements and thematic bonds. IFC also issues local-currency bonds to develop local capital markets and fund local-currency investments. All IFC bond issuances are rated triple-A by Standard & Poor's and Moody's.

IFC's fiscal year runs from July 1 to June 30.

Final Terms and Conditions for the new bond:

Investor Type

Banks                                                                                 48%

Central Banks/Official Institutions                          43%

Asset Managers                                                             9%

Region

Asia Pacific                                                                     43%

Americas                                                                         30%

Europe, Middle East, Africa                                      27%