{"id":85175,"date":"2023-02-07T23:56:08","date_gmt":"2023-02-07T21:56:08","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=85175"},"modified":"2023-02-07T23:56:08","modified_gmt":"2023-02-07T21:56:08","slug":"5bn-sustainable-development-bond-to-back-world-banks-effort-to-combat-poverty","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/5bn-sustainable-development-bond-to-back-world-banks-effort-to-combat-poverty\/","title":{"rendered":"$ 5bn sustainable development bond to back World Bank\u2019s effort to combat poverty"},"content":{"rendered":"<p dir=\"ltr\" style=\"text-align: left;\">A 7-year Sustainable Development Bond \u2013 maturing in February 2030 &#8211; raised $ 5 billion to support the <a href=\"https:\/\/www.csregypt.com\/en\/world-bank-expects-egypts-sovereign-issuances-of-innovative-green-bonds-sukuk-to-continue\/\">World Bank<\/a>\u2019s mission to combat poverty and boost shared prosperity in developing countries as they continue to navigate multiple crises.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">The transaction, which represents the first $ 7-year benchmark in the Sovereign, Supranational, and Agency (SSA) sector in 2023, attracted 152 orders totaling more than $ 8.4 billion appealing to investors seeking high credit quality and a sustainable investment. The transaction attracted global interest from a diverse investor group with significant participation from banks, central banks, and asset managers, among others.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\"><a href=\"https:\/\/home.barclays\/\">Barclays<\/a>, BofA Securities, HSBC Bank plc, and J.P. Morgan are the lead managers. The bond will be listed on the Luxembourg Stock Exchange.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cWe are very pleased to be back in the USD market in the 7-year space and see strong investor demand,\u201d\u00a0said<strong>\u00a0<\/strong>Jorge Familiar, Vice President and Treasurer, World Bank.\u201cWe appreciate investors\u2019 support for the transaction and the sustainable development activities of the World Bank as we work with member countries to boost resilience and support the poor and vulnerable as countries deal with severe economic, climate, and social challenges amid worsening inequality.\u201d<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\"><em>\u201c<\/em>The World Bank has once again delivered an immensely successful transaction in its first outing in the USD market this year, whilst also establishing the first 7-year for the SSA sector in 2023. The high-quality, granular order book, in excess of $ 8.4 billion, is a vote of confidence in the World Bank team&#8217;s accurate market view and precise assessment of fair value.\u00a0 Barclays was honored to have been able to support this transaction and the critical mission of the World Bank,\u201d<em>\u00a0<\/em>said,\u00a0Lee Cumbes, Head of DCM and Public Sector, EMEA, Barclays.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cCongratulations to the World Bank team on an outstanding first USD benchmark of this calendar year. Despite a busy primary backdrop, the transaction was met with exceptional investor demand allowing the issuer to both tighten 2 basis points and print an upsized $ 5 billion transaction, a strong testament the World Bank\u2019s credit quality and investor support for its sustainable development efforts,\u201d<em>\u00a0<\/em>said,\u00a0Kamini Sumra, Managing Director, SSA Origination, BofA Securities.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cWe would like to congratulate the World Bank on taking advantage of a constructive market backdrop and achieving an excellent outcome. The World Bank showcased its position as a household name in the SSA market, being the first issuer to access the 7-year tenor in USD in 2023, and for a USD 5 billion transaction. The deal was well supported by a high-quality $ 8.4 billion orderbook. We are very proud to have been involved at HSBC,\u201d<em>\u00a0<\/em>said,\u00a0Asif Sherani, Head of DCM Syndicate, EMEA, HSBC.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\u201cThe World Bank returned to the USD benchmark market for the first time in the 2023 calendar year with an impressive USD 5 billion 7-year Sustainable Development Bond\u2013 the largest 7-year transaction from the issuer since 2021, and also the first 7-year USD SSA trade of the year.\u00a0 A high-quality orderbook of over $ 8.4 billion is a testament to the World Bank\u2019s solid standing among the global investor community, and further evidence of the issuer\u2019s deep access to the capital markets.\u00a0 J.P. Morgan is delighted to have been involved,\u201d said, Keith Price, Head of Frequent Borrower Group, J.P. Morgan.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">\n","protected":false},"excerpt":{"rendered":"<p>A 7-year Sustainable Development Bond \u2013 maturing in February 2030 &#8211; raised $ 5 billion to support the World Bank\u2019s mission to combat poverty and boost shared prosperity in developing countries as they continue to navigate multiple crises. The transaction, which represents the first $ 7-year benchmark in the Sovereign, Supranational, and Agency (SSA) sector [&hellip;]<\/p>\n","protected":false},"author":410,"featured_media":85176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[984,6030],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$ 5bn sustainable development bond to back World Bank\u2019s effort to combat poverty - Csr Egypt<\/title>\n<meta name=\"description\" content=\"A 7-year Sustainable Development Bond \u2013 maturing in February 2030 - raised $ 5 billion to support the World Bank\u2019s mission to combat poverty .\u00a0\u00a0 \u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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