International Development Association Closes $1.5 Billion Inaugural Debt Offering

April 23, 2018

International Development Association (IDA) closed its inaugural debt offering, selling $1.5 billion aggregate principal amount of 2.750% notes due April 24, 2023. The notes were admitted to the official list of the Luxembourg Stock Exchange and to trading on the regulated market of the Luxembourg Stock Exchange. The notes were offered in reliance on Rule 144A and Regulation S.

IDA, one of the five institutions of the World Bank Group, has fully paid equity of more than $150 billion and is the largest multilateral channel for providing concessional financing and knowledge services to the world’s poorest countries. IDA also provides technical assistance through reimbursable advisory services, policy advice and global knowledge services through economic sector work and country studies; supports member countries with disaster risk financing and insurance to help increase their financial resilience against natural disasters; and provides or facilitates financing through trust fund partnerships with bilateral and multilateral donors.

S&C acted as counsel to the dealers for the offering. The joint lead managers were Barclays Bank PLC, BNP Paribas, J.P. Morgan Securities plc and Nomura International plc.

The S&C team was led by Robert Risoleo and Paul McElroy, along with Mark Ma. Jeffrey Hochberg and Jennifer Leaphart advised on tax matters. Kirsten Rodger advised on EU law matters.