New Issue: World Bank sells $100 million five-year callable step-up notes with 1.7% start rate

By Susanna Moon

Chicago, March 18 – International Bank for Reconstruction and Development (World Bank) sold $100 million of callable step-up fixed-rate notes due 2021 at par, according to a term sheet.

Interest will initially be 1.7%, stepping up to 1.8% on Sept. 18, 2018, to 1.85% on March 18, 2019, to 2% on Sept. 18, 2019, to 2.2% on March 18, 2020 and to 3% on Sept. 18, 2020. Interest is payable quarterly.

Morgan Stanley is the dealert.

World Bank is based in Washington, D.C.

Issuer:	International Bank for Reconstruction & Development
Amount:	$100 million
Description:	Callable step-up fixed-rate notes
Maturity:	March 18, 2021
Coupon:	1.7% initially, stepping up to 1.8% on Sept. 18, 2018, to 1.85% on March 18, 2019, to 2% on Sept. 18, 2019, to 2.2% on March 18, 2020 and to 3% on Sept. 18, 2020; payable quarterly
Call option:	Quarterly beginning June 18, 2016
Price:	Par
Dealer:	Morgan Stanley
Pricing date:	March 15
Settlement date:	March 18

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