Published on 3/18/2016 in the Prospect News Agency Daily, Prospect News Investment Grade Daily and Prospect News Structured Products Daily.
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
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Amount: | $100 million
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Description: | Callable step-up fixed-rate notes
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Maturity: | March 18, 2021
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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
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Call option: | Quarterly beginning June 18, 2016
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Price: | Par
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Dealer: | Morgan Stanley
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Pricing date: | March 15
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Settlement date: | March 18
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