New York, May 19 – The World Bank (International Bank for Reconstruction and Development) (Aaa/AAA) priced $29.69 million of 0% Green Growth Bonds due 2025 linked to the Ethical European Equity index, according to a bank news release.
The subscription period ran from April 20 to May 14.
The issues is the World Bank’s first equity-linked green bond to be offered to retail investors in the United States.
At maturity, investors will receive par plus 102% of the return on the index averaged over 24 monthly observation dates beginning June 15, 2023. The minimum payout will be par.
The index is made up of 30 European companies that are selected according to sustainability criteria defined by independent organizations.
Bond proceeds will be used to support the financing of projects aimed at addressing climate change.
The product was developed in partnership with BNP Paribas Securities Corp. and BNP underwrote the issue.
The issuer is based in Washington, D.C.
| Issuer: | International Bank for Reconstruction and Development
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| Issue: | Green Growth Bonds
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| Underlying index: | Ethical Europe Equity index
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| Amount: | $29,687,000
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| Maturity: | May 22, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 102% of index return averaged over 24 monthly observation dates beginning June 15, 2023, subject to minimum payout of par
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| Subscription period: | April 20 to May 14
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| Trade date: | May 15
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| Settlement date: | May 22
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| Fees: | 3.675%
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