IDA debuts in sterling with £1.5bn benchmark bond

The International Development Association has made its debut in the sterling market with a five-year benchmark bond that raised £1.5 billion. The bond matures on 12 December, 2024.

The bond offers an annual coupon of 0.75% and an annual yield of 0.787%. It was priced at +37 basis points over the 2.75% UK Gilt due September 2024. Barclays, Citibank, NatWest Markets and TD Securities are the joint lead managers for the transaction.

IDA bond proceeds will support the financing of projects and programs in eligible countries as they advance the Sustainable Development Goals.