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The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) priced new Norwegian krone- and Swedish krona-denominated Sustainable Development Bonds raising approximately US$ equivalent 550 million while engaging with Scandinavian investors to raise awareness for the importance

of combatting food loss and waste. These challenges are outlined by Sustainable Development Goal 12.3: halving food waste by 2030.

The NOK 4 billion 5-year floating rate bond and SEK 1 billion 5-year fixed rate bond both mature on October 23, 2025. The bonds are the first dual-tranche issuance for IBRD in Scandinavian currencies and the first time IBRD has launched a floating rate note in NOK. Nordea Bank Abp and Skandinaviska Enskilda Banken (SEB) acted as joint lead managers for these transactions.

Over 30 investors including Deka Investment, the Folksam Group, Handelsbanken Treasury, Kommunalbanken (KBN), Länsförsäkringar Treasury, Nordea Treasury and Asset Management, Odin Forvaltning, Sandnes Sparebank, Sbanken ASA, SpareBank 1 SMN, SpareBank 1 SR-Bank ASA, Sparebank 1 Østlandet, Sparebanken Sør, Sparebanken Vest, Storebrand Asset Management, Storebrand Bank ASA and Union Investment Privatfonds GmbH participated in the bonds. Scandinavian investors accounted for 95% of the NOK bond and 85% of the SEK bond with German, Japanese and UK based investors rounding out the remainder of investor participation.

World Bank bonds support the financing of sustainable development projects and programs in member countries. This includes $4.6 billion in lending that IBRD is providing to middle-income countries to address food loss and waste from farm to fork, with investments in infrastructure, access to markets and logistics, and waste management. Reductions in food loss and waste can deliver diverse dividends, including combatting hunger, supporting sustainable food production, diets and consumption, and ultimately in addressing climate change, given that losses and waste generate eight percent of annual global greenhouse gas emissions.

The bond issuance comes shortly after the launch of the World Bank’s flagship report, Addressing Food Loss and Waste: A Global Problem with Local Solutions on the first International Day of Awareness for Food Loss and Waste Reduction on September 29, 2020 and will be followed by a virtual panel discussion on October 16, World Food Day, hosted by Nordea, including speakers from the World Bank and Nordic firms Too Good to Go and Swedbank Robur.

Since March 2019, when the World Bank launched the first Sustainable Development Bond to raise awareness of food loss and waste, a range of banks, asset managers, insurance companies and pension funds globally have shown their support. The World Bank has issued US$2.7 billion equivalent in over 35 Sustainable Development Bonds with investors to raise awareness for food loss and waste challenges.