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The World Bank (International Bank for Reconstruction and Development, rated Aaa/AAA) increased its Kangaroo bond due February 2024 to a total amount of AUD 2.1 billion, with an AUD 800 million tap. This is the largest Australian dollar SSA

(Supranationals, Sovereigns and Agencies) Kangaroo tap since 2016.

The first tranche of the bond was issued in February this year, when it was heralded as the largest in nearly a decade. Responding to strong investor demand for safe haven assets, the World Bank announced the deal yesterday and quickly garnered diverse investor participation, both domestic and global.

The joint lead-managers for the transaction are Deutsche Bank, Nomura and TD Securities.

The tap was upsized from an initial target of AUD 300 million to AUD 800 million on the back of a strong order book totalling AUD 1.05 billion. The AUD 800 million tap offers a coupon of 2.20% per annum with a February 27, 2024 maturity and has an issue price of 101.921% to yield 1.7775% per annum. This equates to a spread of 46.85 basis points over the 2.75% Australian Commonwealth Government Benchmark (ACGB) due April 2024.

“The amazing reception we received from a large breadth of investors domestically and globally, even during time of significant market volatility, is a testament to the value investors place on the safety and liquidity of World Bank bonds,” said Andrea Dore, Head of Capital Markets, World Bank. “We appreciate the hard work our bank partners put into this transaction and are grateful for the continued support from investors from the Australian market as well as from around the world.”