• MTN volumes flag but non-core soars

    MTN deal volumes year to date have slumped by nearly a third year on year, falling from $51.6bn in 2019 to $35.0bn this year. The fall has been particularly pronounced in core currency deals, with deals from other currencies forming a larger proportion of the market.

    • 26 Feb 2020
  • IFC hits market alongside UK in sterling

    Two sterling public sector bond issues were announced on Tuesday, but aside from timing, the trades had little in common. The UK Debt Management Office printed £2.5bn at 50 years, while the International Finance Corp raised £350m with a seven year.

    • 11 Feb 2020
  • IFC preps seven year sterling bond

    The International Finance Corp is set to become the latest public sector borrower to head to the seven year part of the sterling bond curve, in an attempt to achieve a more attractive funding cost when swapping out of the currency.

    • 10 Feb 2020
  • Niche currencies offer alluring alternative for SSAs

    For public sector issuers, niche currency deals have offered attractive opportunities for arbitrage funding, with spreads into euros and dollars spurring on demand this year. Meanwhile, strong investor appetite for green paper has seen niche shoots blossom throughout 2019. Frank Jackman reports

    • 13 Dec 2019
  • SSA non-core issuance soars

    SSAs have had their best year in non-core issuance since 2012. SSA issuance (excluding euros, dollars and sterling) is up $3.83bn year on year to $82.95bn year to date. Much of this borrowing — some $32.8bn, according to Dealogic — has come through the MTN market.

    • 06 Dec 2019
  • Funding scorecard: supranationals

    This week's funding scorecard looks at the progress supranationals have made in their funding programmes at the beginning of December, with some issuers also setting their funding targets for 2020.

    • 03 Dec 2019
  • IFC returns to Czech koruna after long absence

    The International Finance Corporation returned to the Czech koruna bond market after a 21 year absence this week to place the largest SSA deal in the currency since 2015.

    • 14 Nov 2019
  • MDBs face being trapped between nationalist pressures and global crises

    Multilateral development banks must avoid becoming squeezed between ever-growing demands to deal with global threats such as climate change and the rise of nationalism among their member states keen to use these institutions for wider political agendas

    • 19 Oct 2019
  • Bank chief pledges to get ‘biggest bang for the dollar’ in fight on poverty

    The World Bank’s new managing director Axel van Trotsenburg tells GlobalMarkets how he and president David Malpass will deliver on the record capital package they negotiated a year ago by delivering results on the ground

    • 17 Oct 2019
  • Unlocking the global investor base for local EM bond markets

    Jingdong Hua, the World Bank’s treasurer, has got a plan to get the world’s largest investors involved in local currency bonds markets

    • 15 Oct 2019
  • IFC USD2bn 1.375% Oct 24

    • 10 Oct 2019
  • SSAs fly in dollar fives

    Public sector borrowers enjoyed healthy subscription levels and minimal new issue concessions in the five year part of the curve as they returned to the dollar bond market following the Golden Week break in China.

    • 08 Oct 2019
  • SSA trio line up in dollars

    Three public sector borrowers announced dollar benchmarks on Monday, rekindling the market after a quiet week.

    • 07 Oct 2019
  • IFC out in dollar fives

    International Finance Corporation has picked the banks to lead the first dollar benchmark of its 2019/20 financial year.

    • 04 Oct 2019
  • ADB leaps on Japan Kanga bid with new green deal

    The Asian Development Bank (ADB) hit screens on Monday morning with initial price thoughts for a new 10 year green Kangaroo bond. The trade follows a busy week for SSA Kangaroo issuance at the long end of the curve, driven by Japanese demand according to one banker.

    • 09 Sep 2019
  • IFC prints Canadian dollar green giant

    The International Finance Corp (IFC) hit screens this week with its first Canadian dollar green bond. The C$750m ($567m) print was the issuer’s largest ever in the currency, as well as the tightest an international SSA issuer has printed against the Canadian Mortgage Bond (CMB) curve, a large and liquid Canadian dollar benchmark.

    • 05 Sep 2019
  • IFC launches Canadian dollar green debut

    The International Finance Corp hit screens on Tuesday afternoon with its first Canadian dollar green bond. The C$750m ($567m) bond is the issuer's largest ever in the currency.

    • 04 Sep 2019
  • KBN debuts Swedish green bond as SSAs move into niche markets

    Kommunalbanken brought its green bond framework to the Swedish krona market for the first time last week to place its seventh green note, its first since August 2018. The move into the currency follows a wider trend of major SSA issuers funding in niche currencies as raising debt in core markets becomes harder, according to bankers.

    • 28 Aug 2019
  • IADB and IFC tap busy Kauri market

    Following last Friday’s Asian Development Bank Kiwi dollar deal, the Inter-American Development Bank and International Finance Corporation both came to the Kauri market on Tuesday to tap a pair of mid-curve notes. With demand for mid-curve Kauri products high, bankers expect more issuers to follow as funding remains attractive for dollar-based borrowers.

    • 20 Aug 2019
  • Supranationals pile into Kauri market

    The Asian Development Bank returned to the Kiwi dollar market to print its largest Kauri deal since January 2018 this week. With the Inter-American Development Bank and International Finance Corporation set to follow with a pair of taps in the coming days, bankers are expecting a busy few weeks in the market as investors react to the recent surprise interest rate cut from the Reserve Bank of New Zealand.

    • 19 Aug 2019
  • Scandi taps flow after summer break

    Volumes are growing across the spectrum in the Scandinavian MTN markets, as issuers and bankers return from their summer holidays. Meanwhile, bankers are expecting Scandinavian investors to move further out along the credit curve in response to negative yields as dovish Nordic central bank tones could lead to a bullish Scandinavian market.

    • 13 Aug 2019
  • Funding scorecard: supranationals

    This week’s funding scorecard looks at the progress supranationals have made in their funding programmes towards the end of July

    • 26 Jul 2019

IFC data breakdown

Sources: IFC, Dealogic

Credit rating Aaa/AAA
Basel II risk weighting
0%
Headquarters
2121 Pennsylvania Avenue, NW,
Washington, DC 20433 USA

 

See Funding scorecard: supranationals for IFC's funding progress this year.

 

 

IFC



 

Dealer League Table IFC

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 0.16 3 17.66%
2 TD Securities Inc 0.15 3 16.96%
3 Credit Agricole CIB 0.14 1 15.93%
4 BofA Securities 0.12 2 13.47%
5 HSBC 0.11 1 12.45%

Key
officials

Flora Chao, global head of funding

Marcin Bill, senior financial officer

Elena Panomarenko, senior financial officer

Maki Yasui, senior financial officer

Yuri Kuroki, associate financial officer

Hiroyasu Hirano, associate financial officer

Zauresh Kezheneva, financial analyst

Esohe Denise Odaro, investor relations officer

Sophie Peeters, investor relations analyst

Overview
commentary
The International Finance Corporation (IFC) is a member of the World Bank group. It provides
investment and advisory services to build the private sector in developing countries. The IFC was
established in 1956 and ended that year with 56 member countries. Membership has increased
gradually, standing at 184 at the end of 2011-2012 financial year.

The member countries provide IFC’s authorised share capital of $2.58bn, 51% of the capital are held by G7 countries, collectively determine its policies, and approve investments.
Guarantee All of IFC's notes constitute direct, unconditional, general and unsecured obligations of the corporation. The notes are not obligations of the IBRD or of any of its shareholders and IFC's notes are not fully or partially guaranteed by the World Bank or any of its shareholders.
Ownership
structure
IFC has 184 Member Countries and 51% of the capital is held by G7 countries. IFC has strong shareholder support and is the only supranational with fully paid-in capital, exclusively in US dollars.
Private
placement
policy
IFC aims to maintain its position as an active and flexible issuer of plain vanilla and structured notes and works on reverse enquiry basis offering extensive products including interest rate linked, FX linked, index linked, equity linked, FRNs, emerging market currencies/linkers, Bermudan and European callables. Minimum size $3 million equivalent; maturities ranging from 1 to 30 years.

European Sovereign Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11.35 16 13.38%
2 Citi 7.29 9 8.59%
3 BNP Paribas 6.40 10 7.55%
4 Goldman Sachs 6.07 9 7.16%
5 SG Corporate & Investment Banking 5.99 6 7.06%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Citi 11.58 21 12.74%
2 JPMorgan 8.31 15 9.14%
3 BofA Securities 6.39 20 7.03%
4 TD Securities Inc 6.21 12 6.83%
5 Goldman Sachs 5.78 14 6.36%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 18.07 27 11.19%
2 BNP Paribas 12.28 21 7.60%
3 HSBC 11.44 27 7.08%
4 SG Corporate & Investment Banking 10.56 15 6.54%
5 BofA Securities 10.00 23 6.19%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 29.50 68 9.19%
2 Citi 23.40 52 7.29%
3 HSBC 19.80 61 6.17%
4 BofA Securities 18.39 55 5.73%
5 Barclays 17.35 44 5.40%