Clifford Chance

Clifford Chance advise Citi on USD100 million five year bond issued by the World Bank

Leading international law firm Clifford Chance has advised Citi as sole structurer and arranger of the International Bank of Reconstruction and Development's (IBRD or World Bank) $100 million bond used to support sustainable development activities and UNICEF's pandemic response programs for children around the world.

As countries confront the economic challenges of the pandemic, which has affected millions of children worldwide, the issuance also includes a new feature which will channel an amount equivalent to half of the total proceeds, US$50 million, to UNICEF. This frontloading of financing to UNICEF will support its pandemic response programs for children around the world over a 5-year period.

The Clifford Chance team was led by Debt Capital Markets partner Deborah Zandstra and senior associate Peter Pears. Deborah commented "We are delighted to have advised Citi on such a worthwhile transaction supporting the World Bank's and UNICEF's programmes and COVID-19 recovery efforts. The transaction has allowed private sector investors to participate meaningfully in these efforts and meet ESG investing objectives." Peter added "The innovative nature of the financing shows the potential for finding new ways to collaborate in alleviating social challenges. It is also a great example of how investors can share financial risks to achieve a positive development impact."