Washington, September 8, 2026 — International Finance Corporation (IFC, rated Aaa/AAA), a member of the World Bank Group, today priced a NZD 1 billion 7-year Kauri bond, representing IFC’s largest-ever issuance in the Kauri market. The transaction marks IFC’s return to the New Zealand dollar Kauri market since December 2023 and extends its funding curve in the currency.
The bond carries a 4.60% coupon and matures on September 21, 2033. It was priced at 14.35bps over the New Zealand Government Bond 3.5% 14 April 2033, with a re-offer yield of 4.616%. Settlement is expected on September 21, 2026.
The transaction was supported by a high-quality investor base including bank treasuries, central banks and asset managers. The transaction was jointly led by ANZ Bank New Zealand Limited, Commonwealth Bank of Australia, and Westpac Banking Corporation.
“Returning to the Kauri market with IFC’s largest issuance to date is an important milestone for our funding program. The strong support from New Zealand investors enabled IFC to achieve a NZD1 billion benchmark, underscoring the depth of the domestic market and reinforcing the role of New Zealand dollar funding within our global funding strategy. This diversification across markets and currencies strengthens our ability to support private sector development in emerging economies,” said Jorge Familiar, Vice President and Treasurer, World Bank Group.
The IFC bond is issued under IFC’s Australian and New Zealand Debt Issuance Programme. This transaction is the first post-summer Kauri bond from a triple-A rated issuer.
Investor Distribution by Type
- Banks / Bank Treasuries: 92%
- Central Banks / Official Institutions: 5.0%
- Asset Managers / Insurance / Pension Funds: 3%
Investor Distribution by Geography
- New Zealand: 95%
- Europe / Middle East / Africa: 5%
- Asia: 0.2%
Lead Manager Quotes
“It was fantastic to see IFC return to the Kauri market for the first time since 2023 and deliver its largest transaction to date. This reflects the ongoing relationships IFC has continued to build with New Zealand investors; and this was rewarded with a NZD 1 billion print. Congratulations to the team on an outstanding result and on achieving such strong support from the market” said Hamish Turley, Director – DCM & Syndicate, ANZ Bank New Zealand
“We congratulate the IFC team on an exceptional outcome. IFC’s return to the Kauri market after almost three years resulted in its largest-ever NZD issuance, with NZD 1 billion raised at highly competitive pricing. Achieving this scale during a busy period in the domestic bond market underscores the depth of investor demand for IFC exposure. We are proud to have been trusted by the IFC team with this outstanding transaction” said Danny Keene, Director – DCM, Commonwealth Bank of Australia
