The World Bank issued a two- and seven-year, dual-tranche, fixed-rate, sustainability bond, raising over $8 billion.

The seven-year tranche was the joint largest US dollar denominated sub-sovereign, supranational and agency (SSA) offering at the time of issuance.

The dual-tranche issuance had participation from over 250 investors, with the combined order book reaching $14 billion.

There was strong demand from central banks and official institutions, banks and bank treasuries as well as pension funds, insurance companies and asset managers.

The bond's proceeds were used to finance projects, programmes and activities designed to achieve positive social and environmental impacts and outcomes. These are in line with the World Bank's twin goal of:

• Eliminating extreme poverty by reducing the percentage of people living on less than $1.9 a day to 3%
• Promoting shared prosperity by fostering income growth for the bottom 40% of the population in every developing country by 2030.

Jingdong Hua, vice president and treasurer of the World Bank, said: "Investors have a critical role to play in channelling resources to sustainable development, particularly now. We are pleased to be able to meet investors' demand, and delighted with the broad participation across both tenors while providing additional liquidity to the USD curve."