[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111476-en":3,"doc-seo-111476-105":29,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},111476,8796095462418,"Noah","https://ap-avatar.wpscdn.com/avatar/80000253c1241d02b47?x-image-process=image/resize,m_fixed,w_180,h_180&k=1778826106357471780",8,"Research & Report","IBRD Lending Rates and Spreads Applicable on or after April 1, 2026 - Memorandum","Quarterly update memorandum on IBRD’s lending rates and average funding spreads applied to IBRD Flexible Loan (IFL) and related variable-rate pricing between April 1, 2026 and June 30, 2026. Summarizes reference-rate pass-through mechanics, including average funding spread (afs), contractual lending spread (cls), and maturity premium (mp) by borrower pricing groups and maturity. Specifies currency-specific average funding spreads for EUR, JPY, and USD/other currencies, and notes effective adjustments for deferred drawdown option (DDO).","Public Disclosure Authorized Pub lic Disclosure Authorized  \nFrom: The President April 28, 2026  \nMemorandum  \nSubject: IBRD Lending Rates and Spreads Applicable on or after April 1, 2026  \nRate Update Summary  \nThis memorandum provides the quarterly update of IBRD’s lending rates and spreads pursuant to the standard loan pricing as defined in the Bank Policy and Directive “Financial Terms and Conditions of Bank Financing”.1  \nThe Average Funding Spreads applicable to the IBRD Flexible Loan (IFL) effective between April 1, 2026 and June 30, 2026 have been determined based on the respective reference rates, and are as follows:(See Table 1 for details).  \n• EUR denominated loans: positive 11 bps;  \n• JPY denominated loans: negative 1 bps;  \n• loans denominated in USD and other currencies: positive 45 bps.  \nI. Background  \nIBRD offers financing through one loan product, the IFL, to eligible members.2,3 The IFL is currently available in the form of the IFL Variable Spread, featuring variable spreads over the Reference Rate.  \nIBRD currently offers IFLs with the following Reference Rates4 :  \n• USD: Secured Overnight Financing Rate (SOFR);  \n• GBP: Sterling Overnight Index Average (SONIA);  \n• JPY: Tokyo Overnight Average Rate (TONA);  \n• EUR: Euro Interbank Offered Rate (EURIBOR) .  \nThis memorandum summarizes the lending rates and spreads currently applicable to IBRD loans with rate setting between April 1, 2026 and June 30, 2026.  \n1 Policy “Financial Terms and Conditions of Bank Financing,” Catalogue No. OPS5 .09-POL.184, February 13, 2026., and Directive “Financial Terms and Conditions of Bank Financing,” Catalogue No. OPS5.09-DIR.150, February 26, 2026.  \n2 Aside from IFLs, there are a few historic currency pool-based products, which have been discontinued but require rate resetting in IBRD’s portfolio. The only outstanding currency pool loans (CPL) with variable rate terms are the loans to Zimbabwe, which are currently in non-accrual status. There are also IFL and CPL loans whose rates are fixed for the life of the loan through conversion and hedging.  \n3 In addition, IBRD offers other financial products, including conversions and risk management/hedging products, guarantees, and disaster risk financing.  \n4 “Proposed Modifications to IBRD and IDA New Loan Offers and Proposed Timeline for the Existing Loans Switchover to New Market Reference Rates in the Context of LIBOR Transition,” R2021-0129, June 23, 2021.  \nOfficial Use Only  \nII. IBRD Flexible Loan Rates and Spreads  \nMaturity Premium: IBRD differentiates its loan pricing based on national income and other factors of each Borrower (see Annex 2) through the maturity premium.5 Borrowers are classified into four pricing groups, whose applicable maturity premium is differentiated by exemptions, discounts, or surcharges specific to each pricing group. The classification of the member countries by pricing group is updated annually and becomes effective on July 1 of each year (see Annex 2 for FY26 Country Groups for IBRD Pricing) .6  \nThe maturity premium schedule offers Borrowers the flexibility to choose the desired maturity at the differentiated pricing level. Table 1 provides the details of the pricing group-specific maturity premium schedule7, 8. The details of rate structure and current pricing of the IFL Variable Spread are provided below in this section.  \nEffective April 23, 2026, IFL with Deferred Drawdown Option (DDO) features is offered with the following adjustments to the calculation of the maturity premium: (a) for DDOs that have been renewed, for future drawdowns, the average repayment maturity (ARM) will be calculated from the last renewal date; and (b) for DDOs that have not been renewed, ARM will be calculated from the effective date per current practice.9  \nIFL Variable Spread  \nThe pricing principle of the IFL Variable Spread is to pass through IBRD’s funding cost to Borrowers. The IFL Variable Spread consists of the following components:  \n􀜮􀝁􀝊􀝀􀝅􀝊􀝃 􀜴􀜽􀝐􀝁􀯂","cbCaifiGpvrezXgt","https://ap.wps.com/l/cbCaifiGpvrezXgt","pdf",443702,1,9,"English","en",105,"# Rate Update Summary\n# Background\n# IBRD Flexible Loan Rates and Spreads\n## Maturity Premium\n## IFL Variable Spread\n## Deferred Drawdown Option (DDO) Adjustments","[{\"question\":\"What period does this memorandum cover for IBRD lending rates and spreads?\",\"answer\":\"It covers rate setting between April 1, 2026 and June 30, 2026, with average funding spreads effective from April 1, 2026 to June 30, 2026.\"},{\"question\":\"Which reference rates are used for IFL loans?\",\"answer\":\"The memorandum lists SOFR for USD, SONIA for GBP, TONA for JPY, and EURIBOR for EUR.\"},{\"question\":\"How is the IFL Variable Spread structured?\",\"answer\":\"It is built from components including the average funding spread relative to the reference rate (afs), the contractual lending spread (cls), and the maturity premium (mp) charged based on maturity and borrower factors.\"}]",1784490303,23,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":27},"ibrd-lending-rates-and-spreads-applicable-on-or-after-april-1-2026-memorandum","",{"@graph":35,"@context":84},[36,53,67],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/ibrd-lending-rates-and-spreads-applicable-on-or-after-april-1-2026-memorandum/111476/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":61,"encodingFormat":60,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-19",true,{"@type":64,"interactionType":65,"userInteractionCount":4},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"What period does this memorandum cover for IBRD lending rates and spreads?","Question",{"text":74,"@type":75},"It covers rate setting between April 1, 2026 and June 30, 2026, with average funding spreads effective from April 1, 2026 to June 30, 2026.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"Which reference rates are used for IFL loans?",{"text":79,"@type":75},"The memorandum lists SOFR for USD, SONIA for GBP, TONA for JPY, and EURIBOR for EUR.",{"name":81,"@type":72,"acceptedAnswer":82},"How is the IFL Variable Spread structured?",{"text":83,"@type":75},"It is built from components including the average funding spread relative to the reference rate (afs), the contractual lending spread (cls), and the maturity premium (mp) charged based on maturity and borrower factors.","https://schema.org",{"og:url":51,"og:type":86,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":88,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":91},[92,96,100,104,109,114,119,122,126,129,133],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":93,"show_sort_weight":94,"slug":95},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":97,"show_sort_weight":98,"slug":99},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":101,"show_sort_weight":102,"slug":103},"Exam",70,"exam",{"id":105,"doc_module":4,"doc_module_name":45,"category_name":106,"show_sort_weight":107,"slug":108},5,"Comic",60,"comic",{"id":110,"doc_module":4,"doc_module_name":45,"category_name":111,"show_sort_weight":112,"slug":113},6,"Technology",50,"technology",{"id":115,"doc_module":4,"doc_module_name":45,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":21,"doc_module":4,"doc_module_name":45,"category_name":123,"show_sort_weight":124,"slug":125},"Religion & Spirituality",20,"religion-spirituality",{"id":124,"doc_module":4,"doc_module_name":45,"category_name":127,"show_sort_weight":124,"slug":128},"World Cup","world-cup",{"id":130,"doc_module":4,"doc_module_name":45,"category_name":131,"show_sort_weight":130,"slug":132},10,"Lifestyle","lifestyle",{"id":134,"doc_module":4,"doc_module_name":45,"category_name":135,"show_sort_weight":105,"slug":136},19,"General","general"]