World Bank's IDA prices $3 billion bond, first after SEC waiver

NEW YORK, Sept 15 (Reuters) - The World Bank's International Development Association priced a $3 billion bond from an order book of nearly $8 billion, a source familiar with the transaction said on Tuesday.

• The Global Sustainable Development Bond is scheduled to settle on September 25, 2026, and mature on September 25, 2031. It carries a 4.875% coupon, the source said

• The transaction was led by Bank of America, BMO Capital Markets, Citi and JPMorgan, according to the source

• The deal marks IDA's first U.S. dollar issuance since it received an exemption from U.S. Securities and Exchange Commission filing requirements

• The SEC exemption brings IDA in line with other multilateral development banks, allowing the World Bank's concessional lending arm to raise funds in U.S. markets more cheaply and efficiently

• An SEC exemption allows an issuer's bonds to be treated as exempt securities under U.S. securities laws, reducing registration requirements and making it easier and cheaper to access U.S. capital markets.

(Reporting by Karin Strohecker and Rodrigo Campos; Editing by Edmund Klamann)