Bond IBRD-Global 9.8% ( XS0580813615 ) in NGN

IBRD-Global

100 % ⇌

United States

XS0580813615 ( in NGN )

9.8% per year ( payment 1 time a year)

31/01/2012 - Bond has expired

Prospectus brochure of the bond IBRD XS0580813615 in NGN 9.8%, expired

6 100 000 000 NGN

The International Bank for Reconstruction and Development (IBRD) is an international financial institution that offers loans and advice to middle-income and creditworthy low-income countries for development projects.

The Bond issued by IBRD-Global ( United States ) , in NGN, with the ISIN code XS0580813615, pays a coupon of 9.8% per year.
The coupons are paid 1 time per year and the Bond maturity is 31/01/2012

Final Terms dated 26 January 2011
International Bank for Reconstruction and Development
Issue of NGN 6,100,000,000 9.75 per cent. NGN/USD FX Linked Notes due 31 January 2012
payable in United States Dollars
under the
Global Debt Issuance Facility
Terms used herein shall be deemed to be defined as such for the purposes of the terms and
conditions (the "Conditions") set forth in the Prospectus dated May 28, 2008. This document
constitutes the Final Terms of the Notes described herein and must be read in conjunction with
such Prospectus.
SUMMARY OF THE NOTES
1.
Issuer:
International Bank for Reconstruction and
Development ("IBRD")
2.
(i) Series Number:
10572
(ii) Tranche Number:
1
3.
Specified Currency or Currencies (Condition 1(d)):
Nigerian Naira ("NGN") provided that all
payments in respect of the Notes will be made
in United States Dollars ("USD").
4.
Aggregate Nominal Amount:

(i) Series:
NGN 6,100,000,000
(ii) Tranche:
NGN 6,100,000,000
5.
(i) Issue Price:
100.00 per cent. of the Aggregate Nominal

Amount.
(ii) Net Proceeds
USD 39,765,319.43 (equivalent to the Issue
Price of NGN 6,100,000,000 converted into
USD at the initial exchange rate of NGN
153.40 per USD 1.00)
6.
Specified Denominations (Condition 1(b)):
NGN 1,000,000
7.
Issue Date:
31 January 2011
8.
Maturity Date (Condition 6(a)):
31 January 2012 (the "Scheduled Maturity
Date") as may be postponed subject to the
Disruption Provisions set out in Terms 19 and
20
9.
Interest Basis (Condition 5):
9.75 per cent. Fixed Rate
(further particulars specified below in Term
16)
10. Redemption/Payment Basis (Condition 6):
FX Linked Redemption as set out in Term 17
11. Change of Interest or Redemption/Payment Basis:
Not Applicable
12. Call/Put Options (Condition 6):
Not Applicable
13. Status of the Notes (Condition 3):
Unsecured and unsubordinated
14. Listing:
Luxembourg Stock Exchange
15. Method of distribution:
Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

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16. Fixed Rate Note Provisions (Condition 5(a)):
Applicable
(i) Rate of Interest:
9.75 per cent.
(ii) Interest Payment Dates:
31 January 2012 (the "Scheduled Interest Payment
Date"), subject to postponement as provided in Terms
19 and 20, with no additional interest amount or other
amount payable in relation to such postponement.
(iii) Fixed Coupon Amount:
NGN 97,500 per Specified Denomination to be paid on
the Interest Payment Dates in USD, and calculated by
the Calculation Agent on the Rate Fixing Date as
follows:
97,500 divided by NGN/USD Exchange Rate (as
defined below in Term 20).
(iv) Broken Amount(s):
Not Applicable
(v) Day Count Fraction:
Actual/Actual (ICMA)
(vi) Other terms relating to the method of
See Term 19 (Disruption Provisions) and Term 20
calculating interest for Fixed Rate Notes:
(Additional Definitions) below.
PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of each Note

(Condition 6):

In cases where the Final Redemption Amount

is Index Linked or other variable-linked:
(i)
Index/Formula/variable
The Final Redemption Amount per Specified
Denomination will be payable in USD and calculated
by the Calculation Agent on the Rate Fixing Date as
follows:
Specified Denomination divided by NGN/USD
Exchange Rate (as defined below in Term 20).
(ii)
Provisions for determining Final
See Term 19 below
Redemption Amount where calculation
by reference to Index and/or Formula
and/or other variable is impossible or
impracticable or otherwise disrupted:
(iii) Payment Date:
The Scheduled Maturity Date (as defined in Term 8)
subject to postponement in accordance with Terms 19
and 20 with no additional amounts payable in relation
to such postponement.
18. Early Redemption Amount (Condition 6(c)):
The Final Redemption Amount payable in USD as

determined in accordance with Term 17 above (plus
accrued interest to, but excluding, the date of early
redemption).
DISRUPTION PROVISIONS AND ADDITIONAL DEFINITIONS
19. Disruption Provisions:
(a) In the event the Scheduled Rate Fixing Date (as
defined in Term 20) becomes subject to the
Following Business Day Convention (as defined
in Term 20) upon the occurrence of an
Unscheduled Holiday or a Disruption Event, and
the Rate Fixing Date has not occurred on or before
the 14th calendar day after the Scheduled Rate

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Fixing Date (any such period being a "Deferral
Period") then:

(i)
The next day after the Deferral Period that

would have been a Business Day but for the

Unscheduled Holiday, or the next day after

the Deferral Period that is a Business Day

in the event of a continuing Disruption

Event, shall be deemed to be the

Rate Fixing Date (the "Postponed Rate

Fixing Date").

(ii)
The relevant Scheduled Interest Payment

Date or Scheduled Maturity Date or Early

Redemption Payment Date, as applicable,

shall be postponed by one day for each day

that the Scheduled Rate Fixing Date is

postponed as set forth above.

(iii) For the avoidance of doubt, no additional

interest or other additional amounts shall be

payable by IBRD in the event that the

relevant Interest Payment Date or Maturity

Date or Early Redemption Payment Date,

as applicable, is postponed in accordance

with this term 19.

(b) The Calculation Agent shall give notice to the
Noteholders in accordance with Condition 12 and
to the Paying Agent, IBRD and the Clearing
Systems of:

(i)
the occurrence of such postponement; and
(ii)
the Postponed Rate Fixing Date;

in each case, as soon as reasonably practicable
thereafter.
20. Additional Definitions
"Business Day" means a day (other than a Saturday or
Sunday) on which the banks and foreign exchange
markets are open for general business (including
dealings in foreign exchange and foreign currency
deposits) in Lagos, London and New York.
"Calculation Agent" means J.P. Morgan Chase Bank,
N.A.
"Clearing Systems" means Euroclear Bank S.A./N.V.,
Clearstream Banking, société anonyme and any
successor or alternative clearing system(s) as may be
appointed by the Issuer from time to time in relation to
the Notes.
"Deferral Period": has the meaning given to it in
Term 19 above.
"Disruption Event" means either or both of an
Inconvertibility Event or a Market Disruption Event.
"Early Redemption Payment Date" means, in
relation to redemption of a Note pursuant to Condition
9, the day on which the Note becomes due and payable
in accordance with the terms of such Condition 9.
"EMTA NGN Indicative Survey Rate" means the

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NGN/USD specified rate for USD expressed as the
amount of NGN for one USD, for settlement in two
Business Days, as published on EMTA's website
(www.emta.org) at approximately 12:00 p.m., Lagos
time, or as soon thereafter as practicable, on the Rate
Fixing Date. The spot rate shall be calculated by
EMTA (or a service provider EMTA may select in its
sole discretion) pursuant to the EMTA NGN Indicative
Survey
Rate
Methodology
(which
means
a
methodology dated as of 27 December 2010, as
amended from time to time, for a centralized industry-
wide survey of financial institutions that are active
participants in NGN/USD markets for the purpose of
determining the EMTA NGN Indicative Survey Rate.
"Inconvertibility Event" means in the sole and
absolute determination of the Calculation Agent any
action, event or circumstance whatsoever which from a
legal or practical perspective:
(i)
has the direct or indirect effect of hindering,
limiting or restricting the convertibility of NGN into
USD through customary legal channels, or the transfer
of NGN from Nigeria to any other country (including,
without limitation, any delay, increased costs,
discriminatory rates of exchange or current or future
restrictions on repatriation of NGN into USD); and/or
(ii)
results in the unavailability of NGN in the
interbank foreign exchange market in accordance with
normal commercial practice.
"Market Disruption Event" means any event, other
than an Inconvertibility Event, as a result of which the
Calculation Agent is unable to determine any amount
falling to be determined by it in respect of the Notes,
which event shall include, without limitation:
(i)
a natural or man-made disaster, armed
conflict, act of terrorism, riot, labour disruption or any
other circumstance beyond its control; or
(ii)
the enactment, promulgation, execution,
ratification or adoption of, or any change in or
amendment to, any rule, law, regulation or statute (or
in the applicability or official interpretation of any rule,
law, regulation or statute) or the issuance of any order
or decree.
"NGN/USD Exchange Rate" means the spot currency
exchange rate (expressed as the amount of NGN for
one USD) determined by the Calculation Agent on the
relevant Rate Fixing Date by reference to the "NGN
FMDA Rate" or "NGN01 Rate".
"NGN FMDA Rate" or "NGN01 Rate" means the
NGN/USD specified rate expressed as the amount of
NGN per one USD for settlement in two Business
Days reported by the Financial Market Dealers
Association of Nigeria, which appears at Thomson
Reuters Screen NIFEX01 at or around 10:00 am on
such Rate Fixing Date (or such other page or service as
may replace such page for the purposes of displaying

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such NGN/USD Specified Rate). If the Reuters Screen
NIFEX01 no longer reports such rate or is no longer
available and has not been replaced by any other page
or service, the Calculation Agent shall be entitled to
obtain such rate as reported by the Financial Market
Dealers Association of Nigeria from any other screen
or information source that it deems appropriate in good
faith and in a commercially reasonable manner.
In the event that the "NGN FMDA Rate" is not
available on the applicable Rate Fixing Date, the
Calculation Agent shall determine the NGN/USD
Exchange Rate by reference to the applicable "EMTA
NGN INDICATIVE SURVEY RATE" (if such rate is
available);
The Calculation Agent shall be entitled to determine
the NGN/USD Exchange Rate, acting in good faith and
in a commercially reasonable manner having taken into
account relevant market practice if:
(a)
on the relevant Rate Fixing Date both the
"NGN FMDA Rate" and the "EMTA NGN
INDICATIVE SURVEY RATE" are not available
(b)
there has occurred or is subsisting a Disruption
Event on the Postponed Rate Fixing Date, or
(c)
the Postponed Rate Fixing Date is an
Unscheduled Holiday.
The Calculation Agent shall notify the Issuer as soon
as reasonably practicable that the NGN/USD Exchange
Rate is to be so determined. Copies of all quotes
obtained by the Calculation Agent will be provided by
the Calculation Agent to the Issuer upon request. For
the avoidance of doubt, the NGN/USD Exchange Rate
may be such that the resulting USD amount is zero and
in such event no USD or NGN amount will be payable.
For the avoidance of doubt, the resulting amount
cannot in any circumstances be less than zero.
"Postponed Rate Fixing Date" has the meaning given
to it in Term 19 above.
"Rate Fixing Date" means the day that is five (5)
Business Days prior to the relevant Interest Payment
Date or Maturity Date or Early Redemption Payment
Date, as applicable ("Scheduled Rate Fixing Date"),
provided that, in the event of an Unscheduled Holiday
or there has occurred or is subsisting on such date a
Disruption Event, the Scheduled Rate Fixing Date in
question shall be adjusted in accordance with the
Following Business Day Convention.
"Lagos Business Day" means a day (other than a
Saturday or Sunday) on which the banks and foreign
exchange markets are open for general business
(including dealings in foreign exchange and foreign
currency deposits) in Lagos.
"Unscheduled Holiday" means a day that is not a
Lagos Business Day and the market was not aware of
such fact (by means of a public announcement or by
reference to other publicly available information) until

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a time later than 9:00 a.m. Lagos time two Lagos
Business Days prior to the Scheduled Rate Fixing
Date.
GENERAL PROVISIONS APPLICABLE TO THE NOTES
21. Form of Notes (Condition 1(a)):
Registered Notes

Global Registered Certificate available on Issue
Date
22. New Global Note:
No
23. Financial Centre(s) or other special provisions
Lagos, London and New York
relating to payment dates (Condition 7(h)):
24. Governing law (Condition 14):
English
25. Other final terms:
Not Applicable
DISTRIBUTION
26. (i) If syndicated, names of Managers and
Not Applicable
underwriting commitments:
(ii) Stabilizing Manager(s) (if any):
Not Applicable
27. If non-syndicated, name of Dealer:
J.P. Morgan Securities Ltd.
28. Total commission and concession:
None
29. Additional selling restrictions:
Nigeria
Neither the Prospectus, these Final Terms nor the
Notes has been registered with the Nigerian
Securities and Exchange Commission or any other
regulatory authority in Nigeria. The Notes shall not
be offered for circulation, distribution, placement,
sale, purchase or other transfer in the territory of
Nigeria. Nothing in this document or any other
documents, information or communications related
to the Notes shall be interpreted as containing any
offer or invitation to, or solicitation of, any such
circulation, distribution, placement, sale, purchase
or other transfer in the territory of Nigeria.
OPERATIONAL INFORMATION

30. ISIN Code:
XS0580813615
31. Common Code:
58081361
32. Delivery:
Delivery against payment
33. Registrar and Transfer Agent (if any):
Citibank, N.A., London Branch
34. Intended to be held in a manner which would
No
allow Eurosystem eligibility:

GENERAL INFORMATION
IBRD's most recent Information Statement was issued on 22 September 2010.

CONFLICT OF INTEREST
JPMorgan Chase Bank, N.A., the parent company of J.P. Morgan Securities Ltd. will be
calculation agent under the Notes and will also be IBRD's counterparty in a related swap
transaction entered into by IBRD in order to hedge its obligations under the Notes. The existence

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of such multiple roles and responsibilities for JPMorgan Chase Bank, N.A. creates possible
conflicts of interest. For example, the amounts payable by JPMorgan Chase Bank, N.A. to IBRD
under the related swap transaction are expected, as of the Issue Date, to be calculated on the same
basis as the amounts payable by IBRD under the Notes. As a result, the determinations made by
JPMorgan Chase Bank, N.A. in its discretion as Calculation Agent for the Notes may affect the
amounts payable by JPMorgan Chase Bank, N.A. under the related swap transaction, and, in
making such determinations, JPMorgan Chase Bank, N.A. may have economic interests adverse to
those of the Noteholders. The Noteholder understands that although IBRD will enter into the
related swap transaction with JPMorgan Chase Bank, N.A. as swap counterparty in order to hedge
its obligations under the Notes, IBRD's rights and obligations under the related swap transaction
will be independent of its rights and obligations under the Notes, and Noteholders will have no
interest in the related swap transaction or any payment to which IBRD may be entitled thereunder.

RESPONSIBILITY
IBRD accepts responsibility for the information contained in these Final Terms.
Signed on behalf of IBRD:
By:

Name:
Title:

Duly Authorized

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