Bond IBRD-Global 0% ( XS1822282734 ) in MXN

Issuer IBRD-Global
Market price refresh price now   100 %  ⇌ 
Country  United States
ISIN code  XS1822282734 ( in MXN )
Interest rate 0%
Maturity 23/05/2028



Prospectus brochure of the bond IBRD XS1822282734 en MXN 0%, maturity 23/05/2028


Minimal amount 2 569 000 MXN
Total amount 390 488 000 MXN
Detailed description 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 MXN, with the ISIN code XS1822282734, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Bond maturity is 23/05/2028







Execution Version
INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
Global Debt Issuance Facility
No. 100361
MXN 390,488,000 Notes linked to the República Active Multi-
Asset Index 2 due 2028 (payable in United States Dollars)
Citigroup
The date of these Final Terms is May 10, 2018
1


This document sets out the Final Terms (the "Final Terms") of the International Bank for
Reconstruction and Development ("Issuer" or "IBRD") MXN 390,488,000 Notes linked to the
República Active Multi-Asset Index 2 due 2028 (payable in United States Dollars) (the "Notes").
Prospective investors should read this document together with the Issuer's Prospectus dated May 28,
2008 (the "Prospectus"), in order to obtain a full understanding of the specific terms and conditions
(the "Conditions") of the Notes.
The Final Terms of the Notes are set out on pages 20 to 37. Capitalized terms used herein are defined
in this document or in the Prospectus.
Investing in the Notes involves risks. See "Additional Risk Factors" beginning on page 8 of this
document, and "Risk Factors" beginning on page 13 of the Prospectus.
The return on, and the value of, the Notes is based on the performance of the Index and on the
exchange rate of MXN to USD. The performance of the Index, in turn, will be based on the
periodic selection of the Constituents of the Index by the Index Allocator. Therefore, the return
on the Index will be dependent in large part on the selections made by the Index Allocator. THE
NOTES ARE INTENDED TO BE PURCHASED AND HELD BY THE INDEX ALLOCATOR
AND BY DISCRETIONARY ACCOUNTS MANAGED BY THE INDEX ALLOCATOR.
Investors should note that the Conditions of the Notes are separate from, and do not incorporate
by reference, the Index Conditions. The Index Conditions can be modified from time to time
without requiring an amendment of the Conditions of the Notes. In the event of the occurrence of
any Index Disruption Event or the occurrence of any Amendment Event relating to the Index,
the fallback provisions set out in the Conditions of the Notes, not the Index Conditions, will
determine the relevant action to be taken. The Index Conditions are attached for informational
purposes only and should not be relied upon by the Noteholder or any prospective investor in the
Notes. The Issuer has derived all information contained in the Final Terms regarding the Index
from the Index Conditions, and the Issuer has not participated in the preparation of, or verified,
such Index Conditions. Neither IBRD nor the Global Agent will have any responsibility for the
contents of the Index Conditions and the Index Allocation Agreement, and none of IBRD and the
Global Agent shall have any responsibility or liability for the choices and allocations made by the
Index Allocator thereunder with respect to the Index.
Although the return on the Notes is based on the performance of the Index, a Note will not
represent a claim against the Index Administrator or the Index Calculation Agent and a
Noteholder will not have recourse under the terms of the Notes to any asset comprising the Index.
The exposure to the Index is notional and an investment in the Notes is not an investment in the
Index or any asset comprising the Index from time to time.
In Uruguay the Notes are being placed relying on a private placement exemption ("oferta
privada") pursuant to Section 2 of Law N° 18,627. The Notes are not and will not be registered
with the Superintendency of Financial Services of the Central Bank of Uruguay to be publicly
offered in Uruguay.
2


TABLE OF CONTENTS
Executive Summary .................................................................................................................. 4
Additional Risk Factors............................................................................................................. 8
Final Terms.............................................................................................................................. 20
Schedule .................................................................................................................................. 38
3


EXECUTIVE SUMMARY
The following is an executive summary of the provisions of the Notes only and is qualified in its entirety
by reference to the more detailed information contained elsewhere in this document and Prospectus.
Capitalized terms used in this summary have the meanings set forth elsewhere in this document.
Issuer:
International Bank for Reconstruction and Development
Securities:
MXN 390,488,000 Notes linked to the República Active Multi-
Asset Index 2 due 2028 (payable in United States Dollars) (the
"Notes")
Issued under the Issuer's Global Debt Issuance Facility
Credit Rating:
The Notes are expected to be rated AAA by Standard and
Poor's, a division of the McGraw-Hill Companies, Inc., upon
issuance
Aggregate Nominal Amount:
MXN 390,488,000
Issue Price:
100% of the Aggregate Nominal Amount payable in USD
(being USD 20,000,000 which is equal to the Aggregate
Nominal Amount divided by the Initial USD/MXN FX Rate)
Initial USD/MXN FX Rate:
19.5244, being the USD/MXN FX Rate in respect of the Initial
MXN Valuation Date
Initial MXN Valuation Date:
The Trade Date, being May 9, 2018 (the "Scheduled Initial
MXN Valuation Date"), subject to postponement in
accordance with the provisions set forth in Term 18 of the Final
Terms (MXN Related FX Disruption and Disruption Fallbacks)
if an FX Disruption or an Unscheduled Holiday occurs on such
date
Specified Denomination:
MXN 2,569,000
Issue Date:
May 23, 2018
Trade Date:
May 9, 2018
Scheduled Maturity Date:
May 23, 2028
Maturity Date:
The Scheduled Maturity Date, subject to postponement if either
(i) the Scheduled Final MXN Valuation Date is postponed
pursuant to Term 18 of the Final Terms (MXN Related FX
Disruption and Disruption Fallbacks) and/or (ii) the Final
Index Valuation Date is postponed pursuant to Term 20 of the
Final Terms (Postponement due to Index Disruption Events)
Interest Basis:
The Notes do not bear or pay any interest
Business Day:
London, New York and Mexico City
Participation Rate:
478%
Final Redemption Amount:
If no Amendment Event has occurred on or before the
Scheduled Final Index Valuation Date, the Final Redemption
Amount, calculated per Specified Denomination, payable on
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the Maturity Date will be an amount in USD equal to the sum
of (i) the USD Principal Amount and (ii) the Note Return
Amount, as set forth under Term 17 of the Final Terms (Final
Redemption Amount of each Note (Condition 6))
If an Amendment Event has occurred prior to the Maturity
Date, the Final Redemption Amount, calculated per Specified
Denomination, will be an amount in USD equal to the USD
Principal Amount, and will payable on the later of (i) the day
the Amendment Amount is paid and (ii) the Maturity Date
USD Principal Amount:
An amount in USD equal to (i) the Specified Denomination
divided by (ii) the Final USD/MXN FX Rate
Final USD/MXN FX Rate:
The USD/MXN FX Rate in respect of the Final MXN
Valuation Date
Final MXN Valuation Date:
The Business Day falling 10 Business Days prior to the
Scheduled Maturity Date, expected to be May 9, 2028 (the
"Scheduled Final MXN Valuation Date"), subject to
postponement in accordance with the provisions set forth in
Term 18 of the Final Terms (MXN Related FX Disruption and
Disruption Fallbacks) if an FX Disruption or an Unscheduled
Holiday occurs on such date
USD/MXN FX Rate:
The USD/MXN fixing rate, expressed as the amount of MXN
per one USD as determined by the Calculation Agent in respect
of the Initial MXN Valuation Date or the Final MXN Valuation
Date, as applicable
FX Disruption:
In the determination of the Calculation Agent, any action, event
or circumstance whatsoever which, from a legal or practical
perspective, makes it impossible for the Calculation Agent to
obtain the USD/MXN FX Rate on any MXN Valuation Date
Note Return Amount:
An amount in USD, calculated per Specified Denomination,
equal to the product of (a) the USD Calculation Amount, (b)
the greater of (x) the Index Return and (y) zero and (c) the
Participation Rate
USD Calculation Amount:
An amount in USD, calculated per Specified Denomination,
equal to the Specified Denomination divided by the Initial
USD/MXN FX Rate
Amendment Event:
In the event of the occurrence of the events described in Term
22 of the Final Terms (Amendment Event), the Calculation
Agent or the Issuer, as the case may be, will give notice to
Noteholders of the occurrence of the Amendment Event and
the Issuer shall pay an amount (which may be zero) as soon as
practicable after the Mandatory Amendment Date, calculated
per Specified Denomination, equal to the Amendment Amount
(as defined in Term 22 of the Final Terms (Amendment Event))
calculated as of the Accelerated Final Index Determination
Date
5


In the event of the occurrence of an Amendment Event, the
Issuer shall pay the USD Principal Amount on the later of (i)
the day the Amendment Amount is paid and (ii) the Maturity
Date
An Amendment Event includes an Index Cancellation, an
Index Modification, a Successor Index Event, an Index
Allocation Agreement Termination, an Index Disruption Event
continuing for a certain number of days, or termination of the
Associated Swap Transaction by the Swap Counterparty
(including as a result of an Additional Disruption Event) or the
Issuer, each as described in Term 22 of the Final Terms
(Amendment Event)
Index Return:
The performance of the Index from the Initial Index Level to
the Final Index Level expressed as a percentage and calculated
as follows:
(Final Index Level ­ Initial Index Level) / Initial Index Level
Index:
República Active Multi-Asset Index 2 (Bloomberg Ticker
Symbol: CIXBARI2 <Index>)
Index Allocator:
República AFAP, S.A.
Index Administrator:
Citigroup Global Markets Limited ("CGML"), including its
successors and assigns
Index Calculation Agent:
CGML, including its successors and assigns
Initial Index Level:
100 (being the Index's published Index Level in respect of the
Initial Index Valuation Date)
In the event that the Index Level in respect of the Initial Index
Valuation Date is corrected by the Index Calculation Agent on
or prior to the date falling three Business Days after the Initial
Index Valuation Date, such corrected value will be the Initial
Index Level
Initial Index Valuation Date:
The Trade Date, being May 9, 2018
Final Index Level:
The Index Level in respect of the Final Index Valuation Date,
as determined by the Calculation Agent
In the event that the Index Level in respect of the Final Index
Valuation Date is corrected by the Index Calculation Agent on
or prior to the date falling three Business Days after the Final
Index Valuation Date, such corrected value will be the Final
Index Level
Final Index Valuation Date:
May 9, 2028 or, if such day is not an Index Business Day, the
immediately succeeding Index Business Day (the "Scheduled
Final Index Valuation Date"), subject to postponement
pursuant to the provisions set forth under Term 20 of the Final
Terms (Postponement due to Index Disruption Events) and
Term 21 of the Final Terms (Additional Definitions with regard
to the Index)
6


Index Disruption Event:
If the Final Index Valuation Date occurs on a day in respect of
which the Calculation Agent determines that an Index
Disruption Event has occurred or is continuing, the Calculation
Agent will delay calculating the Final Index Level as set forth
in Term 20 of the Final Terms (Postponement due to Index
Disruption Events)
An Index Disruption Event means the Index Calculation Agent
fails to calculate and announce the Index on the Final Index
Valuation Date. See Term 21 of the Final Terms (Additional
Definitions with regard to the Index)
Dealer:
CGML
Calculation Agent:
Citibank, N.A., New York Branch
Clearing Systems:
Euroclear/Clearstream
Rank:
The Notes constitute direct, unsecured obligations of the Issuer
ranking pari passu, without any preference among themselves,
with all its other obligations that are unsecured and
unsubordinated. The Notes are not obligations of any
government
Applicable law:
English law
Notes intended to be held by Index The amount of the Note Return Amount, if any, to be payable
Allocator or accounts managed by
in respect of the Notes will be based on the performance of the
Index Allocator; Purchaser
Index. The performance of the Index, in turn, will be based on
Acknowledgement:
the periodic selections of the Index Allocator made under the
terms of the Index Allocation Agreement (as defined in the
Final Terms). Therefore, the Notes are intended to be
purchased and held by the Index Allocator and by discretionary
accounts managed by the Index Allocator. Each purchaser and
holder of the Notes from time to time, through its acquisition of
the Notes, will be deemed to have acknowledged that the Notes
are intended to be instruments held only by the Index Allocator
and by discretionary accounts managed by the Index Allocator
and to have acknowledged that the Index has been developed
by the Index Allocator and the Index Administrator solely for
the purposes of determining the Note Return Amount in respect
of the Notes
Neither IBRD nor the Global Agent will have any
responsibility for the contents of the Index Conditions and the
Index Allocation Agreement, and none of IBRD and the Global
Agent shall have any responsibility or liability for the choices
and allocations made by the Index Allocator thereunder with
respect to the Index
Risk factors:
Noteholders should consider carefully the factors set out under
"Additional Risk Factors" in this document and under "Risk
Factors" in the Prospectus before reaching a decision to buy the
Notes
7


ADDITIONAL RISK FACTORS
An investment in the Notes is subject to the risks described below, as well as the risks described under
"Risk Factors" in the Prospectus. The Notes are a riskier investment than ordinary fixed rate notes or
floating rate notes. Prospective investors should carefully consider whether the Notes are suited to their
particular circumstances. Accordingly, prospective investors should consult their financial, legal and
tax advisers as to the risks entailed by an investment in the Notes and the suitability of the Notes in
light of their particular circumstances.
The performance of the Index is based on the periodic selections of the Index Allocator made under the
terms of the Index Allocation Agreement. Therefore, the Notes are intended to be purchased and held
by the Index Allocator and by discretionary accounts managed by the Index Allocator. Neither IBRD
nor the Global Agent will have any responsibility for the contents of the Index Allocation Agreement
and none of CGML and its affiliates, IBRD and the Global Agent shall have any responsibility or
liability for the choices and allocations made by the Index Allocator thereunder with respect to the
Index.
Terms used in this section and not otherwise defined shall have the meanings set forth elsewhere in this
document.
The following list of risk factors does not purport to be a complete enumeration or explanation of all
the risks associated with the Notes, the Index and/or the Constituents of the Index.
GENERAL RISKS
No tax gross-up on payments
Repayment of all or any part of the Notes and payment at maturity of any additional amount due under
the terms of the Notes will be made subject to applicable withholding taxes (if any). Consequently, the
Issuer will not be required to pay any further amounts in respect of the Notes in the event that any taxes
are levied on such repayment or payment.
MXN related FX Disruption Events and Index Disruption Events may operate to postpone Maturity
Date
In the event that the Final MXN Valuation Date is postponed beyond the Scheduled Final MXN
Valuation Date or the Final Index Valuation Date is postponed beyond the Scheduled Final Index
Valuation Date as set forth in the Final Terms, the Maturity Date of the Notes will be postponed by one
Business Day for each Business Day that the Final MXN Valuation Date or the Final Index Valuation
Date is postponed, and therefore may be postponed by (i) a number of Business Days up to the number
of Business Days occurring during the period of 30 calendar days after the Scheduled Final MXN
Valuation Date (in respect of an FX Disruption) or (ii) ten Business Days after the Scheduled Final
Index Valuation Date (in respect of an Index Disruption Event). No interest or other payment will be
payable because of any such postponement of the Maturity Date.
Possible Amendment Event
As set out in Term 22 of the Final Terms (Amendment Event), in the event of the occurrence of the
events described in Term 22 of the Final Terms, the Issuer will be required to make a payment (which
may be zero) as soon as practicable after the Mandatory Amendment Date. In respect of each Specified
Denomination, such payment will be equal to the Amendment Amount as of the Accelerated Final
Index Determination Date. As a result, the Noteholders will not benefit from any appreciation in the
Index as of the Accelerated Final Index Determination Date.
An Amendment Event includes an Index Cancellation, an Index Modification, a Successor Index
Event, an Index Allocation Agreement Termination, an Index Disruption Event that continues for a
8


certain number of days and an event which results in early termination of the Associated Swap
Transaction by the Swap Counterparty (including as a result of an Additional Disruption Event) or the
Issuer. An Index Cancellation, an Index Modification, a Successor Index Event, an Index Allocation
Agreement Termination or a continuing Index Disruption Event may occur due to a broad range of
events beyond the control of the Issuer, including by decision of the Index Calculation Agent, the Index
Administrator or the Index Allocator. An Additional Disruption Event, following which the Associated
Swap Transaction may be terminated by the Swap Counterparty, consists of a Change in Law, a
Hedging Disruption or an Increased Cost of Hedging. A Change in Law could occur in response to the
enactment of new laws or the implementation of existing laws (including, without limitation, any tax
law). A Hedging Disruption could occur if the Swap Counterparty was unable, after using
commercially reasonable efforts, to (i) acquire, establish, re-establish, substitute, maintain, unwind or
dispose of any transactions or assets that it deems necessary to hedge the price risk of entering into and
performing its obligations with respect to the Associated Swap Transaction or (ii) realise, recover or
remit the proceeds of any such transactions or assets. An Increased Cost of Hedging could occur if the
Swap Counterparty would incur a materially increased amount of taxes or costs in dealing in any
transactions it deems necessary to hedge the price risk of performing its obligations under the
Associated Swap Transaction. These could occur due to changes in legal or tax regimes.
Mexican Peso vs. U.S. Dollar
Payment of principal upon maturity will be in USD and is based in part on the exchange rate of MXN
to USD. Changes in the exchange rate of MXN to USD may result in a decrease in the effective yield
of the Notes. For example, if, on the Final MXN Valuation Date, MXN has appreciated in value against
USD, the payment in USD will be higher. Conversely, a depreciation in value of MXN against USD
will have the opposite impact, and an investor could lose a substantial amount of its investment in the
Notes. Furthermore, since the Noteholders will receive payments on the Notes only on the Maturity
Date, the Noteholders will not benefit from favorable changes in exchange rates at any other time
during the term of the Notes before the Final MXN Valuation Date. Currency exchange rates may be
volatile and are the result of numerous factors. A Noteholder's net exposure will depend on the extent
to which the payment currency (USD) strengthens or weakens against the denominated currency
(MXN).
In addition, the Noteholders whose financial activities are denominated principally in a currency (the
"Investor's Currency") other than any of the Specified Currencies will also be exposed to currency
exchange rate risk that are not associated with a similar investment in a security denominated or paid in
that Investor's Currency. For more information, please see "Risk FactorsNotes are subject to
exchange rate and exchange control risks if the investor's currency is different from the Specified
Currency" on pages 13 and 14 of the Prospectus.
Payment at maturity depends on interplay of the USD/MXN FX Rate and the performance of the Index
The payment that the Noteholder will receive at maturity will depend on both the change in the rate of
exchange between MXN and USD and the Index Return. The interplay of these two factors means that
the Notes are a more complex investment than an instrument linked to a single underlying factor. It is
not possible to predict how the two factors to which the Note's performance payout is tied may
perform. A relatively positive Index Return may be offset by a decline in the value of MXN in USD
terms. MXN may appreciate relative to USD without any appreciation in the Index. There can be no
assurance that either factor's performance will correlate with the other's performance.
The Notes are subject to market risks
The price at which Noteholders will be able to sell their Notes prior to maturity may be at a substantial
discount from the principal amount of the Notes, even in cases where the level of the Index has
9


increased since the Trade Date. Embedded costs, including expected profit and costs of hedging, in the
original Issue Price will likely be reflected in a diminution in any repurchase price of the Notes relative
to their original Issue Price. Assuming no change in market conditions or any other relevant factors,
that price will likely be lower than the original Issue Price, because the original Issue Price included the
cost of hedging the Swap Counterparty's obligations, which includes an estimated profit component.
IBRD's Swap Counterparty is Citibank, N.A. Noteholders should not expect the price at which the
Issuer or the Dealer is willing to repurchase the Notes to vary in proportion to changes in the level of
the Index.
Prior to maturity, the value of the Notes will be affected by a number of economic and market factors
that may either offset or magnify each other. It is expected that, generally, the level of the Index on any
day will affect the value of the Notes more than any other single factor. Other relevant factors include:
the expected volatility of the Index; the time to maturity of the Notes; the interest and yield rates in the
market; the economic, financial, political, regulatory or judicial events that affect the various
components represented by the Index from time to time, as well as stock, bond, foreign exchange,
commodity, exchange traded fund and futures markets generally and which may affect the Index Level
in respect of the Final Index Valuation Date; and the creditworthiness of the Issuer. The USD/MXN
fixing rate as well as the illiquidity of the instruments used to hedge the Issuer into USD will also have
an effect on secondary market valuations.
The Notes are intended to be a hold-to-maturity instrument. Noteholders will receive at least 100% of
the nominal amount of the Notes (expressed in MXN only) if they hold their Notes to maturity. If
Noteholders sell their Notes prior to maturity, however, they will not receive principal protection or
any minimum total return on the portion of their Notes sold (in each case, determined without regard to
conversion into USD). Noteholders should be willing to hold their Notes until maturity.
The future performance of the Index cannot be predicted based on the historical performance of the
Index. Past performance is not an indication of future results.
The Notes are not liquid instruments
The Notes will not be actively traded in any financial market and there may exist at times only a very
limited, if any, market for the Notes, resulting in low or non-existent volumes of trading in the Notes.
Therefore an investment in the Notes will be characterized by a lack of liquidity and price volatility.
Although the Issuer or the Dealer, at its respective sole discretion, may provide a repurchase bid price
for the Notes if requested, neither the Issuer nor the Dealer is under any obligation to do so and, in any
event, as a result of market conditions may be unwilling or unable to provide a repurchase bid price if
requested. Because liquidity in the Notes may be effectively limited to Issuer repurchase, an investment
in the Notes is intended for Noteholders that intend to hold the Notes to maturity.
An investment in the Notes is subject to risks associated with non-U.S. securities markets, including
emerging markets.
Some or all of the equity securities that are held by or comprise the Constituents of the Index have been
issued by non-U.S. issuers. Investments in securities linked to the value of non-U.S. securities involve
risks associated with the securities markets in those countries, including risks of volatility in those
markets, governmental intervention in those markets and cross shareholdings in companies in certain
countries. Also, there is generally less publicly available information about companies in some of these
jurisdictions than about U.S. companies that are subject to the reporting requirements of the Securities
and Exchange Commission (the "SEC"), and generally non-U.S. companies are subject to accounting,
auditing and financial reporting standards and requirements and securities trading rules different from
those applicable to U.S. reporting companies.
10