Bond IBRD-Global 3.55% ( XS1839138671 ) in CNY

IBRD-Global

100 % ⇌

United States

XS1839138671 ( in CNY )

3.55% per year ( payment 1 time a year)

19/08/2023 - Bond has expired

Prospectus brochure of the bond IBRD XS1839138671 in CNY 3.55%, expired

100 000 CNY

52 000 000 CNY

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 CNY, with the ISIN code XS1839138671, pays a coupon of 3.55% per year.
The coupons are paid 1 time per year and the Bond maturity is 19/08/2023

Final Terms dated 22 June 2018
International Bank for Reconstruction and Development
Issue of CNY 54,900,000 3.55 per cent. Notes due 19 August 2023
payable in United States Dollars
(to be consolidated and form a single series with the existing
CNY 52,000,000 3.55 per cent. Notes due 19 August 2023 issued on 19 June 2018)
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 28 May 2008. This document constitutes the Final
Terms of the Notes described herein and must be read in conjunction with such Prospectus.
MiFID II product governance / Retail investors, professional investors and ECPs only target
markets See Term 30 below.
SUMMARY OF THE NOTES
1. Issuer:
International Bank for Reconstruction and Development
("IBRD")
2. (i) Series Number:
100438
(ii) Tranche Number:
2
3. Specified Currency or Currencies
The lawful currency of the People's Republic of China,
(Condition 1(d)):
the Chinese Renminbi ("CNY"), provided that all
payments in respect of the Notes will be made in United
States Dollars ("USD")
4. Aggregate Nominal Amount:
(i) Series:
CNY 106,900,000
(ii) Tranche:
CNY 54,900,000
5. (i) Issue Price:
100 per cent. of the Aggregate Nominal Amount of this
Tranche, plus 8 days' accrued interest
(ii) Net proceeds:
USD 8,502,432.33 (equivalent to CNY 54,942,717.69
at the USD/CNY exchange rate of CNY 6.4620 per
USD 1.00)
6. Specified Denominations
CNY 100,000
(Condition 1(b)):
7. (i) Issue Date:
27 June 2018
(ii) Interest Commencement Date
19 June 2018
(Condition 5(l)):
8. Maturity Date (Condition 6(a)):
19 August 2023
9. Interest Basis (Condition 5):
3.55 per cent. Fixed Rate
(further particulars specified below)
10. Redemption/Payment Basis
Redemption at par, payable in USD
(Condition 6):
(further particulars specified below)
11. Change of Interest or
Not Applicable
1

Redemption/Payment Basis:
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
16. Fixed Rate Note Provisions
Applicable
(Condition 5(a)):
(i) Rate of Interest:
3.55 per cent. per annum payable annually in arrear
(ii) Interest Payment Date(s):
19 August in each year, from and including 19 August
2018 to and including the Maturity Date, not subject to
adjustment in accordance with a Business Day
Convention
(iii) Interest Period Date(s):
Each Interest Payment Date
(iv) Business Day Convention:
Not Applicable
(v) Fixed Coupon Amount(s):
The Fixed Coupon Amount for the relevant Interest
Period shall be CNY 3,550 per Specified Denomination,
payable in USD and determined by the Calculation
Agent by applying the following formula on the
applicable Rate Fixing Date:
CNY 3,550 divided by the Reference Rate (as
defined in Term 19 below) on such Rate Fixing Date.
The Calculation Agent shall notify the Issuer, the Global
Agent and the Noteholders of its determination of the
Fixed Coupon Amount per Specified Denomination
payable in USD on the relevant Interest Payment Date
as soon as practicable after such determination (but in
no event later than four (4) Business Days prior to the
relevant Interest Payment Date).
(vi) Broken Amount(s):
Initial Broken Amount of CNY 593.29 per Specified
Denomination, payable in USD on 19 August 2018 and
determined by the Calculation Agent by applying the
following formula on the applicable Rate Fixing Date:
CNY 593.29 divided by the Reference Rate (as
defined in Term 19 below) on such Rate Fixing Date.
The Calculation Agent shall notify the Issuer, the Global
Agent and the Noteholders of its determination of the
Fixed Coupon Amount per Specified Denomination
payable in USD on 19 August 2018 as soon as
practicable after such determination (but in no event
later than four (4) Business Days prior to this Interest
Payment Date).
(vii) Day Count Fraction
Actual/Actual (ICMA)
(Condition 5(l)):
(viii) Other terms relating to the
Not Applicable
method of calculating interest for
Fixed Rate Notes:
2

PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of each
The Final Redemption Amount per Specified
Note (Condition 6):
Denomination will be payable in USD on the Maturity
Date, and determined by the Calculation Agent on the
Rate Fixing Date immediately prior to the Maturity
Date by applying the following formula:
Specified Denomination divided by the
Reference Rate (as defined in Term 19 below)
The Calculation Agent shall notify the Issuer, the
Global Agent and the Noteholders of its determination
of the Final Redemption Amount per Specified
Denomination payable in USD on the Maturity Date as
soon as practicable after such determination (but in no
event later than four (4) Business Days prior to the
Maturity Date).
18. Early Redemption Amount
The Final Redemption Amount per Specified
(Condition 6(c)):
Denomination as determined in accordance with Term
17 above plus accrued and unpaid interest, if any, as
determined in accordance with Term 16 above, save that
the Reference Rate shall be determined by the
Calculation Agent on the day that is five (5) Business
Days prior to the day on which the Early Redemption
Amount shall be due and payable as provided in
Condition 9 (an "Early Redemption Valuation Date")
and all the references to "Rate Fixing Date" shall be
deemed to be replaced by "Early Redemption Valuation
Date".
The Calculation Agent shall notify the Issuer, the
Global Agent and the Noteholders of its determination
of the Early Redemption Amount per Specified
Denomination payable in USD on the day on which the
Early Redemption Amount shall be due and payable as
soon as practicable after such determination (but in no
event later than four (4) Business Days prior to the day
on which the Early Redemption Amount shall be due
and payable).
GENERAL PROVISIONS APPLICABLE TO THE NOTES
19. Additional Definitions and Disruption
"Beijing Business Day" means a day (other than a
Provisions:
Saturday or Sunday) on which commercial banks and
foreign exchange markets settle payments and are open
for general business (including dealings in foreign
exchange and foreign currency deposits) in Beijing.
"Business Day" means a day (other than a Saturday or
Sunday) on which commercial banks and foreign
exchange markets settle payments and are open for
general business (including dealings in foreign
exchange and foreign currency deposits) in each of
Beijing, London, New York and Singapore.
"Calculation Agent" means Citibank N.A., London
Branch, or its duly appointed successor.
3

"Rate Fixing Date" means the date that is five (5)
Business Days prior to each Interest Period Date, the
Maturity Date or the date upon which the Notes become
due and payable as provided in Condition 9 (the
"Scheduled Rate Fixing Date"); provided, however,
that if such date is an Unscheduled Holiday, the Rate
Fixing Date shall be postponed to the day immediately
succeeding the Scheduled Rate Fixing Date that is a
Business Day or that would have been a Business Day
but for an Unscheduled Holiday shall be deemed to be
the Rate Fixing Date.
"Reference Rate" means, in respect of a Rate Fixing
Date, the USD/CNY official fixing rate for such Rate
Fixing Date, expressed as the amount of CNY per one
USD:
(a)
as authorised by the People's Bank of China of
the People's Republic of China for reporting by
the China Foreign Exchange Trade System
(CFETS) (www.chinamoney.com.cn), which
appears on Reuters Screen "CNY= SAEC"
opposite the symbol "USDCNY=" (or any
successor page) at approximately 9:15 a.m.,
Beijing time, on that Rate Fixing Date ("CNY
SAEC" or "CNY01"); or
(b)
in the event the Reuters Screen "USDCNY="
(or any successor page) no longer reports such
rate or is no longer available and has not been
replaced by any other page or service, which
has been obtained by the Calculation Agent
from any other screen or information source
that it deems appropriate in good faith and in a
commercially reasonable manner on such Rate
Fixing Date; or
(c)
if it becomes impossible to obtain the
USD/CNY official fixing rate on the relevant
Rate Fixing Date as outlined in the previous
paragraphs, as reported by the Treasury
Markets
Association,
Hong
Kong
(www.tma.org.hk) as its USD/CNY (HK) spot
rate, which appears on Reuters Screen
"CNHFIX=" (or any successor page) at
approximately 11:30 a.m., Hong Kong time, on
that Rate Fixing Date ("CNY CNHHK" or
"CNY03"); or
(d)
if it becomes impossible to obtain the
USD/CNY official fixing rate on the relevant
Rate Fixing Date as outlined in the previous
paragraphs, as published on the website of the
Singapore
Foreign
Exchange
Market
Committee ("SFEMC") (www.sfemc.org) at
approximately 3:30 p.m., Singapore time, or as
soon thereafter as practicable, on such Rate
4

Fixing Date. The exchange rate will be
calculated by SFEMC (or a service provider
SFEMC may select in its sole discretion)
pursuant to the SFEMC CNY Indicative Survey
Rate Methodology (which means a
methodology, dated as of 1 December 2004, as
amended from time to time, for a centralised
industry-wide survey of financial institutions
that are active participants in the USD/CNY
markets for the purpose of determining the
SFEMC CNY Indicative Survey Rate)
("SFEMC CNY INDICATIVE SURVEY
RATE" or "CNY02"); or
(e)
if it becomes impossible to obtain the
USD/CNY official fixing rate on the relevant
Rate Fixing Date as outlined in the previous
paragraphs, the Calculation Agent will
determine the Reference Rate for the relevant
Rate Fixing Date, taking into consideration all
available information that in good faith it
deems relevant.
If Annex A to the 1998 FX and Currency Option
Definitions published by the International Swaps and
Derivatives Association, Inc., the Emerging Markets
Traders Association and the Foreign Exchange
Committee (the "FX Definitions") is amended such
that CNY01, CNY02 or CNY03 is replaced by a
successor price source for the USD/CNY exchange rate
in such Annex A to the FX Definitions (each, a
"Successor Price Source Definition"), the Reference
Rate for the relevant Rate Fixing Date will be
determined in accordance with the relevant Successor
Price Source Definition without changing the order of
the Reference Rate determination described above.
The Calculation Agent shall notify the Issuer as soon as
reasonably practicable that the Reference Rate is to be
so determined.
"Reuters Screen" means, when used in connection
with any designated page, the display page so
designated on the Reuters service, or (i) any successor
display page, other published source, information
vendor or provider that has been officially designated
by the sponsor of the original page or source; or (ii) if
the sponsor has not officially designated a successor
display page, another published source, service or
provider (as the case may be), the successor display
page, other published source, service or provider, if any,
designated by the relevant information vendor or
provider (if different from the sponsor).
"Unscheduled Holiday" means a day that is not a
Beijing Business Day and the market was not aware of
such fact (by means of a public announcement or by
5

reference to other publicly available information) until a
time later than 9.00 a.m. local time in Beijing, two
Beijing Business Days prior to the relevant Rate Fixing
Date.
20. Form of Notes (Condition 1(a)):
Registered Notes:
Global Registered Certificate available on Issue Date
21. New Global Note:
No
22. Financial Centre(s) or other special
Beijing, London, New York and Singapore
provisions relating to payment dates
(Condition 7(h)):
23. Governing law (Condition 14):
English
24. Other final terms:
The first sentence of Condition 7(a)(ii) is hereby
replaced by the following: "Interest (which for the
purpose of this Condition 7(a) shall include all
Instalment Amounts other than final Instalment
Amounts) on Registered Notes shall be paid to the
person shown on the Register at the close of business
on the calendar day before the due date for payment
thereof (the "Record Date")."
25. 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 accompanying Prospectus.
Because the Notes are denominated in CNY but payable
in USD, the Noteholders will be exposed to currency
exchange rate risks with respect to such currencies.
Changes in exchange rates relating to any of the
currencies involved may result in a decrease in the
effective yield of the Notes and, in certain
circumstances, could result in a loss of all or a
substantial portion of the principal of the Notes
(including the Final Redemption Amount). For
example, if, on any Rate Fixing Date, CNY has
appreciated in value against USD, the payment in USD
will be higher. Conversely, a depreciation in value of
CNY against USD will have the opposite impact.
Furthermore, since the Noteholders will receive
payments on the Notes only on the Interest Payment
Dates (including the Maturity Date), the Noteholders
will not benefit from favourable changes in exchange
rates at any other time during the term of the Notes.
Exchange rate movements for a particular currency are
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 (CNY).
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
6

"Risk FactorsNotes are subject to exchange rate and
exchange control risks if the investor's currency is
different from the Specified Currency" in the
accompanying Prospectus.
DISTRIBUTION
26. (i) If syndicated, names of Managers Not Applicable
and underwriting commitments:
(ii) Stabilizing Manager(s) (if any):
Not Applicable
27. If non-syndicated, name of Dealer:
J.P. Morgan Securities plc
28. Total commission and concession:
Not Applicable
29. Additional selling restrictions:
Not Applicable
30. MiFID II product governance / Retail
Directive 2014/65/EU (as amended, "MiFID II")
investors, professional investors and
product governance / Retail investors, professional
ECPs target markets:
investors and eligible counterparties ("ECPs") only
target market: Solely for the purposes of the
manufacturer's product approval process, the target
market assessment in respect of the Notes has led to the
conclusion that (i) the target market for the Notes is
eligible counterparties, professional clients and retail
clients, each as defined in MiFID II; and (ii) all
channels for distribution of the Notes are appropriate.
Any person subsequently offering, selling or
recommending the Notes (a "distributor") should take
into consideration the manufacturer's target market
assessment; however, a distributor subject to MiFID II
is responsible for undertaking its own target market
assessment in respect of the Notes (by either adopting
or refining the manufacturer's target market
assessment) and determining appropriate distribution
channels.
For the purposes of this provision, the expression
"manufacturer" means the Dealer.
OPERATIONAL INFORMATION
31. ISIN Code:
XS1839138671
32. Common Code:
183913867
33. Delivery:
Delivery against payment
34. Registrar and Transfer Agent (if any):
Citibank N.A., London Branch
35. Intended to be held in a manner which No
would allow Eurosystem eligibility:
GENERAL INFORMATION
IBRD's most recent Information Statement was issued on 19 September 2017.
USE OF PROCEEDS
Supporting sustainable development in IBRD's member countries
The net proceeds from the sale of the Notes will be used by IBRD to finance sustainable development
projects and programs in IBRD's member countries (without being committed or earmarked for lending
to, or financing of, any particular projects or programs). IBRD's financing is made available solely to
7

middle-income and creditworthy lower-income member countries who are working in partnership with
IBRD to eliminate extreme poverty and boost shared prosperity, so that they can achieve equitable and
sustainable economic growth in their national economies and find sustainable solutions to pressing
regional and global economic and environmental problems. Projects and programs supported by IBRD
are designed to achieve a positive social impact and undergo a rigorous review and internal approval
process aimed at safeguarding equitable and sustainable economic growth.
IBRD integrates five cross cutting themes into its lending activities helping its borrowing members
create sustainable development solutions: climate change; gender; jobs; public-private partnerships;
and fragility, conflict and violence.
IBRD's administrative and operating expenses are covered entirely by IBRD's various sources of
revenue (net income) consisting primarily of interest margin, equity contribution and investment
income (as more fully described in the Information Statement).
LISTING APPLICATION
These Final Terms comprise the final terms required for the admission to the Official List of the
Luxembourg Stock Exchange and to trading on the Luxembourg Stock Exchange's regulated market of
the Notes described herein issued pursuant to the Global Debt Issuance Facility of International Bank
for Reconstruction and Development.
RESPONSIBILITY
IBRD accepts responsibility for the information contained in these Final Terms.
Signed on behalf of IBRD:
By:
..........................................................
Name:
Title:
Duly authorised
8

Document Outline

#1">JPM - IBRD CNY 54.9m 3.55 per cent. Notes due 2023_Final Terms.doc