Bond IBRD-Global 0.7% ( XS2824053776 ) in EUR

IBRD-Global

100 % ⇌

United States

XS2824053776 ( in EUR )

0.7% per year ( payment time a year)

03/04/2034

Prospectus brochure of the bond IBRD XS2824053776 en EUR 0.7%, maturity 03/04/2034

125 000 000 EUR

03/04/2026 ( In 275 days )

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 EUR, with the ISIN code XS2824053776, pays a coupon of 0.7% per year.
The coupons are paid time per year and the Bond maturity is 03/04/2034

Final Terms dated 22 May 2024

International Bank for Reconstruction and Development

Issue of
EUR 125,000,000 Inflation Index Linked Interest and Redemption Notes due 3 April 2034

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 September 24, 2021. This document constitutes the Final Terms
of the Notes described herein and must be read in conjunction with such Prospectus.
MiFID II product governance / Professional investors and ECPs target market See Term 29 below.
SUMMARY OF THE NOTES
1. Issuer:
International Bank for Reconstruction and Development
("IBRD")
2. (i) Series number:
101992
(ii) Tranche number:
1
3. Specified Currency or Currencies Euro ("EUR")
(Condition 1(d)):
4. Aggregate Nominal Amount:

(i) Series:
EUR 125,000,000
(ii) Tranche:
EUR 125,000,000
5. (i) Issue Price:
100 per cent. of the Aggregate Nominal Amount
(ii) Net proceeds:
EUR 125,000,000
6. Specified Denominations
EUR 100,000
(Condition 1(b)):
7. Issue Date:
28 May 2024
8. Maturity Date (Condition 6(a)):
3 April 2034
9. Interest basis (Condition 5):
Inflation Index Linked Interest
(further particulars specified below in Term 16)
10. Redemption/Payment basis
Inflation Index Linked Redemption
(Condition 6):
(further particulars specified below in Term 17)
11. Change of interest or
Not Applicable
redemption/payment basis:
12. Call/Put Options (Condition 6):
Not Applicable
13. Status of the Notes
Unsecured and unsubordinated
(Condition 3):
14. Listing:
Luxembourg Stock Exchange
15. Method of distribution:
Non-syndicated

A54698449

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16. Index Linked Interest Note/other
Applicable
variable-linked interest Note

provisions (Condition 5):
(i) Index/Formula/other variable: The Rate of Interest for each Interest Period will be calculated
by the Calculation Agent on the corresponding Inflation
Determination Date in accordance with the following formula:
0.672% × [()
(0)]
where:
"CPI(m-2)" means, in respect of each Specified Interest
Payment Date, the Inflation Index level for the month that is
the 2nd calendar month preceding the relevant Determination
Month(n);
"CPI(m-3)" means, in respect of each Specified Interest
Payment Date, the Inflation Index level for the month that is
the 3rd calendar month preceding the relevant Determination
Month(n);
"Determination Month(n)" means, in respect of a Specified
Interest Payment Date, the same month in which such
Specified Interest Payment Date falls, namely April, from and
including April 2025, to and including April 2034;
"DIR(0)" means 124.72871;
"DIR(n)" means, in respect of each Specified Interest Payment
Date and each Interest Period ending on (but excluding) such
Specified Interest Payment Date, an amount calculated by the
Calculation Agent for the Determination Month(n) in which
such Specified Interest Payment Date falls, in accordance with
the following formula:
(-3)+ -1(-2-(-3))

"Inflation Determination Date" means the date that is 5
TARGET Business Days prior to (i) each Specified Interest
Payment Date, (ii) the Maturity Date, or (iii) the date on which
the Notes become due and payable as provided in Condition
9;
"Inflation Index" means the "Non-revised Harmonised Index
of Consumer Prices excluding Tobacco for the Euro area" (or
relevant successor inflation index), as calculated and
published by Eurostat (or any successor sponsor) (the "Index
Sponsor") and made available, for information purposes only,
on the Bloomberg page CPTFEMU<Index>);
"n" means a number starting from 1 for April 2025, 2 for April
2026, 3 for April 2027, 4 for April 2028, 5 for April 2029, 6

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for April 2030, 7 for April 2031, 8 for April 2032, 9 for April
2033, ending with 10 for April 2034;
"nd" means 3 (representing the 3rd day of the month,
expressed as a number, in the relevant Determination
Month(n)); and
"ND(m)" means the total number of calendar days in the
relevant Determination Month(n).

(ii) Party responsible for
JPMorgan Chase Bank, N.A. (the "Calculation Agent")
calculating Rate(s) of Interest
and/or Interest Amount(s):
(iii) Provisions for determining
See Term 16(i) above.
Coupon where calculated by
reference to Index and/or
Formula and/or other variable:
(iv) Interest Determination
Means, with regard to a Specified Interest Payment Date, the
Date(s):
Inflation Determination Date with regard to such Specified
Interest Payment Date.
(v) Provisions for determining
Delay of Publication:
Coupon where calculation by
reference to Index and/or
If a level of the Inflation Index for a Reference Month(n) (a
Formula and/or other variable "Relevant Level") has not been published or announced by
is impossible or impracticable the relevant Inflation Determination Date, the Calculation
or otherwise disrupted:
Agent shall determine a Substitute Index Level (in place of

such Relevant Level) in accordance with the following
methodology:
(i) If applicable, the Calculation Agent will take the
same action to determine the Substitute Index Level
in respect of the relevant Inflation Determination
Date as that taken by the calculation agent pursuant
to the terms and conditions of the Related Bond.
(ii) If (i) above does not result in a Substitute Index
Level in respect of such Inflation Determination
Date for any reason, then the Calculation Agent
shall determine the Substitute Index Level in a
commercially reasonable manner in its reasonable
discretion.
If a Relevant Level is published or announced at any time after
the day that is prior to the next Inflation Determination Date,
such Relevant Level will not be used in any calculations. The
Substitute Index Level so determined pursuant to this section
(Delay in Publication), will be the definitive level for that
Reference Month.
Cessation of Publication:
If a level for the Inflation Index has not been published or
announced for two consecutive months or the Index Sponsor
announces that it will no longer continue to publish or
announce the Inflation Index, then the Calculation Agent shall
determine a Successor Index (in lieu of the previously

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applicable Inflation Index) for the purposes of the Notes in
accordance with the following methodology:
(i) If at any time (other than following the Mandatory
Redemption Notice given by the Issuer pursuant to
sub-paragraph (v) below), a successor inflation
index has been designated by the calculation agent
pursuant to the terms and conditions of the Related
Bond, such successor inflation index shall be
designated a "Successor Index" for the purposes of
all subsequent Inflation Determination Dates in
relation to the Notes, notwithstanding that any other
Successor Index may previously have been
determined under sub-paragraphs (ii), (iii) or (iv)
below.
(ii) If a Successor Index has not been determined
pursuant to sub-paragraph (i) above (and the Issuer
has not given the Mandatory Redemption Notice
pursuant to sub-paragraph (v) below), and a notice
has been given or an announcement has been made
by the Index Sponsor, specifying that the Inflation
Index will be superseded by a replacement inflation
index specified by the Index Sponsor, and the
Calculation Agent determines that such replacement
inflation index is calculated using the same or
substantially similar formula or method of
calculation as used in the calculation of the
previously applicable Inflation Index, such
replacement inflation index shall be the Inflation
Index applicable to the Notes from the date that such
replacement inflation index comes into effect.
(iii) If a Successor Index has not been determined
pursuant to either of sub-paragraphs (i) or (ii) above
(and the Issuer has not given the Mandatory
Redemption Notice pursuant to sub-paragraph (v)
below), the Calculation Agent shall ask five leading
independent dealers to state what the replacement
inflation index for the Inflation Index should be. If
between four and five responses are received, and
of those four or five responses, three or more
leading independent dealers state the same
replacement inflation index, such inflation index
will be deemed the "Successor Index". If three
responses are received, and two or more leading
independent dealers state the same replacement
inflation index, such index will be deemed the
"Successor Index". If fewer than three responses are
received, the Calculation Agent will proceed to sub-
paragraph (iv) below.
(iv) If no Successor Index has been determined pursuant
to any of sub-paragraphs (i), (ii) or (iii) above by the
next scheduled Inflation Determination Date, the
Calculation Agent will determine an appropriate
alternative inflation index, acting in a commercially

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reasonable manner, and such inflation index will be
deemed a "Successor Index".
(v) If the Calculation Agent determines that there is no
appropriate
alternative
inflation
index,
the
Calculation Agent shall notify the Issuer of such
determination and such determination shall trigger
an early redemption of the Notes (a "Mandatory
Redemption Event"). Following receipt of such
notification from the Calculation Agent, the Issuer
shall (i) give not less than fifteen nor more than
twenty Business Days' notice of such Mandatory
Redemption Event to the Noteholders, with copy to
the Calculation Agent and the Global Agent (such
notice, the "Mandatory Redemption Notice"), and
(ii) redeem all of the Notes on the Mandatory
Redemption Date by payment of an amount,
calculated per Specified Denomination, equal to the
Mandatory Redemption Amount. For the purposes
hereof, "Mandatory Redemption Date" means the
date specified as such in the Mandatory Redemption
Notice, and "Mandatory Redemption Amount"
means the fair market value of the Notes,
determined by the Calculation Agent on the fifth
Business
Day
immediately
preceding
the
Mandatory Redemption Date using its internal
models and methodologies by reference to such
factors as the Calculation Agent may consider to be
appropriate, acting in a commercially reasonable
manner, including the gain or loss incurred by the
Issuer following the termination of the swap
transaction entered into by the Issuer in order to
hedge its obligations under the Notes.
The Calculation Agent may make such adjustment(s) that it
determines to be appropriate, if any, (acting always in a
commercially reasonable manner) to any variable, calculation
methodology, valuation, settlement, payment terms or any
other terms of the Notes to account for such Successor Index.
Rebasing of the Inflation Index:
If the Calculation Agent determines, based on the Related
Bond, that the Inflation Index has been or will be rebased at
any time, the Inflation Index as so rebased (the "Rebased
Inflation Index") will be used for purposes of determining the
level of such Inflation Index from the date of such rebasing;
provided, however, that the Calculation Agent shall make such
adjustments as are made by the calculation agent pursuant to
the terms and conditions of the Related Bond, if any, to the
levels of the Rebased Inflation Index so that the Rebased
Inflation Index levels reflect the same rate of inflation as the
Inflation Index before it was rebased. If there is no Related
Bond, the Calculation Agent shall make adjustments to the
levels of the Rebased Index so that the Rebased Index levels
reflect the same rate of inflation as the Inflation Index before

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it was rebased. Any such rebasing shall not affect any prior
payments made under the Notes.
Material Modification of the Inflation Index:
If, on or prior to the Inflation Determination Date, the Index
Sponsor announces that it will make a material change to the
Inflation Index then the Calculation Agent shall make any such
adjustments to the Inflation Index consistent with adjustments
made to the Related Bond, or, if there is no Related Bond, only
those adjustments necessary for the modified Inflation Index
to continue as the Inflation Index.
Manifest Error in Publication:
If, within thirty days of publication, the Calculation Agent
determines that the Index Sponsor has corrected the level of
the Inflation Index to remedy a manifest error in its original
publication, the Calculation Agent will notify the Issuer and
the Global Agent of the correction and the adjusted amount
and shall take such other action as it may deem necessary to
give effect to such correction. The Global Agent shall as soon
as practicable after such notification by the Calculation Agent
(but in no event later than one Business Day after receipt of
the aforementioned notice from the Calculation Agent) notify
the holders of the Notes of (i) that correction; and (ii) the
adjusted amount that is then payable under the Notes as a
result of that correction; provided that any amount payable
pursuant to the correction shall be paid (with no interest
accruing thereon) (a) in connection with an Index Sponsor's
correction to remedy a manifest error in the level of the
Inflation Index for a Reference Month for which the scheduled
Payment Date has occurred, within fifteen Business Days after
notice of such amount payable by the Calculation Agent, (b)
in connection with the Index Sponsor's correction to remedy a
manifest error in the level of the Inflation Index for a
Reference Month for which the scheduled Payment Date has
not occurred, as an adjustment to the payment obligation on
the next scheduled Payment Date or (c) if there is no further
scheduled Payment Date, within fifteen Business Days after
notice of such amount payable by the Calculation Agent.
Where:
"Affected Payment Date" means each Payment Date in
respect of which the Inflation Index has not been published or
announced;
"Fallback Bond" means a bond selected by the Calculation
Agent and issued by the government of the country to whose
level of inflation the Inflation Index relates and which pays a
coupon or redemption amount which is calculated by reference
to the Inflation Index, with a maturity date which falls on (a)
the same day as the Maturity Date, (b) the next longest
maturity after the Maturity Date if there is no such bond
maturing on the Maturity Date, or (c) the next shortest
maturity before the Maturity Date if no bond defined in (a) or
(b) is selected by the Calculation Agent. If the Inflation Index
relates to the level of inflation across the European Monetary

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Union, the Calculation Agent will select an inflation-linked
bond that is a debt obligation of one of the governments (but
not any government agency) of France, Italy, Germany or
Spain and which pays a coupon or redemption amount which
is calculated by reference to the level of inflation in the
European Monetary Union. In each case, the Calculation
Agent will select the Fallback Bond from those inflation-
linked bonds issued on or before the Issue Date of the Notes
and, if there is more than one inflation-linked bond maturing
on the same date, the Fallback Bond shall be selected by the
Calculation Agent from those bonds. If the Fallback Bond
redeems, the Calculation Agent will select a new Fallback
Bond on the same basis, but selected from all eligible bonds in
issue at the time the original Fallback Bond redeems
(including any bond for which the redeemed bond is
exchanged);
"Payment Date" means any relevant Specified Interest
Payment Date, the Maturity Date or any other date on which
payment is due under the Notes;
"Reference Month" means the calendar month for which the
level of the Inflation Index was reported, regardless of when
this information is published or announced. If the period for
which the level of the Inflation Index was reported is a period
other than a month, the Reference Month shall be deemed to
be the period for which the level of the Inflation Index was
reported;
"Related Bond" means the Fallback Bond. For any Related
Bond determination in relation to the Notes, the Calculation
Agent shall use the Fallback Bond;
"Substitute Index Level" means such level in respect of the
Inflation Index, determined by the Calculation Agent pursuant
to the provisions set out under "Delay of Publication" above
in this Term 16(v), in respect of each Affected Payment Date;
and
"Successor Index" has the meaning given to it under
"Cessation of Publication" above in this Term 16(v).
(vi) Interest Period(s):
As per Condition 5(l)
(vii) Specified Interest Payment
3 April of each year from, and including, 3 April 2025 to, and
Dates:
including, the Maturity Date, not subject to adjustment in
accordance with a Business Day Convention
(viii) Business Day Convention:
Not Applicable
(ix) Business Centre(s)
London, New York and TARGET
(Condition 5(l)):
(x) Minimum Rate of Interest:
Zero per cent. per annum
(xi) Maximum Rate of Interest:
Not Applicable
(xii) Day Count Fraction
30/360
(Condition 5(l)):

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PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of each

Note (Condition 6):
(i) Index/Formula/variable:
The Final Redemption Amount payable in respect of each
Specified Denomination on the Maturity Date will be
calculated by the Calculation Agent on the Inflation
Determination Date immediately preceding the Maturity Date
in accordance with the following formula:
Specified Denomination x {100% + Max [((10)
(0)-100%),
0]}

where:
"DIR " means
( )
124.72871; and
"DIR " means
(10)
DIR(n) as defined above in Term 16(i)
calculated by the Calculation Agent for the Determination
Month(n) in respect of the Specified Interest Payment Date
coinciding with the Maturity Date.

(ii) Party responsible for
The Calculation Agent
calculating the Final
Redemption Amount:
(iii) Provisions for determining
See Term 16(v) above
Final Redemption Amount
where calculated by reference
to Index and/or Formula
and/or other variable:
(iv) Provisions for determining
See Term 16(v) above
Final Redemption Amount
where calculation by
reference to Index and/or
Formula and/or other variable
is impossible or impracticable
or otherwise disrupted:
(v) Payment Date:
The Maturity Date
(vi) Minimum Final Redemption
EUR 100,000 per Specified Denomination
Amount:
(vii) Maximum Final Redemption
Not Applicable
Amount:
18. Early Redemption Amount
Save in respect of the amount payable following the
(Condition 6(c)):
Mandatory Redemption Notice given by the Issuer in
accordance with "Cessation of Publication" under Term 16(v),
the Final Redemption Amount per Specified Denomination as
determined in accordance with Term 17 above plus accrued
and unpaid interest, if any, as determined in accordance with
Term 16, except that references to "Maturity Date" shall be
replaced with "day on which the Early Redemption Amount
shall be due and payable" and the level of the Inflation Index
shall be determined by the Calculation Agent on the day that

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is 15 Business Days prior to the day on which the Early
Redemption Amount shall be due and payable (the "Early
Redemption Inflation Determination Date") and all
references to "Inflation Determination Date" shall be deemed
to be replaced with "Early Redemption Inflation
Determination Date".
GENERAL PROVISIONS APPLICABLE TO THE NOTES
19. Form of Notes (Condition 1(a)):
Registered Notes:

Global Registered Certificate available on Issue Date
20. New Global Note / New
Yes - New Safekeeping Structure
Safekeeping Structure:
21. Financial Centre(s) or other special London, New York and TARGET
provisions relating to payment
dates (Condition 7(h)):
22. Governing law (Condition 14):
English
23. Other final terms:
Not Applicable
24. 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
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. Investors
should carefully consider whether the Notes are suited to their
particular circumstances. Accordingly, prospective investors
should consult their financial and legal advisers as to the risks
entailed by an investment in the Notes and the suitability of
the Notes in light of their particular circumstances.
Suitability of investment
An investment in the Notes is only suitable for investors who
have the requisite knowledge and experience in financial and
business matters to evaluate the information contained in the
Prospectus and these Final Terms, who have made their own
independent decision to invest in the Notes and as to whether
the Notes are appropriate for them, and who are capable of
bearing the economic risk of an investment in the Notes.
Historical performance of the Inflation Index is not
indicative of future performance
The future performance of the Inflation Index cannot be
predicted based on its historical performance. IBRD cannot
guarantee the level of the Inflation Index on any of the
Inflation Determination Dates.
The Rate of Interest Rate on the Notes may not reflect the
actual levels of inflation affecting investors.
The Inflation Index is just one measure of inflation and may
not reflect the actual levels of inflation affecting investors.

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Accordingly, an investment in the Notes may not fully offset
any inflation actually experienced by investors.
DISTRIBUTION
25. (i) If syndicated, names of
Not Applicable
Managers and underwriting

commitments:
(ii) Stabilizing Manager(s) (if
Not Applicable
any):
26. If non-syndicated, name of Dealer:
J.P. Morgan Securities plc
27. Total commission and concession:
Not Applicable
28. Additional selling restrictions:
Not Applicable
29. MiFID II product governance / Directive 2014/65/EU (as amended, "MiFID II") product
Professional investors and ECPs
governance / Professional investors and ECPs only target
target market:
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 and professional
clients only, each as defined in MiFID II; and (ii) all channels
for distribution of the Notes to eligible counterparties and
professional clients 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 Term 29, "manufacturer" means the
Dealer.
IBRD does not fall under the scope of application of MiFID
II. Consequently, IBRD does not qualify as an "investment
firm", "manufacturer" or "distributor" for the purposes of
MiFID II.
OPERATIONAL INFORMATION
30. Legal Entity Identifier of the
ZTMSNXROF84AHWJNKQ93
Issuer:
31. ISIN Code:
XS2824053776
32. Common Code:
282405377
33. Delivery:
Delivery against payment
34. Registrar and Transfer Agent (if
Citibank, N.A., London Branch
any):
35. Intended to be held in a manner
Yes. Note that the designation "yes" means that the Notes are
which would allow Eurosystem
intended upon issue to be deposited with one of the ICSDs as
eligibility:
common safekeeper or registered in the name of a nominee of
one of the ICSDs acting as common safekeeper, and does not
necessarily mean that the Notes will be recognized as eligible
collateral for Eurosystem monetary policy and intra-day credit

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