Obbligazione IBRD-Global 0% ( XS1915153669 ) in USD

IBRD-Global

100 USD ⇌

Stati Uniti

XS1915153669 ( in USD )

04/12/2028

Prospetto opuscolo dell'obbligazione IBRD XS1915153669 en USD 0%, scadenza 04/12/2028

100 000 USD

25 000 000 USD

La Banca Internazionale per la Ricostruzione e lo Sviluppo (IBRD), parte del Gruppo Banca Mondiale, fornisce prestiti a tassi agevolati a paesi a medio reddito per progetti di sviluppo.

The Obbligazione issued by IBRD-Global ( United States ) , in USD, with the ISIN code XS1915153669, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 04/12/2028

INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT

Global Debt Issuance Facility

No. 100600

USD 25,000,000 Notes linked to UYU/USD FX and the Allocator
Selections Dynamic Allocation Index (Series 1) due 2028

JPMorgan

The date of these Final Terms is November 28, 2018
1

This document sets out the Final Terms (the "Final Terms") of the International Bank for
Reconstruction and Development ("Issuer" or "IBRD") USD 25,000,000 Notes linked to UYU/USD
FX and the Allocator Selections Dynamic Allocation Index (Series 1) due 2028 (the "Notes") and the
Schedules to the Final Terms. Prospective investors should read the Final Terms and the Schedules to
the Final Terms 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 of the Notes.

The Final Terms of the Notes are set out on pages 28 to 44. Capitalized terms used herein are defined
in the Final Terms, the Prospectus or the Schedules to the Final Terms.

Investing in the Notes involves risks. See "Additional Risk Factors" beginning on page 9 of the
Final Terms, and "Risk Factors" beginning on page 14 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 Uruguayan Peso ("UYU") to United States Dollars ("USD"). The performance
of the Index, in turn, will be based primarily on the Index Allocation Agent's periodic selections
of the Component Underlyings (as defined in the Index Rules) comprising the Index. Subject to
the limitations contained in the Index Rules, the Index Allocation Agent will have complete
discretion as to the timing and frequency of Index rebalancings and as to the Component
Underlyings chosen and weights allocated to those Component Underlyings. Therefore, the Notes
are intended to be purchased and held by the Index Allocation Agent and by discretionary
accounts managed by the Index Allocation Agent only.
Investors should note that the Final Terms of the Notes are separate from, and do not incorporate
by reference, the Index Rules or any descriptions of such Index Rules that are set out in the
Schedules to the Final Terms of the Notes. The Index Rules can be modified from time to time
without requiring an amendment of the Final Terms of the Notes. In the event of the occurrence
of any Mandatory Amendment Event relating to the Index, the fall-back provisions set out in the
Final Terms of the Notes, not the Index Rules, will determine the relevant action to be taken with
respect to the Notes. The Index Rules and the descriptions of such Index Rules that are set out in
the Schedules to the Final Terms of the Notes 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
Rules, and the Issuer has not participated in the preparation of, or verified, such Index Rules.
Neither IBRD nor the Global Agent will have any responsibility for the contents of the Index Rules
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 Allocation Agent
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 Allocation Agent, the Index Sponsor 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.

2

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
Financial Services Superintendency of the Central Bank of Uruguay to be publicly offered in
Uruguay.
3

TABLE OF CONTENTS

Executive summary....................................................................................5
Additional risk factors..................................................................................9
Final terms..................................................................................................29
Schedule 1: Index Summary Description - The Allocator Selections Dynamic Allocation
Index (Series 1)
Schedule 2: The Allocator Selections Dynamic Allocation Index (Series 1) Index Rules (as
of the date of these Final Terms)
Schedule 3: Description of Certain Component Underlyings of the Index

4

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 the Final Terms and the Prospectus.
Capitalized terms used in this summary have the meanings set forth elsewhere in the Final Terms or the
Schedules to the Final Terms.
Issuer:
International Bank for Reconstruction and Development
Securities:
USD 25,000,000 Notes linked to UYU/USD FX and the Allocator Selections
Dynamic Allocation Index (Series 1) due 2028 (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:
USD 25,000,000 (equivalent of UYU 812,000,000 at the UYU/USD
exchange rate on the Trade Date of UYU 32.48 per USD 1.00).
Issue Price:
100% (USD 25,000,000)
Denomination:
USD 1,000,000 and integral multiples of USD 10,000 in excess thereof
Issue Date:
4 December 2018
Trade Date:
19 November 2018
Scheduled Maturity Date:
4 December 2028
Maturity Date:
The Scheduled Maturity Date, subject to postponement if either the Scheduled
UYU Valuation Date is postponed pursuant to Term 18 of the Final Terms
and/or the Scheduled Final Index Determination Date is postponed pursuant to
Term 19 of the Final Terms.
Interest Basis:
Zero Coupon
Business Day:
London, New York and Montevideo
Calculation Amount:
USD 10,000
Participation Rate:
557%
Final Redemption Amount:
If no Mandatory Amendment Event has occurred prior to the Maturity Date,
the Final Redemption Amount, calculated per Calculation Amount, payable on
the Maturity Date will be an amount in USD equal to the sum of (i) the UYU
Linked Principal Amount and (ii) the Supplemental Payment Amount, if any,
as set forth under Term 17 of the Final Terms ("Final Redemption Amount of
each Note (Condition 6)").
If a Mandatory Amendment Event has occurred prior to the Maturity Date, the
Final Redemption Amount, calculated per Calculation Amount, due on the
Maturity Date will be an amount in USD equal to the UYU Linked Principal
Amount.
5

UYU Linked Principal Amount:
An amount in USD equal to the UYU Amount divided by the USD/UYU FX
Rate.
Supplemental Payment Amount:
An amount in USD, calculated per Calculation Amount, equal to the greater of
(i) the product of the Calculation Amount, the Index Return and the
Participation Rate, and (ii) zero.
Mandatory Amendment Event:
In the event of the occurrence of the events described in Term 22 of the Final
Terms ("Mandatory Amendment Event"), the Calculation Agent or the Issuer,
as the case may be, will give notice to the beneficial owners of the occurrence
of the Mandatory Amendment Event and the Issuer will be required to make a
payment in respect of each Calculation Amount (which may be zero) as soon
as practicable after the Mandatory Amendment Date. Such amount shall be
referred to as the Early Contingent Payment Amount (as defined in Term 22 of
the Final Terms ("Mandatory Amendment Event")) and such Early Contingent
Payment Amount shall be calculated as of the Accelerated Final Index
Determination Date.
For the avoidance of doubt, the occurrence of a Mandatory Amendment Event
shall not affect the Issuer's obligation to pay the UYU Linked Principal
Amount per Calculation Amount due on the Maturity Date.
In the event of the occurrence of a Mandatory Amendment Event, the Issuer
shall pay the UYU Linked Principal Amount on the later of the (i) the time the
Early Contingent Payment Amount is paid and (ii) the Maturity Date.
A Mandatory Amendment Event includes an Index Cancellation, an Index
Modification, an Index Allocation Agreement Termination or a termination of
the Associated Swap Transaction (including as a result of an Additional
Disruption Event), each as described in Term 22 of the Final Terms
("Mandatory Amendment Event").
USD/UYU FX Rate:
The UYU/USD exchange rate, expressed as the amount of UYU per one USD
as determined on the UYU Valuation Date.
UYU Amount:
UYU 812,000,000 (equivalent to USD 25,000,000 at the UYU/USD exchange
rate on the Trade Date of UYU 32.48 per USD 1.00)
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:
The Allocator Selections Dynamic Allocation Index (Series 1) (Bloomberg
Ticker Symbol: JPZMUYU9 <Index>).
The Index will track, with certain adjustments described herein, a basket of
reference components chosen and rebalanced periodically by the Index
Allocation Agent. As a result, the return on the Index will be dependent in large
part on the allocation selections made by the Index Allocation Agent.
Index Allocation Agent:
An entity not affiliated with the Issuer or the Index Sponsor and party to an
Index Allocation Agreement between it and the Index Sponsor.
6

Index Sponsor:
J.P. Morgan Securities LLC
Index Calculation Agent:
Solactive A.G.
UYU Valuation Date:
27 November 2028 (the "Scheduled UYU Valuation Date"), subject to
postponement in accordance with the provisions set forth under Term 18 of the
Final Terms ("UYU Related Disruption Events and Fallbacks").
Initial Index Level:
100 (namely, the Index's published Closing Level on the Initial Index
Determination Date).
Initial Index Determination Date:
19 November 2018 (the "Trade Date")
Final Index Level:
Index's Closing Level on the Final Index Determination Date, as determined
by the Calculation Agent.
In the event that the Index's Closing Level on the Final Index Determination
Date is corrected by the Calculation Agent within three New York Business
Days of the Final Index Determination Date, such corrected value will be the
Final Index Level.
Final Index Determination Date:
27 November 2028 (the "Scheduled Final Index Determination Date"),
subject to postponement pursuant to the provisions set forth under Term 19 of
the Final Terms ("Index Disruption Events") and Term 21 of the Final Terms
("Additional Definitions with regard to the Index").
Index Disruption Event:
If on the Final Index Determination Date, the Calculation Agent is prevented
from observing the Closing Level for the Index because either the Index is not
published by the Index Calculation Agent or the Index Sponsor, or such date is
not a Trading Day, an Index Disruption Event will be deemed to have occurred
on such date and the Calculation Agent will delay calculating the Index Return
as set forth in Term 19 of the Final Term ("Index Disruption Events").
Dealer:
J.P. Morgan Securities plc
Calculation Agent:
JPMorgan Chase Bank, N.A.
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
The amount of the Supplemental Payment Amount, if any, or the Early
Index Allocation Agent or
Contingent Payment Amount, if any, to be payable in respect of the Notes will
accounts managed by Index
be based on the performance of the Index. The performance of the Index, in
Allocation Agent; Purchaser
turn, will be based on the periodic selections of the Index Allocation Agent
Acknowledgement:
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 Allocation Agent and by discretionary accounts managed by the
Index Allocation Agent only. Each initial investor and subsequent beneficial
7

owner in the Notes from time to time, through such investor's acquisition of
the Notes, will be deemed to have acknowledged that the Notes are intended to
be instruments held only by the Index Allocation Agent and by discretionary
accounts managed by the Index Allocation Agent.
Neither IBRD nor the Global Agent will have any responsibility for the
contents of the rules governing the Index ("Index Rules") 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
Allocation Agent thereunder.
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.

8

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 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.
The performance of the Index is based on the periodic selections of the Index Allocation Agent made
under the terms of the Index Allocation Agreement. Therefore, the Notes are intended to be purchased
and held by the Index Allocation Agent and by discretionary accounts managed by the Index Allocation
Agent only. Neither IBRD nor the Global Agent will have any responsibility for the contents of 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 Allocation Agent thereunder.
Terms used in this section and not otherwise defined shall have the meanings set forth elsewhere in the
Final Terms or the Schedules to the Final Terms.
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 Component Underlyings of the Index.
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.
Non-U.S. investors - additional tax consideration
For purposes of the Notes, the following discussion supersedes in its entirety the discussion in the
Prospectus under "Tax Matters."
The Notes are only being offered to, and only intended to be held by, the Index Allocation Agent and
accounts managed by the Index Allocation Agent. The Notes may not be beneficially owned by U.S.
persons or persons subject to net income taxation in the United States, and the discussion does not
address the consequences of direct or indirect investment by U.S. persons or persons subject to net
income taxation in the United States.
Section 871(m) of the Code and final Treasury regulations promulgated thereunder ("Section 871(m)")
generally impose a 30% withholding tax (unless an income tax treaty applies) on dividend equivalent
amounts paid or deemed paid to non-U.S. beneficial owners with respect to certain financial instruments
linked to U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions
to this withholding regime, in particular for instruments linked to certain broad-based indices that meet
requirements set forth in the applicable Treasury regulations (such an index, a "Qualified Index").
As of the Issue Date of the Notes, none of the Component Underlyings contained within the synthetic
portfolio referenced by the Index are "Underlying Securities" as defined in the Section 871(m)
regulations and thus, as of the Issue Date, the Issuer (relying upon certain determinations made by J.P.
9

Morgan Securities plc in its role as Dealer in the Notes) has determined that the Section 871(m)
regulations do not apply to the Notes. However, because the Notes are expected to be considered
redeemed and re-issued for U.S. tax purposes each time there is a change in the Index allocations (each
occurrence, a "deemed reissuance"), the Index rules further specifically prohibit the Index Allocation
Agent from making allocations to any Component Underlying within the synthetic portfolio referenced
by the Index in the event that such Component Underlying is treated as an `Underlying Security' at the
time of allocation, as such an allocation would cause the securities to become subject to the regulations.
Therefore, the Issuer (relying upon certain determinations made by J.P. Morgan Securities plc in its role
as Dealer in the Notes) believes, without regard to any other transactions entered into by an investor,
that the Section 871(m) regulations will not apply to the Notes at any point in time. The Issuer's and
Dealer's determinations are not binding on the Internal Revenue Service ("IRS"), and the IRS may
disagree with their determinations. If, against the Issuer's and Dealer's determinations, the IRS
determines that the Section 871(m) regulations apply to the Notes, a withholding agent may withhold a
30% withholding tax on any dividend equivalent amounts paid or deemed paid to non-U.S. beneficial
owners with respect the Notes. However, neither the Issuer nor any other person will be required to pay
any additional amounts with respect to any amounts that may be withheld pursuant to the Section 871(m)
regulations. Section 871(m) is complex and its application may depend on an investor's particular
circumstances, including whether an investor enters into other transactions with respect to an
Underlying Security. Investors should consult with their own tax advisers regarding the potential
application of Section 871(m) to the Securities.
UYU related disruption events and Index Disruption Events may postpone the Maturity Date
In the event that the UYU Valuation Date is postponed beyond the Scheduled UYU Valuation Date or
the Final Index Determination Date is postponed beyond the Scheduled Final Index Determination 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 UYU Valuation Date is postponed beyond the Scheduled UYU Valuation
Date or that the Final Index Determination Date is postponed beyond the Scheduled Final Index
Determination Date. Therefore, the Maturity Date may be postponed by a number of Business Days
occurring during the period of 30 calendar days after the Scheduled UYU Valuation Date (in respect of
UYU-related disruption) or five Business Days after the Scheduled Final Index Determination 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 Mandatory Amendment Event
As set out in Term 22 of the Final Terms ("Mandatory Amendment Event"), in the event of the
occurrence of the events described in Term 22, 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
Calculation Amount, such payment will be equal to the Early Contingent Payment Amount as of the
Accelerated Final Index Determination Date, and no Supplemental Payment Amount will be payable on
the Maturity Date. As a result, the Noteholders will not benefit from any appreciation in the Index after
the Accelerated Final Index Determination Date.
A Mandatory Amendment Event includes an Index Cancellation, an Index Modification, an Index
Allocation Agreement Termination or a termination of the Associated Swap Transaction by the Swap
Counterparty (including as a result of an Additional Disruption Event) or the Issuer. An Index
10