Obbligazione IBRD-Global 9.3% ( XS2107448941 ) in RWF

Emittente IBRD-Global
Prezzo di mercato 100 RWF  ⇌ 
Paese  Stati Uniti
Codice isin  XS2107448941 ( in RWF )
Tasso d'interesse 9.3% per anno ( pagato 1 volta l'anno)
Scadenza 20/01/2023 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione IBRD XS2107448941 in RWF 9.3%, scaduta


Importo minimo 100 000 RWF
Importo totale 37 000 000 000 RWF
Descrizione dettagliata 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 RWF, with the ISIN code XS2107448941, pays a coupon of 9.3% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 20/01/2023







Final Terms dated 21 January 2020

International Bank for Reconstruction and Development

Issue of RWF 37,000,000,000 9.25 per cent. Notes due 20 January 2023
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.
MiFID II product governance / 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:
101062
(ii) Tranche Number:
1
3.
Specified Currency or
Rwandan Franc ("RWF"), provided that all payments in respect
Currencies (Condition 1(d)):
of the Notes will be made in United States Dollars ("USD")
4.
Aggregate Nominal Amount:

(i)
Series:
RWF 37,000,000,000
(ii) Tranche:
RWF 37,000,000,000
5.
(i)
Issue Price:
100 per cent. of the Aggregate Nominal Amount
(ii) Net proceeds:
USD 39,910,195.75 (equivalent to RWF 36,889,000,000 at the
USD/RWF exchange rate of RWF 924.300152 per USD 1.00)
6.
Specified Denominations
RWF 100,000
(Condition 1(b)):
7.
Issue Date:
24 January 2020
8.
Maturity Date (Condition
20 January 2023 (the "Scheduled Maturity Date"), unless the
6(a)):
Final Rate Fixing Date is postponed beyond the Scheduled
Final Rate Fixing Date pursuant to Term 19, in which case the
Maturity Date shall be postponed as described therein.
For the avoidance of doubt, no additional amounts shall be
payable by the Issuer in the event that the Scheduled Maturity
Date is postponed due to the postponement of the Final Rate
Fixing Date beyond the Scheduled Final Rate Fixing Date due
to the operation of Term 19.
9.
Interest Basis (Condition 5):
9.25 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
Redemption/Payment Basis:

1



12. Call/Put Options (Condition
Not Applicable
6):
13. Status of the Notes (Condition Unsecured and unsubordinated
3):
14. Listing:
London 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:
9.25 per cent. per annum payable semi-annually in arrear
(ii) Interest Payment
July 24, 2020, January 22, 2021, July 23, 2021, January 21,
Date(s):
2022, July 22, 2022 and the Maturity Date, provided that, if a
Rate Fixing Date is postponed beyond the Scheduled Rate
Fixing Date pursuant to Term 19, the corresponding Interest
Payment Date shall be equally postponed by each day for which
the relevant Rate Fixing Date is so postponed as described
therein.
For the avoidance of doubt, no additional amounts shall be
payable by the Issuer in the event that an Interest Payment Date
is postponed due to the postponement of the Rate Fixing Date
beyond the Scheduled Rate Fixing Date due to the operation of
Term 19.
(iv) Business Day
Not Applicable
Convention:
(v) Fixed Coupon
The Fixed Coupon Amount for the relevant Interest Period shall
Amount(s):
be RWF 4,625 per Specified Denomination, payable in USD
and determined by the Calculation Agent by applying the
following formula on the applicable Rate Fixing Date:
RWF 4,625 divided by the Reference Rate (as defined in
Term 19 below) on such Rate Fixing Date.
(vi) Broken Amount(s):
Not Applicable
(vii) Day Count Fraction
Actual/Actual (ICMA)
(Condition 5(l)):
(viii) Other terms relating to
As specified in Term 19 below
the method of
calculating interest for
Fixed Rate Notes:
PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of
The Final Redemption Amount per Specified Denomination
each Note (Condition 6):
will be payable in USD on the Maturity Date, and determined
by the Calculation Agent on the Final Rate Fixing Date by
applying the following formula:
Specified Denomination divided by the Reference Rate
(as defined in Term 19 below)

2



18. Early Redemption Amount
The Final Redemption Amount per Specified Denomination as
(Condition 6(c)):
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 "Final
Rate Fixing Date" and "Rate Fixing Date" shall be deemed to
be replaced by "Early Redemption Valuation Date".
GENERAL PROVISIONS APPLICABLE TO THE NOTES
19. Disruption Provisions and
Disruption Provisions
Additional Definitions:

In the event of the occurrence of an Unscheduled Holiday or a
Disruption Event on a day which but for such occurrence would
have been the Rate Fixing Date, the Calculation Agent shall
apply each of the following paragraphs (each a "Disruption
Fallback") for the determination of the Reference Rate, in the
order set forth below, until the Reference Rate can be
determined in accordance with this Term 19:
(1)
Valuation Postponement: the Reference Rate will be
determined on the first Business Day that is not an
Unscheduled Holiday, or on the Business Day first
following the day on which the Disruption Event ceases
to exist, as applicable, unless the Rate Fixing Date has
not occurred on or before the fourteenth (14th)
consecutive calendar day after the Scheduled Rate
Fixing Date (any such period being a "Deferral
Period"). In such event, the Reference Rate will be
determined in accordance with the next applicable
Disruption Fallback on the next day after the Deferral
Period that would have been a Business Day but for the
occurrence of an Unscheduled Holiday, or on the next
day after the Deferral Period that is a Business Day in the
event of a continuing Disruption Event (the "Postponed
Rate Fixing Date"); and
(2)
Last Published Reference Rate: the Reference Rate for
such Postponed Rate Fixing Date will be the Reference
Rate as determined in accordance with the "Reference
Rate" definition in this Term 19 on the immediately
preceding Rating Fixing Date with regard to which there
was no occurrence of an Unscheduled Holiday or a
Disruption Event (or, if there is no such preceding Rate
Fixing Date, the initial Reference Rate which would
have been applicable to the Notes for the scheduled first
Interest Period had the Notes been in issue for a period
equal in duration to the scheduled first Interest Period but
ending on, and excluding, the Issue Date).

The Calculation Agent shall notify the Issuer as soon as
reasonably practicable if the Reference Rate for such Rate
Fixing Date is to be determined as specified in this Term 19.

In the event a Rate Fixing Date is postponed beyond the
Scheduled Rate Fixing Date due to the application of a
Disruption Fallback as set forth above, the corresponding

3



Interest Payment Date or the Maturity Date, as applicable, shall
be postponed by one Business Day for each day such Rate
Fixing Date is postponed as set forth above.

For the avoidance of doubt, no additional amounts shall be
payable by the Issuer in the event that the relevant Interest
Payment Date or the Maturity Date is postponed due to
postponement of the Rate Fixing Date beyond the Scheduled
Rate Fixing Date due to the operation of this Term 19.

Additional Definitions

"Business Day" means a day (other than a Saturday or a
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 Kigali, London and New York.

"Calculation Agent" means Citibank N.A., London Branch, or
its duly appointed successor.

"Disruption Event" means, in the sole and absolute
determination of the Calculation Agent, that the Reference Rate
on a Rate Fixing Date is not published by the National Bank of
Rwanda for such date as set forth in the definition of "Reference
Rate" below.

"Final Rate Fixing Date" means the date falling two (2)
Business Days prior to the Scheduled Maturity Date (the
"Scheduled Final Rate Fixing Date"), subject to
postponement in accordance with the provisions in this Term 19
if a Disruption Event or an Unscheduled Holiday occurs on
such date.

"Kigali Business Day" means a day (other than a Saturday or
a 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 Kigali.

"Rate Fixing Date" means the date falling two (2) Business
Days prior to each Interest Payment Date and the Maturity Date
(being the "Scheduled Rate Fixing Date"), provided however,
that, in the event of an Unscheduled Holiday or there has
occurred or is subsisting on such date a Disruption Event, the
Rate Fixing Date shall be determined by the Calculation Agent
in accordance with the provisions set forth under this Term 19.

"Reference Rate" means, in respect of any Rate Fixing Date,
the USD/RWF mid exchange rate, expressed as the amount of
RWF per one USD, reported by National Bank of Rwanda
(https://www.bnr.rw/) at approximately 9 a.m., Kigali time, on
such Rate Fixing Date for such date.

If a Disruption Event or an Unscheduled Holiday has occurred
on such Rate Fixing Date, then the Reference Rate on such Rate
Fixing Date shall be determined by the Calculation Agent in

4



accordance with the "Disruption Provisions" set forth above
under this Term 19.

"Unscheduled Holiday" means a day that is not a Kigali
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 a time later than 9.00 a.m.
local time in Kigali, two Kigali Business Days prior to the
relevant Scheduled Rate Fixing Date.

20. Form of Notes (Condition
Registered Notes:
1(a)):

Global Registered Certificate available on Issue Date
21. New Global Note:
No
22. Financial Centre(s) or other
Kigali, London and New York
special provisions relating to
payment dates (Condition
7(h)):
23. Governing law (Condition
English
14):
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.
The Noteholders are exposed to currency exchange rate risks
Because the Notes are denominated in RWF 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, RWF has appreciated in value against USD, the payment
in USD will be higher. Conversely, a depreciation in value of
RWF 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 (RWF).

5



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" in the accompanying Prospectus.
The Notes may apply a Reference Rate that is stale in certain
circumstances
In the event of an Unscheduled Holiday or a Disruption Event
on a day which but for such occurrence would have been a Rate
Fixing Date and the Deferral Period following such Rate Fixing
Date, the Reference Rate to be used with respect to the
postponed Rate Fixing Date shall be the Reference Rate on the
immediately preceding Rating Fixing Date with regard to
which there was no occurrence of an Unscheduled Holiday or a
Disruption Event.
DISTRIBUTION
26. (i) If syndicated, names of
Not Applicable
Managers and
underwriting
commitments:
(ii) Stabilizing Manager(s)
Not Applicable
(if any):
27. If non-syndicated, name of
Citigroup Global Markets Limited
Dealer:
28. Total commission and
0.30 per cent. of the Aggregate Nominal Amount
concession:
29. Additional selling restrictions:
Not Applicable
30. MiFID II product governance
Directive 2014/65/EU (as amended, "MiFID II") product
/ Professional investors and
governance / Professional investors and eligible
ECPs target markets:
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 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 provision, the expression
"manufacturer" means the Dealer.


6



OPERATIONAL INFORMATION
31. ISIN Code:
XS2107448941
32. Common Code:
210744894
33. Delivery:
Delivery against payment
34. Registrar and Transfer Agent
Citibank N.A., London Branch
(if any):
35. Intended to be held in a
No
manner which would allow
Eurosystem eligibility:
GENERAL INFORMATION
IBRD's most recent Information Statement was issued on September 24, 2019.
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). Prior to use, the net proceeds will be invested
by IBRD's Treasury in accordance with IBRD's liquid asset management investment policies. IBRD's
financing is made available solely to 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
Application has been made for the Notes to be admitted to the Official List of the London Stock Exchange
and to trading on the London 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.



7



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