Obbligazione Eurobank Reconstruction Development 0.9% ( XS2242419922 ) in EUR

Emittente Eurobank Reconstruction Development
Prezzo di mercato 100 EUR  ⇌ 
Paese  Regno Unito
Codice isin  XS2242419922 ( in EUR )
Tasso d'interesse 0.9% per anno ( pagato 1 volta l'anno)
Scadenza 19/10/2050 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione European Bank for Reconstruction and Development XS2242419922 in EUR 0.9%, scaduta


Importo minimo 100 000 EUR
Importo totale 50 000 000 EUR
Descrizione dettagliata La Banca Europea per la Ricostruzione e lo Sviluppo (BERS) è un'istituzione finanziaria internazionale che promuove lo sviluppo economico e la transizione verso economie di mercato in paesi dell'Europa centrale e orientale, nel Caucaso meridionale, nell'Asia centrale e nel Mediterraneo.

L'obbligazione con codice ISIN XS2242419922 emessa dalla European Bank for Reconstruction and Development nel Regno Unito, con valore nominale di 50.000.000 EUR, cedola dello 0,9%, scadenza 19/10/2050, quotazione al 100%, taglio minimo di 100.000 EUR e frequenza dei pagamenti di interesse annuale, è giunta a scadenza ed è stata rimborsata.







MiFID II product governance / Retail investors, professional investors and ECPs 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
Directive 2014/65/EU (as amended, "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.
European Bank for Reconstruction and Development (the "Issuer") does not fall under the
scope of application of MiFID II. Consequently, the Issuer does not qualify as an "investment
firm", "manufacturer" or "distributor" for the purposes of MiFID II.

Pricing Supplement

15 October 2020
European Bank for Reconstruction and Development
EUR 50,000,000 Callable Fixed Rate Green Transition Global Notes due 19 October
2050 (the "Notes")
issued pursuant to the European Bank for Reconstruction and Development
EUR 45,000,000,000 Global Medium Term Note Programme for the issue of notes
PART A ­ CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions
set forth in the Offering Circular dated 3 July 2012, as supplemented by the Supplementary
Offering Circular dated 22 July 2019 (together, the "Offering Circular"). This Pricing
Supplement must be read in conjunction with such Offering Circular. Full information on the
Notes is only available on the basis of the combination of this Pricing Supplement and the
Offering Circular. The Offering Circular is available for viewing and copies may be obtained
from the Issuer at One Exchange Square, London, EC2A 2JN, United Kingdom.

SUMMARY OF THE NOTES

1.
Specified Currency:
Euro ("EUR")
2.
Nominal Amount:
EUR 50,000,000
3.
Type of Note:
Fixed Rate

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4.
Issue Date:
19 October 2020
5.
Issue Price:
100.00 per cent. of the Nominal Amount
6.
Maturity Date:
19 October 2050,
subject
to
the
Redemption at Issuer's Option provisions
below.
7.
Fungible with existing Notes:
No
FORM OF THE NOTES

8.
Form of Note:
Bearer
9.
New Global Note:
Yes
10.
Specified Denomination:
EUR 100,000
11.
Exchange of Bearer Notes:
Temporary Global Note exchangeable for
permanent Global Note on certification as
to non-US beneficial ownership on or after
40 days after the Issue Date and thereafter
permanent Global Note exchangeable only
upon an Exchange Event.
12.
Talons for future Coupons to be Yes. As the Notes have more than
attached to definitive Bearer Notes:
27 coupon payments, talons may be
required if, on exchange into definitive
form, more than 27 coupon payments are
still to be made.
13.
(a)
Depositary for and registered

holder
of
Registered Not Applicable

Global Note:

(b)
Exchange
of
Registered

Global Note:
Not Applicable
PROVISIONS RELATING TO INITIAL PAYMENT
14.
Partly Paid Notes:
No
PROVISIONS RELATING TO INTEREST
15.
Interest Commencement Date:
Issue Date
16.
Fixed Rate Notes:


(a)
Fixed Rate of Interest:
0.90 per cent. per annum payable annually
in arrear on each Fixed Interest Date. For
the avoidance of doubt, EUR 900 shall be
payable per Specified Denomination on
each Fixed Interest Date.

(b)
Fixed Interest Dates:
19 October in each year from and
including 19 October 2021, up to and
including the Maturity Date, subject to the
Redemption at Issuer's Option provisions
below and subject to adjustment for

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payment purposes in accordance with the
Business Day Convention specified below.

(c)
Initial Broken Amount per
Specified Denomination:
Not Applicable

(d)
Final Broken Amount per
Specified Denomination:
Not Applicable

(e)
Fixed Day Count Fraction:
30/360

(f)
Business Day Convention:
Following Business Day Convention

(g)
Business Day definition if Condition 4(a)(iii) applies, and for the
different
from
that
in avoidance of doubt, London shall be an
Condition 4(a)(iii):
additional business centre.

(h)
Calculation of interest to be
adjusted in accordance with
Business Day Convention
specified above:
No
17.
Zero Coupon Notes:
Not Applicable
18.
Floating Rate Notes and Indexed
Notes:
Not Applicable
PROVISIONS REGARDING PAYMENTS/DELIVERIES
19.
Definition of "Payment Day" for the Condition 6(e) applies. London shall be an
purpose of Condition 6(e) if different additional business centre.
to that set out in Condition 6:
20.
Dual Currency Notes:
Not Applicable
21.
Physically Settled Notes:
Not Applicable
PROVISIONS REGARDING REDEMPTION/MATURITY
22.
(a)
Redemption
at
Issuer's
Option:
Yes.
The Issuer has the right to redeem the
Notes (in whole but not in part) on an
Optional Redemption Date (as defined
below) at the Optional Redemption
Amount (as defined below) by giving
notice to the Agent of such redemption not
less than five (5) Business Days (as
defined below) prior to the relevant
Optional Redemption Date.
The Agent shall give notice of such
redemption to the holders of the Notes as
soon as practicable, but in any event not
later than two (2) Business Days thereafter
in accordance with Condition 5(b) (except

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that the timing of such notice as referred to
therein shall be amended as set out above).
Where:
"Business Day" means: (i) any day 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 London; and (ii) a
day on which the TARGET System is open
for settlement of payments in Euro.
"Optional Redemption Amount" means
100 per cent. per Specified Denomination.
"Optional Redemption Date" means
19 October
2022,
19 October
2024,
19 October 2026, 19 October 2028 and
19 October 2030, subject to adjustment in
accordance with the Following Business
Day Convention.

(b)
Redemption at Noteholder's
option:
Not Applicable
23.
(a)
Final Redemption Amount
per Specified Denomination
(other than an Indexed or 100.00 per cent.
Formula Note where the
index or formula applies to
the redemption amount):

(b)
Final Redemption Amount
for each Indexed Note where Not Applicable
the Index or Formula applies
to the Final Redemption
Amount:
24.
Instalment Note:
Not Applicable
25.
Early Redemption Amount for each
Note payable on an event of default:
Condition 5(d) shall apply
DISTRIBUTION, CLEARING AND SETTLEMENT PROVISIONS

26.
Method of distribution:
Non-syndicated
27.
If Syndicated, names and addresses Natixis
of Managers or, if Non-Syndicated, 47 quai d'Austerlitz
name and address of Dealer:
75013 Paris
France

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28.
Date of Syndication Agreement:
Not Applicable
29.
Stabilising Manager(s):
None
30.
Additional selling restrictions:
Not Applicable
31.
Details
of
additional/alternative Euroclear and Clearstream, Luxembourg
clearing system approved by the only
Issuer and the Agent:
32.
Intended to be held in a manner Yes.
which would allow Eurosystem Note that the designation "yes" simply
eligibility:
means that the Notes are intended upon
issue to be deposited with one of the
International
Central
Securities
Depositories as common safekeeper and
does not necessarily mean that the Notes
will be recognised as eligible collateral for
Eurosystem monetary policy and intra-day
credit operations by the Eurosystem either
upon issue or at any or all times during
their life. Such recognition will depend
upon satisfaction of the Eurosystem
eligibility criteria.
33.
Common Code:
224241992

ISIN Code:
XS2242419922

CUSIP Number:
Not Applicable
34.
Listing:
Application will be made by the Issuer (or
on its behalf) for the Notes to be (i)
admitted to the Official List of the
Financial Conduct Authority and to be
admitted to trading on the Regulated
Market of the London Stock Exchange plc
and (ii) listed on the Official List of the
Luxembourg Stock Exchange and to be
admitted to trading on the Regulated
Market
of
the
Luxembourg
Stock
Exchange (Bourse de Luxembourg). The
Issuer has also applied for the Notes to be
displayed on the Luxembourg Green
Exchange (LGX).
35.
In the case of Notes denominated in
the currency of a country that
subsequently adopts the euro in
accordance
with
the
Treaty
establishing
the
European
Community, as amended by the
Treaty on European Union, whether
the
Notes
will
include
a
redenomination clause providing for

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the redenomination of the Specified
Currency
in
euro
(a
"Redenomination Clause"), and, if so
specified, the wording of the
Redenomination Clause in full and
any
wording
in
respect
of
redenominalisation
and/or
consolidation (provided they are
fungible)
with
other
Notes
denominated in euro:
Not Applicable
36.
Additional Information:
The language set out under the heading
"Use of Proceeds" in the Offering Circular
shall be replaced for these Notes by the
following:
"The net proceeds of the issuance of the
Notes
which
is
expected
to
be
EUR 50,000,000 will be used towards the
Issuer's environmental projects in
accordance with and subject to the
following provisions:
An amount equivalent to the net proceeds
of the Notes will be allocated within the
Issuer's Treasury liquidity pool to a
portfolio that is separately monitored by
the Issuer. So long as any of the Notes are
outstanding, if the overall balance of such
portfolio exceeds the overall amount of the
Issuer's Green Transition Project Portfolio
(as defined below), the remaining balance
may only be invested by the Issuer in
certificates of deposits, commercial paper,
bank deposits, repurchase transactions or
other
money-market
instruments,
as
determined by the Issuer.
"Green Transition Project Portfolio"
shall mean, as determined by the Issuer,
the sum of all loans and investments that
are funded in whole or in part by the Issuer
and in respect of which the amount
disbursed or invested is directed at, as
determined by the Issuer, green transition
through financing or refinancing projects
that are intended to enable significant
improvements towards decarbonisation
and/or improved resource efficiency in key
sectors of the economy. While a minimum
of 50 per cent of the loan or investment
must be specifically designated to ensuring
the green transition of the asset or project,
the requirement to ensure improved

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climate
governance
of
the
related
organisation or company in consistency
with the transition objectives allows the
entire amount of any such EBRD's loans
to be included in the Green Transition
Portfolio.
Examples of projects in the Green
Transition Portfolio include, without
limitation, financings of:
Investments in decarbonisation and
resource
efficiency
including
circular economy products in
manufacturing,
which
may
include:
o chemical production;
o cement production;
o steel production;
Investments in food production
which may include:
o improving resource efficiency in
agribusiness;
o promoting sustainable land use;
Investments in activities that
enable green transition, which may
include:
o electricity grids;
o supply chains;
o low carbon transport (including
infrastructure);
o green logistics;
o ICT solutions; and
Investments in construction and
renovation of buildings.
The above examples are illustrative only
and no assurance can be provided that
investments in projects with these specific
characteristics will be made."
37.
Total Commissions:
Not Applicable

This Pricing Supplement comprises the pricing supplement required for issue and admission
to trading on the London Stock Exchange plc's Regulated Market and on the regulated market

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of the Luxembourg Stock Exchange of the Notes described herein pursuant to the
Euro 45,000,000,000 Global Medium Term Note Programme of European Bank for
Reconstruction and Development as from the Issue Date or as soon as practicable thereafter.

RESPONSIBILITY
The Issuer accepts responsibility for the information contained in this Pricing Supplement
other than the information contained under the heading "MiFID II product governance / Retail
investors, professional investors and ECPs target market".

For and on behalf of:
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT

By:
................................

Authorised signatory




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PART B ­ OTHER INFORMATION

1
LISTING
Application will be made by the Issuer (or on its

behalf) for the Notes to be (i) admitted to trading on
the Official List of the Financial Conduct Authority
and to be admitted to trading on the Regulated
Market of the London Stock Exchange plc and (ii)
listed on the Official List of the Luxembourg Stock
Exchange and to be admitted to trading on the
Regulated Market of the Luxembourg Stock
Exchange (Bourse de Luxembourg) with effect
from the Issue Date or as soon as practicable
thereafter. The Issuer has also applied for the Notes
to be displayed on the Luxembourg Green
Exchange (LGX).
No assurance can be given that such listing and
admission to trading will be obtained on such date,
or, if obtained, that it will be maintained.
2
RATINGS
The Issuer and/or its debt obligations have been
assigned an AAA credit rating from S&P Global
Ratings Europe Limited ("S&P"), an Aaa credit
rating from Moody's Investors Service Ltd
("Moody's") and an AAA credit rating from Fitch
Ratings Ltd. ("Fitch"). As defined by S&P, an
"AAA" rating means that the ability of the Issuer to
meet its financial commitment on its obligations is
extremely strong. As defined by Moody's, an
"Aaa" rating means that the Issuer's ability to meet
its financial obligations is judged to be of the
highest quality, with minimal credit risk. As
defined by Fitch, an "AAA" rating denotes the
lowest expectation of credit risk and means that the
Issuer has an exceptionally strong capacity for
timely payment of its financial commitments.
3
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE
ISSUE

Save as discussed in the section headed "Subscription and Sale" in the Offering
Circular, so far as the Issuer is aware, no person involved in the offer of the Notes has
an interest material to the offer.
4
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL
EXPENSES

(i)
Reasons for the offer:
The net proceeds of the issue of the Notes (which is
expected to be EUR 50,000,000.00) will be used as
described
in
the
provision
above
entitled
"Additional Information".

(ii)
Estimated net proceeds:
EUR 50,000,000.00

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(iii)
Estimated total

expenses:
EUR 10,000
5
YIELD


Indication of yield:
0.90 per cent. per annum.
As set out above, the yield is calculated at the Issue
Date on the basis of the Issue Price. It is not an
indication of future yield.
6
HISTORIC INTEREST RATES

Not Applicable
7
PERFORMANCE
OF
INDEX/FORMULA/OTHER
VARIABLE,
EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND
ASSOCIATED RISKS AND OTHER INFORMATION CONCERNING THE
UNDERLYING

Not Applicable
8
PERFORMANCE OF RATES OF EXCHANGE AND EXPLANATION OF
EFFECT ON VALUE OF INVESTMENT

Not Applicable


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