Obligation IBRD-Global 0% ( US45905UEE01 ) en USD

IBRD-Global

100 % ▲

Etats-unis

US45905UEE01 ( en USD )

04/03/2020 - Obligation échue

Prospectus brochure de l'obligation IBRD US45905UEE01 en USD 0%, échue

25 000 000 USD

La Banque internationale pour la reconstruction et le développement (IBRD), membre du Groupe de la Banque mondiale, fournit des prêts et des services consultatifs aux pays à revenu intermédiaire et à revenu faible pour soutenir leur développement économique.

L'Obligation émise par IBRD-Global ( Etats-unis ) , en USD, avec le code ISIN US45905UEE01, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 04/03/2020

PRICING SUPPLEMENT

INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT

Global Debt Issuance Facility
No. 2848
US$25,000,000
Callable Fixed Rate/CMS-Linked Notes due March 4, 2020

Morgan Stanley

The date of this Pricing Supplement is March 3, 2005

This document ("Pricing Supplement") is issued to give details of an issue by the International
Bank for Reconstruction and Development (the "Bank") under its Global Debt Issuance Facility.
This Pricing Supplement supplements the terms and conditions in, and incorporates by reference,
the Prospectus dated October 7, 1997, and all documents incorporated by reference therein (the
"Prospectus"), and should be read in conjunction with the Prospectus. Unless otherwise defined
in this Pricing Supplement, terms used herein have the same meaning as in the Prospectus.
Terms and Conditions
The following items under this heading "Terms and Conditions" are the particular terms which
relate to the issue the subject of this Pricing Supplement. These are the only terms which form part
of the form of Notes for such issue:
1
No.:
2848
2
Aggregate Principal Amount:
US$25,000,000
3
Issue Price:
100.00 per cent. of the Aggregate Principal
Amount
4
Issue Date:
March 4, 2005
5
Form of Notes (Condition 1(a)):
Registered Notes
6
Authorized Denominations
US$1,000
(Condition 1(b)):
7
Specified Currency (Condition 1(d)):
United States dollars ("US$")
8
Maturity Date (Conditions 1(a) and 6(a)):
March 4, 2020
9
Interest Basis (Condition 5):
(i)
Fixed Interest Rate (Condition 5(I)) in
respect of the period beginning on and
including the Issue Date and ending
on but excluding March 4, 2008; and
(ii) Variable
Interest Rate (Condition 5(II))
in respect of the period beginning on
and including March 4, 2008 and
ending on but excluding the Maturity
Date
10
Fixed Interest Rate (Condition 5(I)):

(a)
Interest Rate:
6.00 per cent. per annum
(b) Fixed Rate Interest Payment March 4 and September 4 in each year
Date(s):
commencing on September 4, 2005
(c)
Fixed Rate Day Count Fraction:
30/360, as provided in Condition 5(I)(b)
11
Variable Interest Rate (Condition 5(II)):

(a)
Interest Payment Dates:
March 4 and September 4 in each year
commencing on September 4, 2008 up to and
including the Maturity Date
(b)
Calculation Agent (if not the
Not Applicable
Global Agent):
1

(c)
Rate of Interest:
Notwithstanding the provisions of Condition
5(II)(b), the Rate of Interest for each Interest
Period shall be calculated and determined by
the Calculation Agent as soon as practicable
on the relevant Interest Determination Date
for such Interest Period in accordance with
the following formula
4 x (10-year USD Swap Rate 2-year USD
Swap Rate)
where:
"10-year USD Swap Rate" and "2-year USD
Swap Rate" mean the mid-market semi-
annual swap rate for USD swap transactions
with a maturity of 10 years and 2 years
respectively expressed as a percentage which
appear on the Reuters page (or such other
page that may replace that page on that
service or a successor service) under the
heading "ISDAFIX1" at 11:00AM (New York
City time) on the Interest Determination Date.
If such rates do not appear on the Reuters
page (or such other page that may replace
that page on that service or a successor
service) under the heading "ISDAFIX1" at
11.00AM (New York City time) on the Interest
Determination Date, then the "10-year USD
Swap Rate" and "2-year USD Swap Rate"
shall be determined by the Calculation Agent
in accordance with the procedures set forth in
"USD-CMS-Reference Banks", in the case of
"USD-ISDA-Swap Rate" (as defined in Article
7, Section 7.1(w)(vii) and Article 7, Section
7.1(w)(vi), respectively, of the Annex to the
2000 ISDA Definitions (June 2000 version)
provided that the words "on the day that is two
U.S. Government Securities Business Days
preceding that Reset Date" shall be
substituted in relevant parts by "on the
Interest Determination Date".

For the purposes of this item 11(a), the "mid-
market semi-annual swap rate" means the
arithmetic mean of the bid and offered rate
quotations for the semi-annual fixed leg,
calculated on a 30/360 day count basis, of a
fixed-for-floating United States dollars
denominated interest rate swap transaction
with a designated maturity of two or ten years,
as the case may be, commencing on the
Reset Date for the relevant Interest Period for

a representative amount of US$25,000,000
with an acknowledged dealer of good credit in
the swap market, where the floating leg,
calculated on an Actual/360 day count basis,
is equivalent to USD-LIBOR-BBA (as defined
in the Annex to the 2000 ISDA Definitions
published by the International Swap and
Derivatives Association (June 2000 version))
with a designated maturity of three months.
(d)
Reference Rates:
See item 11(a) above
(e)
Specified Screen Page:
See item 11(a) above
(f) Interest
Determination
Date:
2
Relevant Business Days prior to the first day
of each Interest Period, the first Interest
Period commencing on March 4, 2008
12
Other Variable Interest Rate Terms

(Condition 5(II) and (III):
(a)
Minimum Interest Rate:
3 per cent. per annum
(b)
Maximum Interest Rate:
Not Applicable
(c) Spread:
Not Applicable
(d) Spread
Multiplier:
Not Applicable
(e)
Variable Rate Day Count Fraction 30/360, as provided in Condition 5(II)(e)
if not actual/360:
(f)
Relevant Banking Centre:
Not Applicable
13
Relevant Financial Centre:
New York
14
Relevant Business Day:
New York and London
15
Redemption Amount (if other than
Principal Amount
Principal Amount) (Condition 6(a)):
16
Bank's Optional Redemption
Yes
(Condition 6(e)):
(a)
Notice Period:
10 Relevant Business Days
(b) Amount:
All

(c)
Dates:
Each Interest Payment Date commencing on
and including March 4, 2008 and ending on
and including September 4, 2019
(d)
Early Redemption Amount (Bank): Principal Amount
(e)
Notices:
So long as Notes are represented by a Global
Note and the Global Note is held on behalf of
a clearing system notwithstanding Condition
13 notices to Noteholders may be given by
delivery of the relevant notice to that clearing
system for communication by it to entitled

account holders. Any notice delivered to a
clearing system in accordance with the
preceding sentence shall be deemed to have
been given to the Noteholders on the day on
which such notice is delivered to the clearing
system
17
Redemption at the option of the
No
Noteholders (Condition 6(f)):
18
Long Maturity Note (Condition 7(f)):
No
19
Early Redemption Amount (including Principal Amount of the Notes plus interest
accrued interest, if applicable) (Condition accrued thereon
9):
20
Governing Law of the Notes:
English
Other Relevant Terms

1
Listing (if yes, specify Stock Exchange Luxembourg Stock Exchange
Exchange):
2
Details of Clearance System approved by Clearstream Banking, société anonyme,
the Bank and the Global Agent and Euroclear Bank S.A./N.V., as operator of the
Clearance and Settlement Procedures:
Euroclear System and DTC. Payment for the
Notes will be on a delivery versus payment
basis
3
Syndicated:
No
4
Commissions and Concessions:
None
5
Codes:

(a) ISIN
US45905UEE01
(b) Common
Code
021261971
6
Identity of Dealer(s)/Manager(s):
Morgan Stanley & Co. International Limited
7
Provisions for Registered Notes:

(a)
Individual Definitive Registered No. Interests in the DTC Global Note will be
Notes available on Issue Date:
exchangeable for Definitive Registered Notes
only in the limited circumstances specified in
the DTC Global Note
(b)
DTC Global Note(s):
Yes; one
(c)
Other Registered Global Notes:
No

General Information

The Bank's latest Information Statement was issued on 27 September 2004.
CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES
This summary supplements, and to the extent inconsistent therewith, supersedes the summary
entitled "Tax Matters" in the Prospectus.
Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 ("JAGTRRA"),
a capital gain of a noncorporate United States Holder that is recognized before January 1, 2009 is
generally taxed at a maximum rate of 15% for property that is held more than one year. Holders
should consult their tax advisors with respect to the provisions of JAGTRRA.
The following additional selling restrictions shall apply to the issue:
United Kingdom:
Each Dealer is required to comply with all
applicable provisions of the Financial Services
and Markets Act 2000 with respect to anything
done by it in relation to the Notes in, from or
otherwise involving the United Kingdom.

INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPMENT
By:
Authorised Officer

INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT
1818 H Street, NW
Washington, D.C. 20433

GLOBAL AGENT
Citibank, N.A.
P.O. Box 18055
5 Carmelite Street
London EC4Y 0PA

SPECIAL AGENT AND PAYING AGENT

BNP Paribas Securities Services
23, Avenue de la Porte-Neuve
L-2085 Luxembourg

LEGAL ADVISERS TO THE MANAGER

Linklaters
One Silk Street
London EC2Y 8HQ