Obligation IBRD-Global 0% ( XS0162728769 ) en EUR

IBRD-Global

100 % ⇌

Etats-unis

XS0162728769 ( en EUR )

03/03/2010 - Obligation échue

Prospectus brochure de l'obligation IBRD XS0162728769 en EUR 0%, échue

100 000 000 EUR

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 EUR, avec le code ISIN XS0162728769, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 03/03/2010

PRICING SUPPLEMENT

INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT

Global Debt Issuance Facility

No. 2532
EUR 100,000,000
Variable Interest Rate to Index -Linked Notes due March, 2010

J.P. Morgan Securities Ltd.
ABAXBANK S.p.A.

The date of this Pricing Supplement is 27 February, 2003

This document ("Pricing Supplement") is issued to give details of an issue by 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.:
2532
2
Aggregate Principal Amount:
EUR 100,000,000
3
Issue Price:
100 per cent. of the Aggregate Principal Amount
4
Issue Date:
3 March, 2003
5
Form of Notes (Condition 1(a)):
Bearer Notes
6
Authorized Denominations

(Condition 1(b)):
EUR 1,000
7
Specified Currency (Condition 1(d)):
Euro ("EUR"). For the avoidance of doubt,
references in the Terms and Conditions to "ECU"
shall not be construed for the purposes of this issue
of Notes as being references to EUR.
8
Maturity Date (Conditions 1(a) and 6(a)):
3 March, 2010
9
Interest Basis (Condition 5):
Variable Interest Rate (Condition 5(II)) to Index-
Linked Rate
10
Variable Interest Rate (Condition 5(II)):

Initial Variable Interest Rate
Applicable for the period from and including the
Issue Date to but excluding 3 March, 2005 (the
"Initial Variable Interest Rate Period")

(a) Interest Payment Dates:
Interest will be payable semi-annually in arrear on 3rd
March and 3rd September in each year and for the
purposes of the Initial Variable Interest Rate Period,
commencing 3rd September, 2003 up to and
including 3rd March, 2005.

(b) Reference Rate(s):
Euro-zone Interbank Offered Rate ("EURIBOR") for
deposits in EUR for a period of six months.

(c) Primary Source for Interest
Relevant Screen Service; provided that if the

Rate Quotations for Reference
Reference Rate does not appear on Telerate page
Rate(s):
248 (or such other page that may replace th at page
on that service or a successor service) on the
Interest Determination Date, then the Reference
Rate shall be determined in accordance with the
A02839448/1.0/26 Feb 2003

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Rate shall be determined in accordance with the
definition of "EUR-EURIBOR-Reference Banks" set
forth in the Annex to the 2000 ISDA Definitions
published by the International Swaps and
Derivatives Association (provided that references to
"Reset Date" in that definition shall be deemed to be
to the Interest Determination Date, references to
"Designated Maturity" shall be deemed to be six
months, and referen ces to "Representative Amount"
shall be deemed to be to an amount that is
representative for a single transaction in the Euro -
zone interbank market).

(d) Specified Screen Page:
Telerate page 248

(e) Spread:
plus 0.25 per cent. per annum

(f) Interest Determination Date:
Two TARGET Business Days prior to the first day of
each relevant Interest Period during the Initial
Variable Interest Rate Period, where "TARGET" is
the Trans-European Automated Real-Time Gross
Settlement Express Transfer system.

Index-Linked Rate
Applicable for the period from and including 3 March,
2005 to but excluding the Maturity Date (the "Index-
Linked Period")

(a) Interest Payment Dates:
Interest will be payable annually in arrear on 3rd
March in each year and for the purposes of the
Index-Linked Period, commencing 3rd March, 2006
up to and including the Maturity Date.

(b) Rate of Interest:
In respect of each Interest Period during the Index-
Linked Period will be a rate per annum determined
by the Calculation Agent in accordance with the
following formula, expressed as a percentage
rounded to the nearest two decimal places (with
0.005 EUR being rounded upwards):

1.30% + Max {[(MUICPt+12 MUICPt)/ MUICPt ];0}

where, the amounts designated " MUICPt+12" and
"MUICPt" shall be the amounts as observed by the
Calculation Agent as follows:
Interest

Observation of
Observation of
Payment Date
MUICPt+12
MUICP t
3rd March 2006 December 2004 December 2003
3rd March 2007 December 2005 December 2004
3rd March 2008 December 2006 December 2005
3rd March 2009 December 2007 December 2006
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3rd March 2009 December 2007 December 2006
3rd March 2010 December 2008 December 2007

(c) Index:
Subject to paragraph 11(iv) below, the Monetary
Union Index of Consumer Prices (excluding tobacco)
("MUICP") as calculated and published by the
Statistical Office of the European Union in
Luxembourg ("Eurostat") and displayed on the page
designated as CPTFEMU on the Bloomberg service
(or such other page on that service which displays
the Index).

The first publication of the Index figure (disregarding
estimates) by Eurostat for a given month shall be
final. Any corrections or revisions shall be
disregarded.
11
Other Variable Interest Rate Terms
(Condition 5(II) and 5(III)):

(i) Relevant Business Day:
Not withstanding the definition set forth in Condition
5(III), a day which is both:
(1) a day on which banks and foreign exchange
markets are open for business in London
and New York; and
(2) a day on which the Trans-European
Automated Real-Time Gross Settlement
Express Transfer (TARGET) System is
open.

(ii) Variable Interest Rate Day Count
For the purposes of the Initial Variable Interest Rate

Fraction:
Period: Actual/ 360

For the purposes of the Index-Linked Period:
Actual/Actual - ISMA

where Actual/ Actual- ISMA means the number of
days from and including the date on which interest
begins to accrue during the relevant period to but
excluding the date on which it actually falls due,
divided by the number of days in the relevant period
(including the first day but excluding the last).

(iii)
Calculation Agent
Citibank, N.A.

(iv) Other terms (including fall back

provisions) relating to the method of

calculating the Rate of Interest or

Interest Amounts, the value of which is

based upon the level of the Index:
General information on the MUICP is provided in the
Annex to this pricing supplement, and is being
A02839448/1.0/26 Feb 2003

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Annex to this pricing supplement, and is being
provided for informational purposes only. This
information has been compiled using publicly
available sources. The Issuer makes no
representation or warranty, whether express or
implied, as to the completeness or accuracy of such
information.

The following provisions apply in relation to the
Index-Linked Period:
Amendments to Index
The method of calculation of the Index may change
from time to time, as may the composition of the
region comprised of Member States of the European
Union that adopt the single currency in accordance
with the Treaty establishing the European
Community (the "Eurozone"). Such changes shall
not give rise to any right of Noteholders to an early
redemption of the Notes or to any adjustment to the
basis for calculating the amount payable under the
Notes.
Delay in publication of Index
If the MUICP figure for any month (which is required
for the purpose of the Rate of Interest in respect of
the Index-Linked Period or the calculation of
amounts in respect thereof) is not published on or
before the fifth Relevant Business Day prior to the
relevant Interest Payment Date in respect of the
Index-Linked Period, the MUICP for such month
shall be:

(i) such substitute index figure (if any) as shall
be published by Eurostat in respect of the
relevant month; or

(ii) if no substitute index figure in respect of
the relevant month is published as aforesaid
on or before the fifth Relevant Business Day
before such relevant Interest Payment Date,
then the Calculation Agent shall determine a
substitute index figure after reviewing any
such similar index figures as published by the
Agence France Trésor on its internet website
(see Annex) or such other sources as the
Calculation Agent deems relevant.
Cessation of or fundamental changes to Index
If MUICP ceases to be calculated or published by
Eurostat, but is calculated or published by a
A02839448/1.0/26 Feb 2003

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successor entity without any modification of the
calculation formula, the MUICP used shall be the
MUICP calculated or published by such sucessor. If
the MUICP ceases to be published or if the MUICP
has not been published for two consecutive months
or if any change is made which, in the reasonable
opinion of the Calculation Agent constitutes a
fundamental change in the rules governing the
MUICP, the Calculation Agent shall determine a
substitute index. The MUICP shall be replaced by
the substitute index so determined and references to
the MUICP shall be construed accordingly.
In making such determinations, the Calculation
Agent may consult with JPMorgan Chase Bank,
which has entered into an offsetting swap
transaction with the Bank in relation to the Notes.
Notwithstanding the possibility of such consulta tions,
the Calculation Agent shall make its own
independent judgments regarding fundamental
changes and substitute indexes.
Change of Base
If at any time, MUICP is materially rebased, the
Calculation Agent shall determine the MUICP figure
to be applied for the purposes of calculating the Rate
of Interest, by multiplying that figure representing the
rebased MUICP for the applicable month in respect
of which the MUICP is to be determined
("MUICP(R)") by the non rebased MUICP figure for
the same month, divided by MUICP(R)). This
procedure will be used on each occasion on which a
material rebase of the Index is made during the term
of the Notes.
12
Redemption Amount:
Principal Amount
13
Issuer's Optional Redemption (Condition

6(e)):
No
14
Redemption at the option of the

Noteholders (Condition 6(f)):
No
15
Prescription

(a)
Principal:
10 years
(b)
Interest:
5 years
16
Early Redemption Amount (including

accrued interest if applicable) (Condition

9):
Principal Amount of the Notes
A02839448/1.0/26 Feb 2003

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17
Governing Law of the Notes:
English
Other Relevant Terms

1
Listing (if yes, specify Stock Exchange):
Yes. Luxembourg Stock Exchange
2
Details of Clearance System approved by Clearstream Banking, société anonyme and
the Bank and the Global Agent and Euroclear Bank S.A./N.V., as operator of the
Clearance and Settlement Procedures:
Euroclear System. Payment for the Notes will be on
a delivery versus payment basis.
3
Syndicated:
Yes
4
If syndicated:

(a)
Liability:
Joint and Several
(b)
Lead Manager:
J.P. Morgan Securities Ltd.
(c)
Stabilising Manager:
Not Applicable

5
Codes:

(a)
Common Code:
016272876
(b) ISIN:
XS0162728769
6
Identity of Dealer(s)/Manager(s):
J.P. Morgan Securities Ltd.
ABAXBANK S.p.A.
7
Provisions for Bearer Notes:

(a)
Exchange Date:
Not earlier than 12 April, 2003
(b)
Permanent Global Note:
Yes
(c) Definitive Bearer Notes:
No

General Information
The Bank's latest Information Statement was issued on September 17, 2002.
The following additional selling restrictions shall apply to the issue:
United States:
The Managers represent and agree that it has not
and will not offer, sell or deliver any Notes within the
United States or to United States persons.
United Kingdom:
The Managers will 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.
The Republic of Italy:
The Managers acknowledge and agree that the
offering of the Notes has not been cleared by
CONSOB (the Italian Securities Exchange
Commission) pursuant to Italian securities legislation
and, accordingly, no Notes may be offered, sold or
A02839448/1.0/26 Feb 2003

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and, accordingly, no Notes may be offered, sold or
delivered, nor may copies of the Prospectus or any
other document relating to the Notes be distributed
in the Republic of Italy, except to:
(i) professional investors ("operatori qualificati"), as
defined in Article 31, second paragraph, of CONSOB
Regulation No. 11522 of 1st July, 1998; or
(ii) in circumstances which are exempted from the
rules on solicitation of investments pursuant to
Article 100 o f Legislative Decree No. 58 of 24th
February, 1998 (the "Financial Services Act") and
Article 33, first paragraph, of CONSOB Regulation
No. 11971 of 14th May, 1999; or
(iii) to an Italian resident who submits an unsolicited
offer to purchase the Notes.
Any offer, sale or delivery of the Notes or distribution
of copies of the Prospectus or any other document
relating to the Notes in the Republic of Italy under (i)
or (ii) above must be:
(a) made by an investment firm, bank or financial
intermediary permitted to conduct such activities in
the Republic of Italy in accordance with the Financial
Services Act and Legislative Decree No. 385 of 1st
September, 1993 (the "Banking Act"); and
(b) in compliance with Article 129 of the Banking Act
and the implementing guidelines of the Bank of Italy
pursuant to which the issue or offer of securities in
the Republic of Italy may need to be preceded and
followed by an appropriate notice to be filed with the
Bank of Italy depending, inter alia, on the aggregate
value of the securities issued or offered in the
Republic of Italy and their characteristics.

INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT

By:

Authorized Officer

A02839448/1.0/26 Feb 2003

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ANNEX
Information about the Index

Note: The information contained in this section (in particular, website addresses and details of
publication methods and dates) is stated as at the date of issue of the Notes only, and is subject to
change. This information has been compiled using publicly available sources. The Issuer makes
no repres entation or warranty, whether express or implied, as to the completeness or accuracy of
such information.

Summary

The Monetary Union Index of Consumer Prices ex-tobacco ("MUICP") is an aggregation of
relevant Harmonised Indices of Consumer Prices ("HICPs") and reflects consumer price inflation
(excluding tobacco) in those EU member states that are members of the Eurozone having
adopted the euro as their currency as participants in the third stage of Economic and Monetary
Union.

General Information

HICPs are indices of inflation compiled according to methodology developed by the national
statistical institutes of member states of the European Union in conjunction with Eurostat. HICP
figures are harmonized inflation figures required under Article 121 (consolidated version) of the
Treaty establishing the European Community. They are designed for international comparison of
consumer price inflation. HICP indices cover "household final monetary consumption expenditure".
The relative importance of consumers' expenditure in terms of particular goods or services varies
from country to country. Therefore, there is no uniform basket applying to all member states.

Compilation

Individual countries first publish their own HICP figures in conjunction with their consumer price
indices. Following each country's publication of its own HICP figures, Eurostat aggregates these
and publishes aggregate HICP figures for the European Union (the European Index of Consumer
Prices or EICP), for the Eurozone (the Monetary U nion Index of Consumer Prices or MUICP) and
for the European Economic Area (the European Economic Area Index of Consumer Prices or
EEAICP).

Revisions and Publication

Eurostat generally publishes MUICP figures approximately 16 to 18 days following the end of the
relevant month. MUICP figures as published by Eurostat are occasionally revised after publication
upon more accurate data becoming available. The Index as used in connection with the Notes,
however, consists only of the unrevised figures first published by Eurostat (disregarding
preliminary estimates). The tables of historical data found on the main pages of Eurostat's website
(http://europa.eu.int/comm/eurostat/) contain the revised figures and therefore will not reflect
exactly the development of the Index. Unrevised figures can be obtained by subscription to
Eurostat's New Cronos database. The most convenient source of information about the
development of the Index is currently the internet site of Agence France Trésor
(http://www.aft.fr/oat/us/ipceuro.html) as the Index is the same as the index used to calculate
payments under the French Republic's OAT ei securities.

A02839448/1.0/26 Feb 2003

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Disclaimer on behalf of Eurostat

The Notes are not in any way sponsored, endorsed, sold or promoted by Eurostat. Eurostat has no
obligation to take the needs of Noteholders into consideration in composing, determining or
calculating the Index (or causing the Index to be calculated). In addition, Eurostat makes no
warranty or representation whatsoever, express or implied, as to the results to be obtained from
the use of the Index and/or the level at which the Index stands at any particular time on any
particular day or otherwise, and shall not be liable, whether in negligence or otherwise, to any
person for any error in the Index or under any obligation to advise any person, including, without
limitation, the Issuer or Noteholders, of any error therein.

MUICP ex-Tobacco (unrevised)
114.0
112.0
110.0
108.0
106.0
104.0
102.0
100.0
98.0
96.0
94.0
May-96
Sep-96
Jan-97
May-97
Sep-97
Jan-98
May-98
Sep-98
Jan-99
May-99
Sep-99
Jan-00
May-00
Sep-00
Jan-01
May-01
Sep-01
Jan-02
May-02
Sep-02

Index level
Year 2001
Year 2002
Maximum
109.4
111.7
Minimum
107.1
109.7

Month
Index level
Year-on-year change
January 2002
109.7
2.40%
February 2002
109.9
2.10%
March 2002
110.5
2.30%
April 2002
111.0
2.20%
May 2002
111.2
1.90%
June 2002
111.1
1.70%
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