Obligation IBRD-Global 0% ( XS0180039611 ) en EUR

IBRD-Global

100 % ⇌

Etats-unis

XS0180039611 ( en EUR )

01/12/2015 - Obligation échue

Prospectus brochure de l'obligation IBRD XS0180039611 en EUR 0%, échue

50 000 000 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 XS0180039611, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 01/12/2015

PRICING SUPPLEMENT

INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT

Global Debt Issuance Facility
No. 2710
EUR 50,000,000
Fixed to Variable Interest Rate Indexed-Linked Notes due
December 2015

Morgan Stanley
Banca Akros S.p.A (Gruppo Banca Popolare di Milano)

The date of this Pricing Supplement is November 26, 2003

A03550000
1

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 al 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.:
2710
2
Aggregate Principal Amount:
EUR 50,000,000
3
Issue Price:
100.00 percent of the Aggregate Principal
Amount
4
Issue Date:
December 2, 2003
5
Form of Notes (Condition 1(a)):
Bearer Notes
6
Authorized Denominations
EUR 1,000
(Condition 1(b)):
7
Specified Currency (Condition 1(d)):
Euro ("EUR")
8
Maturity Date (Conditions 1(a) and 6(a)):
December 2, 2015
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 December 2,
2004 and in respect of the period
beginning on and including December
2, 2004 and ending on but excluding
December 2, 2005; and
(ii)
Variable Interest Rate (Condition 5(II))
in respect of the period beginning on
and including December 2, 2005 to
but excluding the Maturity Date
10
Fixed Interest Rate (Condition 5(I)):

(a) Interest
Rate:
6.00 percent per annum for the period
beginning on and including the Issue Date
and ending on but excluding December 2,
2004
4.00 percent per annum for the period
beginning on and including December 2,
2004 and ending on but excluding December
2, 2005
A03550000
2

(b)
Fixed Rate Interest Payment
December 2, 2004 and December 2, 2005
Date(s):
(c)
Fixed Rate Day Count Fraction(s) Actual/Actual ISMA
if not 30/360 basis:
(i)
where the period is equal to, or
shorter than, the Interest Period
during which it ends, the number of
days in the period divided by the
product of (1) the number of days in
such Interest Period and (2) the
number of Interest Periods that would
normally end in one calendar year
and
(ii)
where the period is longer than one
Interest Period, the sum of:
(a)
the number of days in such
period falling in the Interest
Period in which the period
begins divided by the product
of (x) the number of days in
such Interest Period and (y)
the number of Interest Periods
that would normally end in
one calendar year and
(b)
the number of days in the
period falling in the next
Interest Period divided by the
product of (x) the number of
days in such Interest Period
and (y) the number of Interest
Periods that would normally
end in one calendar year.
11
Variable Interest Rate (Condition 5(II)):

(a) Business
Day
Convention:
Not applicable
(b)
Rate of Interest:
(i) Notwithstanding
the
provisions
of
Condition 5(II)(b) the Rate of Interest
for each Interest Period shall be
determined by the Calculation Agent
as soon as practicable on the
relevant Interest Determination Date
in accordance with the formula set
out in sub-paragraph (ii) below.
(ii)
1.10 percent per annum plus the
greater of [(FOI(n-1))/(FOI(n-2))-1] and
0 percent
expressed as a percentage and rounded to
A03550000
3

the nearest six decimal places (with
0.0000005 being rounded upwards), where:
FOI(n-1) and FOI(n-2) mean, in relation to the
Interest Payment Date relating to an Interest
Period, the levels of the Index (as defined in
sub-paragraph (c)) for the months set out in
the table below against such Interest
Payment Date:

Interest Payment Date
Relevant month for
Relevant month for FOI(n-2)
FOI

(n-1)
December 2, 2006
September 2005
September 2004
December 2, 2007
September 2006
September 2005
December 2, 2008
September 2007
September 2006
December 2, 2009
September 2008
September 2007
December 2, 2010
September 2009
September 2008
December 2, 2011
September 2010
September 2009
December 2, 2012
September 2011
September 2010
December 2, 2013
September 2012
September 2011
December 2, 2014
September 2013
September 2012
December 2, 2015
September 2014
September 2013

(c) Index:
See paragraph 12(b)
(d)
Variable Rate Interest Payment
December 2 of each year commencing on
Dates:
December 2, 2006 and ending on the Maturity Date
(e) Calculation
Agent:
Citibank, N.A.
(f)
Interest Determination Date:
The fifth TARGET Business Day preceding the
relevant Interest Period
12
Other Variable Interest Rate Terms
A03550000
4

(Condition 5(II) and (III)):
(a) Variable Rate Day Count
Actual/Actual ISMA (as defined in paragraph
Fraction(s) if not actual/360:
10(c))
(b)
Other terms (including fall back "Index" or "Index Figure" means the "Indice
provisions) relating to the method Nazionale Dei Prezzi al Consumo per le Famiglie di
of calculating the Rate of Interest Opera e Impiegati al Netto dei Consumi di Tabacchi"
or Interest Amounts, the value of ("FOI") published and calculated by the Italian
which is based upon the level of Central Institute ("ISTAT") (or any successor) and
the Index:
displayed on such service as may be nominated as
the information vendor for the purpose of displaying
the level of such Index (the "Official Vendor";
currently the Italian Official Gazetta Officionale) and
appearing monthly on Bloomberg page ITCPI or any
successor page thereto or any comparable index
which may replace the Index in such circumstances
as described below. Provided that in the event of
any discrepancy in the Index between that displayed
on Bloomberg and that published by the Official
Vendor, the level published by the Official Vendor
shall prevail.
(1) If the Index required for calculation of an
Interest Amount in respect of an Interest Period
is not published on or before the day that is five
(5) TARGET Business Days before the Interest
Determination Date in respect of such Interest
Period, the Calculation Agent shall use the
Index which was most recently published prior
to such unpublished Index, save where the
Index has not been published for two
consecutive relevant months for the purposes
of FOI(n-1) and/or FOI(n-2) and as a result, the
Interest Amount for the second of two
consecutive Interest Periods would be subject
to calculation based on a prior published Index
for the relevant month for FOI(n-1) in which case
sub-paragraph (2) below should apply; or

(2) If the Index is no longer calculated or published
by ISTAT, or the Index has not been published
for two months, or the Calculation Agent
determines that the Index is substantial y
altered or if any change is made to the
calculation of the Index which, in the
reasonable opinion of the Calculation Agent
fundamentally affects the economical effect of
the transaction represented by the Notes
contemplated herein (the "Transaction"), the
Calculation Agent will use:
A03550000
5

(a)
where a similar index is
published by ISTAT or a
successor entity using a
calculation formula that in the
opinion of the Calculation
Agent is substantial y
identical (the "First
Substitute Index"), such
published level in lieu of the
Index; or
(b) where
the
First
Substitute
Index is not available, such
substitute index (the
"Second Substitute Index")
as may be published by the
relevant authority
responsible for monitoring
the average change in
European consumer prices
(such relevant authority to be
determined by the
Calculation Agent) in respect
of the Interest Period; or
(c) where neither the First
Substitute Index nor the
Second Substitute Index is
available: (i) such substitute
index or such method of
determining the Index as
determined by the
Calculation Agent (provided
that, to the extent reasonably
possible, the use of such
substitute index or such
method results in an
economic outcome which is
similar to that which would
have resulted had the Index
been used), including any
amendments to the terms of
this Transaction that may be
necessary to preserve the
economic effect of this
Transaction;
(3) If the Index is revised to a new base, the
Calculation Agent will make any necessary
adjustments to ensure that the economic
A03550000
6

equivalent of this Transaction is preserved (to
the extent reasonably practicable); or

(4) Subject to the provisions of this paragraph, the
first publication of the Index (disregarding
estimates) for a given month shall be final. If
the Index is subsequently corrected, the
Calculation Agent will determine the amount
payable using the level published prior to any
such correction except where such correction is
(a) made in order to correct a manifest error (in
the opinion of the Calculation Agent) and (b)
published on or before the day that is three (3)
TARGET Business Days before the
commencement of the relevant Interest Period,
in which case the Calculation Agent will use the
corrected level.
(c)
Good Faith and Commercially In making the decisions and determinations set forth
Reasonable Actions by the in the preceding paragraphs, the Calculation Agent
Calculation Agent:
will at all times act in good faith and in a
commercially reasonable manner. In making
determinations under the preceding paragraphs, the
Calculation Agent may consult with the Stabilizing
Manager, which has entered into an offsetting swap
transaction with the Bank in relation to the Notes.
Notwithstanding the possibility of such
consultations, the Calculation Agent shall make its
own independent judgments in connection with
determinations to be made by it under paragraph
12(b).
13
Relevant Financial Centre:
London
14
Relevant Business Day:
TARGET, New York and London
15
Issuer's Optional Redemption
No
(Condition 6(e)):
16
Redemption at the option of the
No
Noteholders (Condition 6(f)):
17
Early Redemption Amount (including Principal amount of the Notes to be redeemed plus
accrued interest, if applicable) (Condition accrued interest thereon
9):
18
Governing Law of the Notes:
English
Other Relevant Terms

1
Listing (if yes, specify Stock Exchange):
Luxembourg
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
A03550000
7

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:
Morgan Stanley & Co. International Limited

Banca Akros S.p.A (Gruppo Banca Popolare di

Milano)
(c) Stabilizing
Manager:
Morgan Stanley & Co. International Limited
5
Commissions and Concessions:
Combined management, underwriting and selling
commission of 1.00 per cent. of the Aggregate
Principal Amount
6
Codes:

(a) ISIN
XS0180039611
(b) Common
Code
018003961
7
Identity of Dealer(s)/Manager(s):
Morgan Stanley & Co. International Limited
Banca Akros S.p.A (Gruppo Banca Popolare di
Milano)
8
Provisions for Bearer Notes:

(a) Exchange
Date:

Not earlier than January 11, 2004
(b) Permanent
Global
Note(s):
Yes
(c)
Definitive Bearer Notes:
No
General Information
The Bank's latest Information Statement was issued on September 15, 2003
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:
Authorized Officer
A03550000
8

ANNEX
Information about the Index

The information contained in this Annex relating to the Index consists of extracts from or
summaries of information that is publicly available (unless otherwise stated). The Bank has not
independently verified any such information, and does not accept any responsibility for error or
omission. The Bank makes no representation or warranty, whether express or implied, as to the
completeness or accuracy of such information. Investors may acquire such further information as
they deem necessary in relation to the Index from such publicly available information as they deem
appropriate. Investors should make their own investment, hedging and trading decisions (including
decisions regarding the suitability of this investment), based upon their own judgment and upon
advice from such advisers as such investors deem necessary and not upon any view expressed
by the Bank.
Given the highly specialised nature of these Notes, the Bank considers that they are only suitable
for highly sophisticated investors who are able to determine for themselves the risk of an
investment linked to indexes.
Consequently, if you are not an investor who falls within the description above you should not
consider purchasing these Notes without taking detailed advice from a specialised professional
adviser.
Definition
Consumer prices index for families of workers and employees excluding Tobacco ("FOI" - Indice
Nazionale Dei Prezzi al Consumo per le Famiglie di Opera e Impiegati al Netto dei Consumi di
Tabacchi) is calculated by "ISTAT" (Italian Central Institute) and refers to consumption of families
of non-agricultural employees in the Republic of Italy.
Publication
The FOI is a key instrument of monitoring inflation in the Republic of Italy. Time-series for the FOI
are available on a monthly basis as from January 1947. ISTAT publishes the FOI for each relevant
month between the 16th and the 20th day of the following month. The FOI is published on a
monthly basis on the Official Gazette of the Republic of Italy.
Composition and Calculation
The Index is composed of a basket of real prices of goods and services (classified according to the
provisions of the European Union classification criteria COICOP '95 (Classification of Individual
Consumption by Purpose) version Rev.1) available to the Italian families considered by the FOI
(see above under "Definition").
The FOI is calculated on a monthly basis using the Laspeyres formula: the weight of each good or
service within the index is determined on the basis of the value of the expense for the consumption
of such goods or service compared to the value of the total expense of the Italian families
considered by the FOI (see above under "Definition") in the reference period. As from February
1992 the FOI does not include the tobacco price.
Measures of Inflation
The annual rate measures the price change between the relevant month and the same month of
the previous year.
A03550000
9

FOI (index level, 1995=100)*

Jan Feb Mar Apr May Jun July Ago Sept Oct
Nov Dec Aver
1996 102.4 102.7 103.0 103.6 104.0 104.2 104.0 104.1 104.4 104.5 104.8 104.9 103.9
1997 105.1 105.2 105.3 105.4 105.7 105.7 105.7 105.7 105.9 106.2 106.5 106.5 105.7
1998 106.8 107.1 107.1 107.3 107.5 107.6 107.6 107.7 107.8 108.0 108.1 108.1 107.6
1999 108.2 108.4 108.6 109.0 109.2 109.2 109.4 109.4 109.7 109.9 110.3 110.4 109.3
2000 110.5 111.0 111.3 111.4 111.7 112.1 112.3 112.3 112.5 112.8 113.3 113.4 112.1
2001 113.9 114.3 114.4 114.8 115.1 115.3 115.3 115.3 115.4 115.7 115.9 116.0 115.1
2002 116.5 116.9 117.2 117.5 117.7 117.9 118.0 118.2 118.4 118.7 119.0 119.1 117.9
2003 119.6 119.8 120.2 120.4 120.5 120.6 120.9 121.1 121.4 121.5

*Source: ISTAT.

Annual FOI Inflation rates (% y-to-y)**
July 1996 - July 1997
1.63%
July 1997 - July 1998
1.80%
July 1998 - July 1999
1.67%
July 1999 - July 2000
2.65%
July 2000 - July 2001
2.67%
July 2001 - July 2002
2.34%
July 2002 - July 2003
2.45%

**Source: ISTAT (rounded to two decimal places).
A03550000
10