Obligation IBRD-Global 0% ( XS1386304395 ) en USD

IBRD-Global

100 % ⇌

Etats-unis

XS1386304395 ( en USD )

06/04/2028

Prospectus brochure de l'obligation IBRD XS1386304395 en USD 0%, échéance 06/04/2028

50 000 000 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 XS1386304395, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 06/04/2028

INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT
Global Debt Issuance Facility
No. 4548
USD 50,000,000 Green Bonds Linked to the NXS Climate Optimum
Prospective VT Index due 6 April 2028
NATIXIS
The date of these Final Terms is 1 April 2016

This document sets out the Final Terms (the "Final Terms") of the International Bank for
Reconstruction and Development ("Issuer" or "IBRD") USO 50,000,000 Green Bonds Linked to the
NXS Climate Optimum Prospective VT Index due 6 April 2028 (the "Notes"). Prospective investors
should read this document together with the Issuer's Prospectus
· dated 28 May 2008, in order to obtain
a full understanding of the specific terms and conditions of the Notes (the "Conditions").
The Final Terms of the Notes are set out on pages 13 to 26. Capitalised terms used herein are defined
··'
in the Final Terms or in the Prospectus.
Investing in the Notes involves risks. See "Additional Risk Factors" beginning
· on page 7 of this
document, and "Risk Factors" beginning on page 14 of the Prospectus.
The return on, and the value of, the Notes is based on the performance of the Index. The
performance of the Index, in turn, will be based on the components which are comprised in the
Index (which are referred
...
to as "Index Components", as defined in the Index . Rules),
,;
which are
. .
selected and rebalanced
· periodically by the Index Sponsor in accordance with the Index Rules.
Therefore, the return on the Index will be dependent in part on the performance of the Index
Components and selections
·
made by the Index Sponsor
.. in accordance with the Index Rules.
Investors should note that the Conditions of the Notes are separate to, and do not incorporate by
reference, the Index Rules. The Index Components may be modified if an Index Adjustment
Event occurs according to the Index Rules, without requiring an amendment of the Final
Terms. In the event of the occurrence of any Index Disruption
.. Event, Index Cancellation, Successor
Index, Index Modification or Correction of the Index, the Conditions, and not the Index Rules, will
determine the relevant action to be taken. The Index Rules, as of the date of these Final Terms, are set
forth in Schedule 1 for informational purposes only and should not be relied upon by any Noteholder
or any prospective investor in the Notes. The Issuer has derived all information contained in the Final
Terms regarding the Index from the Index
... Rules, and the Issuer has not participated in the preparation
.
of, or verified, such Index Rules.
.
. Neither IBRD nor the Global Agent will have any responsibility
for the contents of the Index Rules or for the selections and determinations made by the Index
Sponsor thereunder. Although the return on the Notes is based on the performance of the Index, a
Note will not represent
·
a claim against the Index Sponsor or the Index Calculation Agent and a
Noteholder will not have recourse
. under
.
the terms of the Notes to any component comprising the Index.
The exposure to the Index is notional and an investment in the Notes is not an investment
· in the
Index or any component comprising the Index from time to time.

TABLE OF CONTENTS
Executive summary .............................................................................................. 4
Additional risk factors ................................................................................................ 7
Final Terms ................................................................................................................. 13
Schedule 1: Description and Calculation Method of the NXS Climate Optimum
Prospective VT Index (as of the date of these Final Terms)

EXECUTIVE SUMMARY
The following is an executive summary of the provisions of the Notes only and is qualified in its
entirety by reference to the more detailed information contained elsewhere in this document and
Prospectus. Capitalised terms used in this summary have the meanings set forth elsewhere in this
document.
Issuer:
International Bank for Reconstruction and Development
Securities:
USD 50,000,000 Green Bonds Linked to the NXS Climate Optimum
Prospective VT Index due 6 April 2028 (the "Notes"). Issued under the
Issuer's Global Debt Issuance Facility.
Credit Rating:
The Notes are expected to be rated AAA by Standard and Poor's, a
division of the McGraw-Hill Companies, Inc., upon issuance.
Aggregate Nominal Amount:
USD 50,000,000
Issue Price:
I 00% of the Aggregate Nominal Amount of the Notes
Specified Denomination:
USD 200,000
Issue Date:
6 April 2016
Trade Date:
17 March 2016
Maturity Date:
6April 2028
Interest Basis:
Zero Coupon
Business Day:
New York, London and TARGET
Calculation Amount:
USD 200,000
Final Redemption Amount:
If no Mandatory Amendment Event has occurred, the Final Redemption
Amount, calculated per Calculation Amount, on the Maturity Date will be
an amount in USD equal to the sum of (i) the Calculation Amount and (ii)
the Supplemental Payment Amount, if any, as set forth under Term 17 of
the Final Terms ("Final Redemption Amount of each Note (Condition
6)").
If a Mandatory Amendment Event has occurred, the Final Redemption
Amount, calculated per Calculation Amount, on the Maturity Date will be
an amount in USD equal to the Calculation Amount.
Participation Rate:
100%
Supplemental Payment Amount: An amount in USD, calculated per Calculation Amount, equal to the
greater of (i) the product of (x) the Calculation Amount, (y) the
Participation Rate and (z) the Averaged Index Return, and (ii) zero.

Mandatory Amendment:
In the event of the occurrence of the events described in Term 21 of the
Final Terms ("Mandatory Amendment"), the Issuer will be required to
make a payment in USO on the Mandator{ Amendment Date, in respect
of each Calculation Amount equal to the Contingent Payment Amount
(which may be zero).
The occurrence of a Mandatory Amendment Event shall not affect the
Issuer's obligation to pay an amount per Calculation Amount equal to the
Calculation Amount on the Maturity Date.
A Mandatory Amendment Event includes an Index Cancellation and
termination of the Associated Swap Transaction, each as described in
Term 21 of the Final Terms ("Mandatory Amendment").
Averaged Index Return:
The performance of the Index from the Initial Index Level to the Final
Averaged Index Level expressed as a percentage and calculated as
follows:
(Final Averaged Index Level - Initial Index Level)/
Initial Index Level
Index:
The NXS Climate Optimum Prospective VT Index (Bloomberg code:
NXSHCOPV Index).
The Index will rack, with certain adjustments described herein, a basket
of reference components selected and rebalanced periodically by the
Index Sponsor. As a result, the returr on the Index will be dependent in
paru on the performance of the Index Components and on the selections
made by the Index Sponsor.
Index Sponsor:
Natixis
Index Calculation Agent:
Solactive AG, or any successor thereto designated as such pursuant to the
Index Rules.
Initial Index Level:
Means the Index's Closing Level on the Initial Index Determination Date
Initial Index Determination
6 April 2016, subject to postponement pursuant to the prtvisions set forth
Date:
under Term 18 of the Final Terms.
Final Averaged Index Level:
The arithmetic mean of the the Index's Closing Level observed for each of
the Averaged Index Determination Dates, as deterlined by the
Calculation Agent
Averaged Index Determination
16 March 2026, 16 April 2026, 18 May 2026, 16 June 2026, 16 July 2026,
Dates:
17 August 2026, 16 September 2026, 16 October 2026, 16 November
2026, 16 December 2026, 18 January 2027, 16 February 2027, 16 March
2027, 16 April 2027, 17 May 2027, 16 June 2027, 16 July 2027, 16
August 2027, 16 September 2027, 18 October 2027, 16 November 2027,
16 December 2027, 17 January 2028, 16 February 2028 and the Final

Index Determination Date, subject to postponement pursuant to the
provisions set forth under Term 18 of the Final Terms.
Final Index Determination Date 16 March 2028, subject to postponement pursuant to the provisions set
forth under Term 18 of the Final Terms.
Index Disruption Event on the
If on the Final Index Determination Date, the Calculation Agent is
Final Index Determination Date: prevented from observing the Closing Level for the Index, an Index
Disruption Event will be deemed to have occurred on such date and the
Calculation Agent will delay calculating the Averaged Index Return as set
forth in Term 18 of the Final Terms.
Dealer:
Natixis
Calculation Agent:
Natixis
Clearing Systems:
Euroclear/Clearstream
Rank:
The Notes constitute direct, unsecured obligations of the Issuer ranking
pari passu, without any preference among themselves, with all their other
obligations that are unsecured and unsubordinated. The Notes are not
obligations of any government.
Applicable law:
English law
Purchaser Acknowledgement:
The amount of the Supplemental Payment Amount, if any, or the
Contingent Payment Amount, if any, to be payable in respect of the Notes
will be based on the performance of the Index. The performance of the
Index, in tum, will be based on the Index Components, which are selected
and rebalanced periodically by the Index Sponsor in accordance with the
Index Rules.
Neither IBRD nor the Global Agent will have any responsibility for the
contents of the Index Rules or for the selections and determinations made
by the Index Sponsor thereunder.
Risk factors:
Noteholders should consider carefully the factors set out under
"Additional Risk Factors" in this document and under "Risk Factors" in
the Prospectus before reaching a decision to buy the Notes.

ADDITIONAL RISK FACTORS
An investment in the Notes is subject to the risks described below, as well as the rjsks described under
"Risk Factors" in the Prospectus. The Notes are a riskier investment than ordinary fixed rate notes or
floating rate notes. Prospective investors should carefully consider whether the Notes are suited to
their particular circumstances. Accordingly, prospective investors should consult their financial, legal
and tax advisers as to the risks entailed by, and tax consequences of, an investment in the Notes and
the suitability of the Notes in light of their particular circumstances.
The performance of the Index will be based on the components which are comprised in the Index
(which are referred to as "Index Components", as defined in the Index Rules), which are selected and
rebalanced periodically by the Index Sponsor in accordance with the Index Rules. Therefore, the
return on the Index will be dependent in part on the performance of the Index Components selections
made by the Index Sponsor in accordance with the Index Rules. Neither IBRD nor the Global Agent
will have any responsibility for the contents of the Index Rules or for the selections and
determinations made by the Index Sponsor thereunder.
Terms used in this section and not otherzise defined shall have the meanings set forth elsewhere in
this document.
The following list of risk factors does not purport to be a complete enumeration or explanation
of all the risks associated with the Notes, the Index and/or the Index Components.
No tax gross-up on payments
Repayment of all or any part of the Notes and payment at maturity of any additional amount due under
the terms of the Notes will be made subject to applicable withholding taxes (if any). Consequently, the
Issuer will not be required to pay any further amor¥ts in respect of the Notes in the event that any
taxes are levied on such reparÅent or payment.
Non-U.S. Holders -Additional Tax Consideration
Non-U.S. Holders should note that recently finalised U.S. Treasury regulations could iinpose a 30%
( or lower treaty rate) withholding tax on amounts paid or deemed paid after December 31, 2016 that
are treated as attributable to U.S.-source dividends on equities underlying financial instruments.
These regulations apply to securities if issued after January 1, 2016. Non-U. S. Holders should consult
their tax advisers regarding the potential tax consequences to them of the purchase, ownership and
disposition of the Notes.
Possible Mandatory Amendment
As set out in Term 21 of the Final Terms, in the event of the occurrence of the events described in
Term 21, the Issuer will be required to make a parÆent (which may be zero) on the Mandatory
Amendment Date, in respect of each Calculation Amount equal to the Contingent Payment Amount,
and no Supplemental Payment Amount will be payable on the Maturity Date. As a result, the
Noteholders will not benefit from any appreciation in the Index after the Accelerated Final Index
Determination Date.
A Mandatory Amendment Event includes an Index Cancellation or termination of the Associated
Swap Transaction by the Swap Counterparty or the Issuer. An Index Cancellation may occur due to a
broad range of events beyond the control of the Issuer, including by decision of the Index Sponsor.

The Associated Swap Transaction may be terminated by the Swap Counterparty because of a Change
in Law or a Hedging Disruption Event. A Change in Law could occur in response to the enactment of
new laws or the implementation of existing laws, including laws relating to the functioning of
commodity markets, such as position limit and prohibited transaction rules, tax laws and financial
system regulations, including implementation of the "Volcker Rule" regarding limitations on the
sponsorship of certain investment vehicles. A Hedging Disruption Event could occur if the Swap
Counterparty is unable to hedge its obligations to the Issuer under the Associated Swap Transaction.
This could occur due to market changes or disruptions, changes in legal or tax regimes or other
aspects of participations in the markets for financial products applicable to foreign financial
institutions and their affiliates. The Associated Swap Transaction may be terminated by the Issuer
under the terms of the ISDA Master Agreement dated as of May 19, 2003 (as amended from time to
time) between the Swap Counterparty and the Issuer (the "ISDA Master Agreement") pursuant to
which such Associated Swap Transaction was entered into as the result of the occurrence of an "Event
of Default" or "Credit Event Upon Merger" or "Additional Termination Event" thereunder with
respect to which the Swap Counterparty is the sole "Defaulting Party" or "Affected Party", as
applicable. The Associated Swap Transaction may also be terminated under the terms of such
Associa,ted Swap Transaction or under the terms of the ISDA Master Agreement pursuant to which
such Associated Swap Transaction was entered into, other than under the circumstances set forth
above.
If a Mandatory Amendment Event occurs, no Supplemental Payment Amount will be payable
on the Maturity Date and the Noteholders will not benefit from any appreciation in the Index
after the Accelerated Final Index Determination Date.
The Notes are subject to market risks
The price at which Noteholders will be able to sell their Notes prior to maturity may be at a substantial
discount from the principal amount of the Notes, even in cases where the level of the Index has
increased since the Trade Date. Embedded costs, including expected profit and costs of hedging, in the
original Issue Price
.. will likely be reflected in a diminution in any repurchase price of the Notes
relative to their original Issue Price. Assuming no change in market conditions or any other relevant
factors, that price will likely be lower than the original Issue Price, because the original Issue Price
included the cost of hedging the Swap Counterparty' s obligations, which includes an estimated profit
component. IBRD's Swap
...
Counterparty is Natixis. Noteholders should not expect the price at which
the Issuer or the Dealer is willing to repurchase the Notes to vary in proportion to changes in the level
of the Index.
Prior to maturity, the value of the Notes will be affected by a number of economic and market factors
that may either offset or magnify each other. It is expected that, generally, the level of the Index on
any day will affect the value of the Notes more than any other single factor. Other relevant factors
include: the expected volatility of the Index; the number of remaining Averaged Index Determination
Dates; the time to maturity of the Notes; the dividend or distribution rates of the Index Components
(although Noteholders will not have the right to receive dividends or other distributions or any other
rights with respect to the Index Components); the interest and yield rates in the market; the economic,
financial, political, regulatory or judicial events that affect the various components represented by the
Index from time to time, as well as stocks markets generally and which may affect the Closing Level
for the Index on the Averaged Index Determination Dates; and the creditworthiness of the Issuer.

The Notes are intended to be a hold-to-maturity instrument. Noteholders will receive at least 1 00% of
the principal amount of the Notes only if they hold their Notes to maturity. If Noteholders sell their
Notes prior to maturity, however, they will not receive principal protection or any minimum total
return on the portion of their Notes sold. Noteholders should be willing to hold their Notes until
maturity.
The future performance of the Index cannot be predicted based on the historical performance of the
Index. Past performance is not an indication of future results.
The Notes are not liquid instruments
The Notes will not be actively traded in any financial market and there may exist at times only a very
limited, if any, market for the Notes, resulting in low or non-existent volumes of trading in the Notes.
Therefore, an investment in the Notes will be characterised by a lack of liquidity and price volatility.
Although the Issuer or the Dealer, at its respective sole discretion, may provide a repurchase
·,. bid price
for the Notes if requested, neither the Issuer nor the Dealer is under any obligation
·.
to do so and, in any
event, as a result of market conditions may be unwilling or unable to provide a repurchase bid price if
requested. Because liquidity in the Notes may be effectively limited to Issuer repurchase, an
investment in the Notes is intended for Noteholders that intend to hold the Notes to maturity.
The Index Calculation Agent and the Index Sponsor may adjust the Index in a way that affects its
level, and the Index Calculation Agent and the Index Sponsor have no obligation to consider the
interests of the holders of the Notes when doing so.
As of the date of the Final Terms, the Index Sponsor has appointed Solactive AG as the Index
Calculation Agent, which will be responsible for calculating the Index and making certain
determinations regarding the Index. The Index Sponsor will have authority over the guidelines
.. and
policies governing the Index. It is entitled to exercise discretion in relation to the published level of
the Index, including but not limited to circumstances in which the calculation of the Index's Closing
Level is disrupted due to the occurrence
-'
of market disruption events and/or extraordinary events ( each
as described more fully in the Index Rules). Changes in the published Closing Level of the Index will
affect the Final Averaged Index Level for purposes of the Notes, and, in turn, the Supplemental
Payment Amount, if any, (or the Contingent Payment Amount, if any) payable on the Notes. Policies
and judgments for which the Index Calculation Agent is responsible could have an impact, positive or
negative, on the Closing Level of the Index and thus the Final Averaged Index Level and thus, the
return (if any) on, and value of, the Notes. Although judgments, policies and determinations
concerning the Index are made by the Index Sponsor and the Index Calculation Agent, these entities
have no obligation
.·
to consider the interests of the Noteholders in taking any actions that might affect
the return on, and value of, the Notes. Furthermore, the inclusion of the Index Components (as defined
in the Index Rules) in the Index is not an investment recommendation by the Index Sponsor or the
Index Calculation Agent of those Index Components.
The Index may not achieve its target volatility, which could adversely affect the performance of the
Index.
Although the Index is calculated based on a formula that potentially reduces exposure to the selected
synthetic portfolio of Index Components in order to conform to a retrospectively-based 1 5% target
volatility observation constraint, there can be no assurance that the Index's actual volatility will not
exceed the target level. The Index's volatility constraint mechanism is based on an analysis of

backward-looking data over a finite period, and such data may understate or overstate current or future
volatility and will likely be unable to avoid exposure ,to severe volatility in the event of brief,
pronounced market swings.
Even if the market value of the Index Components changes, the market value of the Index or the
Notes may not change in the same manner.
Owning the Notes is not the same as owning each of the Index Components composing the Index.
Accordingly, changes in the market value of the Index Components may not result in a comparable
change in the market value of the Index or the Notes.
The Index comprises notional assets and liabilities.
The exposures to the Index Components are purely notional and will exist solely in the records
maintained by the Index Calculation Agent. There is no actual portfolio of assets to which any person
is entitled or in which any person has any ownership interest. Consequently, a Noteholder will not
have any claim against any of the reference assets, which comprise the Index. The Index is a dynamic
strategy index exposed to financial markets through a basket containing (i) liquid and negotiable
European shares selected on the basis of ethical, climate and low volatility criteria, as well as to pairs
of currencies and (ii) a money market index. The objective of the Index is to provide exposure to
companies that are engaged in an energy transition strategy based on climate change criteria, meet
ethical eligibility criteria and have a low level of volatility, with an optimized level of risk; it is not an
investment fund, pool or any other investment vehicle.
The Index is new and will perform based on the selections of the Index Sponsor, and thus its
performance cannot be anticipated.
The Index has no performance history, and thus there is no historical record available to evaluate its
past performance. Moreover,
·
the Index will be weighted and rebalanced by the Index Sponsor in
accordance with the Index Rules. No assurance can be given that the selection methodologies
employed by the Index Sponsor in relation to selecting the Index Components will result in the Index
matching or outperforming any market benchmark, and the Index could lag such benchmarks,
including by experiencing long-tenn declines.
The Index is an index that deducts a synthetic dividend.
The Index is a net total return index that tracks the trading prices of its component equities, re-invest
or otherwise account for dividends and distributions on those equities. However, the Index will be
subject to a synthetic dividend of 3.5% that is deducted on a daily basis. Therefore, the return on the
Noteholders' investment based on the percentage change in the Index is not the same as the total
return based on the purchase of those component securities held for a similar period. As investors in
the Notes, Noteholders will not have voting rights or any right to receive dividends or other
distributions or any other rights with respect to the component securities.
The Index tracks European stocks.
The component stocks of the Index from time to time will be European equities, which may
experience substantial price volatility.
So/active AG is not the Index Sponsor
The Notes are not sponsored, promoted, sold or supported in any other manner by Solactive AG nor