Obligation IBRD-Global 0% ( XS1788848833 ) en UYU

IBRD-Global

100 % ⇌

Etas-Unis

XS1788848833 ( en UYU )

16/03/2028

Prospectus brochure de l'obligation IBRD XS1788848833 en UYU 0%, échéance 16/03/2028

5 000 000 UYU

15 000 000 UYU

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 ( Etas-Unis ) , en UYU, avec le code ISIN XS1788848833, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 16/03/2028

INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT

Global Debt Issuance Facility

No. 100338

UYU 426,000,000 Notes linked to the Morgan Stanley
Developed Market Equity Driven FX Investment Index due
March 16, 2028 (payable in United States dollars)
****
The date of this Final Terms is March 13, 2018

This document sets out the Final Terms (the "Final Terms") of the International Bank for
Reconstruction and Development ("Issuer" or "IBRD") UYU 426,000,000 Notes linked to the Morgan
Stanley Developed Market Equity Driven FX Investment Index due March 16, 2028 (payable in United
States dollars) (the "Notes"). Prospective investors should read this document together with the
Issuer's Prospectus dated May 28, 2008 (the "Prospectus"), in order to obtain a full understanding of
the specific terms and conditions of the Notes (such terms and conditions as completed by the Final
Terms, the "Conditions of the Notes").
The Final Terms of the Notes are set out on pages 15 to 30. Capitalized terms used herein are defined
in this document or in the Prospectus.
Investing in the Notes involves risks. See "Additional risk factors" beginning on page 8 of this
document, and "Risk Factors" beginning on page 17 of the Prospectus.
The return on, and the value of, the Notes is based on the performance of the Index (as defined
below) and on the exchange rate of UYU to USD.
Investors should note that the Conditions of the Notes are separate to, and do not incorporate by
reference, the Index Methodology (as defined below). The Index Methodology can be modified
from time to time without requiring an amendment of the Conditions of the Notes. The Issuer has
derived all information contained in the Final Terms regarding the Index from documents
provided to the Issuer by the Index Sponsor (as defined below), and the Issuer has not
participated in the preparation of, or verified, such documents. None of the Issuer, the Dealer or
the Global Agent will have any responsibility for the content of such documents or the
information regarding the Index contained in the Final Terms, including the accuracy or
completeness of such information.
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 (as defined below)
and a Noteholder will not have recourse under the terms of the Notes to any asset 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 asset comprising the Index from time to time.
In Uruguay the Notes are being placed relying on a private placement exemption ("oferta
privada") pursuant to Section 2 of Law N° 18,627. The Notes are not and will not be registered
with the Financial Service Superintendent of the Central Bank of Uruguay to be publicly offered
in Uruguay.
2

TABLE OF CONTENTS
Executive Summary ............................................................................................................................... 4
Additional Risk Factors ......................................................................................................................... 8
Final Terms ........................................................................................................................................... 15
Schedule I ............................................................................................................................................ 311

3

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.
Capitalized terms used in this summary have the meanings set forth elsewhere in this document.

Issuer:
International Bank for Reconstruction and Development
Securities:
UYU 426,000,000 Notes linked to the Morgan Stanley
Developed Market Equity Driven FX Investment Index due
March 16, 2028 (payable in United States dollars) (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:
UYU 426,000,000
Issue Price:
100% of the Aggregate Nominal Amount payable in USD
(being USD 15,000,000 which is equal to the Aggregate
Nominal Amount divided by the Initial USD/UYU FX Rate)
Initial USD/UYU FX Rate:
28.40 being the USD/UYU FX Rate on the Trade Date
Specified Denomination:
UYU 5,000,000 and integral multiples of UYU 100,000 in
excess thereof
Calculation Amount
UYU 100,000
Issue Date:
March 16, 2018, being ten (10) Business Days following the
Trade Date
Trade Date:
March 2, 2018
Scheduled Maturity Date:
March 16, 2028
Maturity Date:
The Scheduled Maturity Date, subject to postponement if either
the Scheduled UYU Valuation Date is postponed pursuant to
(i) Term 18 of the Final Terms (UYU Related FX Disruption
and Disruption Fallbacks) and/or (ii) the Index Valuation Date
is postponed pursuant to Term 20 of the Final Terms
(Postponement due to Index Disruption Events)
Interest Basis:
The Notes do not bear or pay any interest.
Business Day:
London, New York and Montevideo
Participation Rate:
295%
Final Redemption Amount:
If no Amendment Event has occurred prior to the Maturity
Date, the Final Redemption Amount, calculated per Calculation
Amount, payable on the Maturity Date will be an amount in
USD equal to the sum of (i) the USD Principal Amount and (ii)
the Note Return Amount, as set forth under Term 17 of the
Final Terms (Final Redemption Amount of each Note
4

(Condition 6)).
If an Amendment Event has occurred prior to the Maturity
Date, the Final Redemption Amount, calculated per Calculation
Amount, payable on the Maturity Date will be an amount in
USD equal to the USD Principal Amount.
USD Principal Amount:
An amount in USD equal to the Calculation Amount divided by
the Final USD/UYU FX Rate as determined by the Calculation
Agent
Final USD/UYU FX Rate:
The USD/UYU FX Rate on the UYU Valuation Date
UYU Valuation Date:
The Business Day falling 10 Business Days prior to the
Scheduled Maturity Date, expected to be March 16, 2028 (the
"Scheduled UYU Valuation Date"), subject to postponement
in accordance with the provisions set forth in Term 18 of the
Final Terms (UYU Related FX Disruption and Disruption
Fallbacks) if an FX Disruption or an Unscheduled Holiday
occurs on such date
USD/UYU FX Rate:
The USD/UYU fixing rate, expressed as the amount of UYU
per one USD as determined by the Calculation Agent on the
Trade Date or the UYU Valuation Date, as applicable
FX Disruption:
In the determination of the Calculation Agent, any action, event
or circumstance whatsoever which, from a legal or practical
perspective, makes it impossible for the Calculation Agent to
obtain the USD/UYU FX Rate on the UYU Valuation Date
Note Return Amount:
An amount in USD, calculated per Calculation Amount, equal
to the product of (a) the USD Calculation Amount, (b) the
greater of {(x) the Index Return and (y) zero} and (c) the
Participation Rate
USD Calculation Amount:
An amount in USD equal to the Calculation Amount divided by
the Initial USD/UYU FX Rate
Amendment Event:
In the event of the occurrence of the events described in Term
22 of the Final Terms (Amendment Event), the Calculation
Agent or the Issuer, as the case may be, will give notice to
investors of the occurrence of the Amendment Event and the
Issuer shall be required to pay an amount (which may be zero)
as soon as practicable after the Mandatory Amendment Date
(as defined in Term 22 of the Final Terms (Amendment Event)),
calculated per Calculation Amount, equal to the Amendment
Amount (as defined in Term 22 of the Final Terms
(Amendment Event)) calculated as of the Accelerated Final
Index Determination Date.
In the event of the occurrence of an Amendment Event, in
addition to any Amendment Amount, the Issuer shall pay the
USD Principal Amount (i) at the time the Amendment Amount
is paid or (ii) on the Maturity Date, whichever is later.
An Amendment Event includes an Index Cancellation, an
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Index Modification, a Successor Index Event, an Index
Disruption Event continuing for a certain number of days, or
termination of the Associated Swap Transaction by the Swap
Counterparty (including as a result of an Additional Disruption
Event) or the Issuer, each as described in Term 22 of the Final
Terms (Amendment Event).
Index Return:
The performance of the Index from the Initial Index Level to
the Final Index Level expressed as a percentage and calculated
as follows:
(Final Index Level Initial Index Level) / Initial Index Level
Index:
Morgan Stanley Developed Market Equity Driven FX
Investment Index (Bloomberg Ticker Symbol: MSQTDMED
<Index>)
Index Sponsor:
Morgan Stanley & Co. International plc or any successor
sponsor of the Index
Index Calculation Agent:
Morgan Stanley India Financial Services Pvt. Ltd. or any
successor or assign
Initial Index Level:
176.407 (being the Index's published Index Level for March 1,
2018).
Final Index Level:
The Index Level (as defined in Term 21 of the Final Terms
(Additional Definitions with regard to the Index)) for the Index
Valuation Date, as determined by the Calculation Agent.
In the event that the Index Level on the Index Valuation Date is
corrected by the Index Calculation Agent on or prior to the date
falling three Business Days after the Index Valuation Date,
such corrected value will be the Final Index Level.
Index Valuation Date:
The day that is falling ten (10) Business Days prior to the
Scheduled Maturity Date, expected to be March 2, 2028 (the
"Scheduled Index Valuation Date"), subject to postponement
pursuant to the provisions set forth under Term 20 of the Final
Terms (Postponement due to Index Disruption Events)
Index Disruption Event:
If the Index Valuation Date occurs on a day in respect of which
the Calculation Agent determines that an Index Disruption
Event has occurred or is continuing, the Calculation Agent will
delay calculating the Final Index Level as set forth in Term 20
of the Final Terms (Postponement due to Index Disruption
Events).
An Index Disruption Event means the Index Calculation Agent
fails to calculate and announce the Index on the Index
Valuation Date, as described in Term 21 of the Final Terms
(Additional Definitions with regard to the Index).
Dealer:
Morgan Stanley & Co. LLC
Calculation Agent:
Morgan Stanley Capital Services LLC or any successor or
assign appointed by Morgan Stanley Capital Services LLC
6

Clearing Systems:
Euroclear
Rank:
The Notes constitute direct, unsecured obligations of the Issuer
ranking pari passu, without any preference among themselves,
with all its other obligations that are unsecured and
unsubordinated. The Notes are not obligations of any
government.
Applicable law:
New York law
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.
7

ADDITIONAL RISK FACTORS
An investment in the Notes is subject to the risks described below, as well as the risks 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 and legal
advisers as to the risks entailed by an investment in the Notes and the suitability of the Notes in light of
their particular circumstances.
Terms used in this section and not otherwise 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 constituents of the Index.
GENERAL RISKS
The Issuer will not pay any tax gross-ups
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 amounts in respect of the Notes in the event that any taxes
are levied on such repayment or payment.
UYU related FX Disruption Events, the occurrence of Unscheduled Holidays and Index Disruption
Events may operate to postpone Maturity Date
In the event that the UYU Valuation Date is postponed beyond the Scheduled UYU Valuation Date or
that the Index Valuation Date is postponed beyond the Scheduled Index Valuation Date as set forth in
the Final Terms, the Maturity Date of the Notes will be postponed by one Business Day for each
Business Day that the UYU Valuation Date is postponed beyond the Scheduled UYU Valuation Date
or that the Index Valuation Date is postponed beyond the Scheduled Index Valuation Date, and
therefore may be postponed by a number of Business Days up to the number of Business Days
occurring during the period of 30 calendar days after the Scheduled UYU Valuation Date (in respect of
an FX Disruption or the occurrence of Unscheduled Holidays) or ten Business Days after the
Scheduled Index Valuation Date (in respect of an Index Disruption Event). No interest or other
payment will be payable because of any such postponement of the Maturity Date.
In the event of an Amendment Event, Noteholders will not benefit from any appreciation in the
Index as of the Accelerated Final Index Determination Date
As set out in Term 22 of the Final Terms (Amendment Event), in the event of the occurrence of the
events described in Term 22 of the Final Terms, the Issuer will be required to make a payment (which
may be zero) as soon as practicable after the Mandatory Amendment Date. In respect of each
Calculation Amount, such payment will be equal to the Amendment Amount as of the Accelerated
Final Index Determination Date. As a result, the Noteholders will not benefit from any appreciation in
the Index as of the Accelerated Final Index Determination Date.
An Amendment Event includes an Index Cancellation, an Index Modification, a Successor Index
Event, an Index Disruption Event that continues for a certain number of days and an event which
results in early termination of the Associated Swap Transaction by the Swap Counterparty (including
as a result of an Additional Disruption Event) or the Issuer. An Index Cancellation, an Index
Modification, a Successor Index Event or a continuing Index Disruption Event may occur due to a
broad range of events beyond the control of the Issuer, including by decision of the Index Calculation
Agent or the Index Sponsor. An Additional Disruption Event, following which the Associated Swap
8

Transaction may be terminated by the Swap Counterparty, consists of a Change in Law, a Hedging
Disruption or an Increased Cost of Hedging. A Change in Law could occur in response to the
enactment of new laws or the implementation of existing laws (including, without limitation, any tax
law). A Hedging Disruption could occur if the Swap Counterparty was unable, after using
commercially reasonable efforts, to (i) acquire, establish, re-establish, substitute, maintain, unwind or
dispose of any transactions or assets that it deems necessary to hedge the price risk of entering into and
performing its obligations with respect to the Associated Swap Transaction or (ii) realize, recover or
remit the proceeds of any such transactions or assets. An Increased Cost of Hedging could occur if the
Swap Counterparty would incur a materially increased amount of taxes or costs in dealing in any
transactions it deems necessary to hedge the price risk of performing its obligations under the
Associated Swap Transaction. These could occur due to changes in legal or tax regimes.
Noteholders are exposed to changes in the exchange rate of Uruguayan pesos to U.S. dollars
Payment of principal upon maturity will be in USD and will be based on the exchange rate of UYU to
USD. Changes in the exchange rate of UYU to USD may result in a decrease in the effective yield of
the Notes. For example, if, on the UYU Valuation Date, UYU has appreciated in value against USD,
the payment in USD will be higher. Conversely, a depreciation in value of UYU against USD will have
the opposite impact, and an investor could lose a substantial amount of its investment in the Notes.
Furthermore, since the Noteholders will receive payments on the Notes only on the Maturity Date
(other than the possible payment of an Amendment Amount prior to the Maturity Date), the
Noteholders will not benefit from favorable changes in exchange rates at any other time during the
term of the Notes before the UYU Valuation Date. Currency exchange rates may be volatile and are the
result of numerous factors. A Noteholder's net exposure will depend on the extent to which the
payment currency (USD) strengthens or weakens against the denominated currency (UYU).
However, for the same reasons, the Notes can be considered to be principal protected when expressed
in UYU, because the UYU value of the USD Principal Amount to be paid by IBRD under the Notes
upon maturity will always be equal to the UYU value of the USD amount of the Issue Price of the
Notes upon issuance. Nevertheless, the purchase price of the Notes is payable in USD, and amounts
received upon maturity will be payable in USD, and therefore the USD amount payable on the Notes
may be less than the USD purchase amount for the Notes if the value of the UYU were to decline in
USD terms between the Trade Date and the UYU Valuation Date.
In addition, the Noteholders whose financial activities are denominated principally in a currency (the
"Investor's Currency") other than any of the Specified Currencies will also be exposed to currency
exchange rate risks that are not associated with a similar investment in a security denominated or paid
in that Investor's Currency. For more information, please see "Risk FactorsNotes are subject to
exchange rate and exchange control risks if the investor's currency is different from the Specified
Currency" in the Prospectus.
Payment at maturity depends on interplay of the USD/UYU FX Rate and the performance of the Index
The payment that the Noteholder will receive at maturity will depend on both the change in the rate of
exchange between UYU and USD and the Index Return. The interplay of these two factors means that
the Notes are a more complex investment than an instrument linked to a single underlying factor. It is
not possible to predict how the two factors to which the Note's performance payout is tied may
perform. A relatively positive Index Return may be offset by a decline in the value of UYU in USD
terms. UYU may appreciate relative to USD without any appreciation in the Index. There can be no
assurance that either factor's performance will correlate with the other's performance.
9

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 the market price of the Notes relative to
their original Issue Price. Assuming no change in market conditions or any other relevant factors, the
market price of the Notes 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 Morgan Stanley Bank International Limited.
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 time to maturity of the Notes; 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 stock, bond, foreign exchange,
commodity, exchange traded fund and futures markets generally and which may affect the Index Level
for the Index Valuation Date; and the creditworthiness of the Issuer. The USD/UYU fixing rate as well
as the illiquidity of the instruments used to hedge the Issuer into USD will also have an effect on
secondary market valuations.
The Notes are intended to be a hold-to-maturity instrument. Noteholders will receive at least 100% of
the nominal amount of the Notes, expressed in UYU (but not as expressed in any other currency,
including USD), if they hold their Notes to maturity (though, as discussed above, if the value of the
UYU were to decline in USD terms between the Trade Date and the UYU Valuation Date, the USD
amount payable at maturity may be less than the USD purchase price and therefore a Noteholder may
lose a substantial amount of its USD investment). 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 (even as expressed in UYU). 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 and you may not be able to sell your Notes prior to maturity
The Notes will not be actively traded in any financial market and there may be little or no secondary
market for the Notes, resulting in low or non-existent volumes of trading in the Notes. Therefore, an
investment in the Notes will be characterized by a lack of price volatility and liquidity. Accordingly,
an investor must be prepared to hold the Notes until maturity.
Potential conflicts of interest
Various potential and actual conflicts of interest may arise from the overall investment activity of the
Calculation Agent for the Notes, Morgan Stanley Bank International Limited as calculation agent for
the Associated Swap Transaction (the "Swap Calculation Agent") and their respective affiliates. The
Calculation Agent for the Notes, the Swap Calculation Agent and their respective affiliates and/or their
directors, officers and employees may each have, or may each have had, interests or positions, or may
buy, sell or otherwise trade positions, in or relating to the Index and/or constituents of the Index, or
may have invested, or may engage in transactions relating to any constituent, either for its own account
or the account of others, may publish research reports or otherwise express views with respect to such
transactions or regarding expected movements in price or volatility of the constituents. The Calculation
Agent for the Notes, the Swap Calculation Agent and their respective affiliates may act with respect to
10