Obligation IBRD-Global 0% ( XS2047499657 ) en COP

IBRD-Global

100 % ⇌

Etas-Unis

XS2047499657 ( en COP )

05/09/2031

Prospectus brochure de l'obligation IBRD XS2047499657 en COP 0%, échéance 05/09/2031

3 405 000 000 COP

272 400 000 000 COP

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 COP, avec le code ISIN XS2047499657, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 05/09/2031

INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT

Global Debt Issuance Facility

No. 100882

COP 272,400,000,000 Notes linked to the República AFAP
Dynamic Multi-Asset Index (First Series) due September 5,
2031 (payable in United States Dollars)

UBS AG
The date of these Final Terms is September 6, 2019

This document sets out the Final Terms (the "Final Terms") of the International Bank for Reconstruction
and Development ("Issuer" or "IBRD") COP 272,400,000,000 Notes linked to the República AFAP
Dynamic Multi-Asset Index (First Series) due September 5, 2031 (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 (the "Conditions") of the Notes.
The Final Terms of the Notes are set out on pages 21 to 37. 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 13 of the Prospectus.
The return on, and the value of, the Notes is based on the performance of the Index and on the
exchange rate of COP to USD. The performance of the Index, in turn, will be based on the periodic
selection of the Constituents of the Index by the Index Allocator. Therefore, the return on the Index
will be dependent in large part on the selections made by the Index Allocator. THE NOTES ARE
INTENDED TO BE PURCHASED AND HELD BY THE INDEX ALLOCATOR AND BY
DISCRETIONARY ACCOUNTS MANAGED BY THE INDEX ALLOCATOR.
Investors should note that the Conditions of the Notes are separate from, and do not incorporate
by reference, the Index Conditions. The Index Conditions can be modified from time to time
without requiring an amendment of the Conditions of the Notes. In the event of the occurrence of
any Index Disruption Event or the occurrence of any Amendment Event relating to the Index, the
fallback provisions set out in the Conditions of the Notes, not the Index Conditions, will determine
the relevant action to be taken. The Index Conditions are available upon request from UBS AG.
Each purchaser of Notes will be deemed to have obtained a copy of the Index Conditions and read
and understood them. The Issuer has derived all information contained in the Final Terms
regarding the Index from the Index Conditions, and the Issuer has not participated in the
preparation of, or verified, such Index Conditions. Neither IBRD nor the Global Agent will have
any responsibility for the contents of the Index Conditions and the Index Allocation Agreement,
and none of IBRD and the Global Agent shall have any responsibility or liability for the choices
and allocations made by the Index Allocator thereunder with respect to the Index.
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 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
Superintendency of Financial Services 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.............................................................................................................................. 21

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:
COP 272,400,000,000 Notes linked to the República AFAP
Dynamic Multi-Asset Index (First Series) due September 5,
2031 (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:
COP 272,400,000,000
Issue Price:
100% of the Aggregate Nominal Amount payable in USD
(being USD 80,000,000 which is equal to the Aggregate
Nominal Amount divided by the Initial USD/COP FX Rate)
Initial USD/COP FX Rate:
COP 3,405.00 per USD 1.00
Specified Denomination:
COP 3,405,000,000
Issue Date:
September 12, 2019
Trade Date:
August 20, 2019
Scheduled Maturity Date:
September 5, 2031
Maturity Date:
The Scheduled Maturity Date, subject to postponement if
either (i) the Scheduled Final COP Valuation Date is
postponed pursuant to Term 18 of the Final Terms (COP
Related FX Disruption and Disruption Fallbacks) and/or (ii)
the Final 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 Bogotá
Participation Rate:
400%
Final Redemption Amount:
If no Amendment Event has occurred on or before the
Scheduled Final Index Valuation Date, the Final Redemption
Amount, calculated per Specified Denomination, 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 (Condition 6))
If an Amendment Event has occurred prior to the Maturity
Date, the Final Redemption Amount, calculated per Specified
Denomination, will be an amount in USD equal to the USD
4

Principal Amount, and will payable on the later of (i) the day
the Amendment Amount is paid and (ii) the Maturity Date
USD Principal Amount:
An amount in USD equal to (i) the Specified Denomination
divided by (ii) the Final USD/COP FX Rate
Final USD/COP FX Rate:
The USD/COP FX Rate in respect of the Final COP Valuation
Date
Final COP Valuation Date:
August 20, 2031 (the "Scheduled Final COP Valuation
Date"), subject to postponement in accordance with the
provisions set forth in Term 18 of the Final Terms (COP
Related FX Disruption and Disruption Fallbacks) if an FX
Disruption or an Unscheduled Holiday occurs on such date
USD/COP FX Rate:
The USD/COP fixing rate, expressed as the amount of COP
per one USD as determined by the Calculation Agent in
respect of the Final COP Valuation Date
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/COP FX Rate on the Final COP
Valuation Date
Note Return Amount:
An amount in USD, calculated per Specified Denomination,
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:
USD 1,000,000, being an amount in USD, calculated per
Specified Denomination, equal to the Specified Denomination
divided by the Initial USD/COP 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
Noteholders of the occurrence of the Amendment Event and
the Issuer shall pay an amount (which may be zero) as soon as
practicable after the Mandatory Amendment Date, calculated
per Specified Denomination, 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, the
Issuer shall pay the USD Principal Amount on the later of (i)
the day the Amendment Amount is paid and (ii) the Maturity
Date
An Amendment Event includes an Index Cancellation, an
Index Modification, a Successor Index Event, an Index
Allocation Agreement Termination, an Index Disruption
Event continuing for a certain number of days, or termination
of the Associated Swap Transaction by the Swap Counterparty
5

(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:
República AFAP Dynamic Multi-Asset Index (First Series)
(Bloomberg Ticker Symbol: UBCSRDM1 <Index>)
Index Allocator:
República AFAP, S.A.
Index Sponsor:
UBS AG ("UBS"), including its successors and assigns
Index Calculation Agent:
Solactive A.G., including its successors and assigns
Initial Index Level:
100 (being the Index's published Index Level in respect of the
Initial Index Valuation Date)
In the event that the Index Level in respect of the Initial Index
Valuation Date is corrected by the Index Calculation Agent on
or prior to the date falling three Business Days after the Initial
Index Valuation Date, such corrected value will be the Initial
Index Level
Initial Index Valuation Date:
August 21, 2019
Final Index Level:
The Index Level in respect of the Final Index Valuation Date,
as determined by the Calculation Agent
In the event that the Index Level in respect of the Final Index
Valuation Date is corrected by the Index Calculation Agent on
or prior to the date falling three Business Days after the Final
Index Valuation Date, such corrected value will be the Final
Index Level
Final Index Valuation Date:
August 20, 2031 or, if such day is not an Index Business Day,
the immediately succeeding Index Business Day (the
"Scheduled Final 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) and Term 21 of the Final Terms (Additional
Definitions with regard to the Index)
Index Disruption Event:
If the Final 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 Level on the Final
6

Index Valuation Date. See Term 21 of the Final Terms
(Additional Definitions with regard to the Index)
Dealer:
UBS
Calculation Agent:
UBS
Clearing Systems:
Euroclear/Clearstream
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
Notes intended to be held by
The amount of the Note Return Amount, if any, to be payable
Index Allocator or accounts
in respect of the Notes will be based on the performance of the
managed by Index Allocator;
Index. The performance of the Index, in turn, will be based on
Purchaser Acknowledgement:
the periodic selections of the Index Allocator made under the
terms of the Index Allocation Agreement (as defined in the
Final Terms). Therefore, the Notes are intended to be
purchased and held by the Index Allocator and by
discretionary accounts managed by the Index Allocator. Each
purchaser and holder of the Notes from time to time, through
its acquisition of the Notes, will be deemed to have
acknowledged that the Notes are intended to be instruments
held only by the Index Allocator and by discretionary accounts
managed by the Index Allocator and to have acknowledged
that the Index has been developed by the Index Allocator and
the Index Sponsor solely for the purposes of determining the
Note Return Amount in respect of the Notes
Neither IBRD nor the Global Agent will have any
responsibility for the contents of the Index Conditions and the
Index Allocation Agreement, and none of IBRD and the
Global Agent shall have any responsibility or liability for the
choices and allocations made by the Index Allocator
thereunder with respect to the Index
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, legal and tax
advisers as to the risks entailed by an investment in the Notes and the suitability of the Notes in light of
their particular circumstances.
The performance of the Index is based on the periodic selections of the Index Allocator made under the
terms of the Index Allocation Agreement. Therefore, the Notes are intended to be purchased and held by
the Index Allocator and by discretionary accounts managed by the Index Allocator. Neither IBRD nor
the Global Agent will have any responsibility for the contents of the Index Allocation Agreement and
none of UBS and its affiliates, IBRD and the Global Agent shall have any responsibility or liability for
the choices and allocations made by the Index Allocator thereunder with respect to the Index.
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
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 amounts in respect of the Notes in the event that any taxes
are levied on such repayment or payment.
UNITED STATES TAX CONSIDERATIONS
Noteholders should carefully consider the matters set forth under "Tax Matters" in the accompanying
Prospectus. This summary supplements the section "Tax Matters" in the accompanying Prospectus and
is subject to the limitations and exceptions set forth therein.
None of the Issuer, the Dealer or any of their affiliates make any representations as to the tax
consequences of an investment in the Notes. Prospective U.S. and non-U.S. purchasers of the Notes
should consult their own tax advisors concerning the application to their particular situation of United
States federal income, state, local, withholding, and estate tax laws, and non-U.S. tax laws to an
investment in the Notes, including the possibility that payments on the Notes may be subject to U.S.
withholding taxes on "dividend equivalent amounts" pursuant to Section 871(m) of the U.S. Internal
Revenue Code of 1986 and U.S. Treasury regulations promulgated thereunder ("Section 871(m)").
Section 871(m) generally imposes a 30% withholding tax on "dividend equivalent amounts" paid or
deemed paid to non-U.S. holders with respect to certain financial instruments that reference directly or
indirectly U.S. equities, or indices that include U.S. equities. Section 871(m) provides for certain
exceptions, including for instruments linked to certain broad-based indices that satisfy the applicable
requirements under U.S. Treasury regulations. Additionally, administrative guidance provides that
instruments issued before 2021 and that are not "delta-one" with respect to underlying U.S. securities are
not subject to withholding under Section 871(m).
If the Notes are subject to withholding under Section 871(m), the rate of withholding is not expected to
be reduced even if a holder is otherwise eligible for a reduction under an applicable treaty, although non-
U.S. holders that are entitled to a lower rate of withholding under a tax treaty may be able to claim a
8

refund for any excess amounts withheld by filing a U.S. tax return. However, holders may not receive
the necessary information to properly claim a refund for any withholding in excess of the applicable
treaty-based amount. In addition, the IRS may not credit a holder with withholding taxes remitted in
respect of their Notes for purposes of claiming a refund.
Neither the Issuer nor any other person will pay additional amounts in respect of any withholding tax
deducted or other taxes arising under the Notes.
COP related FX Disruption Events and Index Disruption Events may operate to postpone Maturity
Date
In the event that the Final COP Valuation Date is postponed beyond the Scheduled Final COP Valuation
Date or the Final Index Valuation Date is postponed beyond the Scheduled Final 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 Final COP Valuation Date or the Final Index Valuation Date is postponed,
and therefore may be postponed by (i) a number of Business Days up to the number of Business Days
occurring during the period of 30 calendar days after the Scheduled Final COP Valuation Date (in respect
of an FX Disruption) or (ii) ten Business Days after the Scheduled Final 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.
Possible Amendment Event
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 Specified
Denomination, 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 Allocation Agreement Termination, 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, an Index Allocation Agreement
Termination 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, the Index Sponsor or the
Index Allocator. An Additional Disruption Event, following which the Associated Swap 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) realise, 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.
Colombian Peso vs. U.S. Dollar
Payment of principal upon maturity will be in USD and is based in part on the exchange rate of COP to
USD. Changes in the exchange rate of COP to USD may result in a decrease in the effective yield of the
9

Notes. For example, if, on the Final COP Valuation Date, COP has appreciated in value against USD,
the payment in USD will be higher. Conversely, a depreciation in value of COP 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, the
Noteholders will not benefit from favorable changes in exchange rates at any other time during the term
of the Notes before the Final COP 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 (COP).
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 risk 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" on
pages 13 and 14 of the Prospectus.
Payment at maturity depends on interplay of the USD/COP 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 COP 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 COP in USD terms. COP
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.
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 UBS. Noteholders should not expect the price at which the Issuer or the Dealer is
willing to repurchase the Notes to vary predictably in any particular proportion to changes in the level of
the Index. Noteholders will not have any claim to any amounts that the Swap Counterparty may pay to
IBRD due 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 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 in respect of
the Final Index Valuation Date; and the creditworthiness of the Issuer. The USD/COP exchange 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 COP only) if they hold their Notes to maturity. If
10