Obligation IBRD-Global 2.7% ( XS2102361040 ) en CNY

IBRD-Global

100 % ⇌

Etats-unis

XS2102361040 ( en CNY )

2.7% par an ( paiement annuel )

17/01/2023 - Obligation échue

Prospectus brochure de l'obligation IBRD XS2102361040 en CNY 2.7%, échue

1 000 000 CNY

1 000 000 000 CNY

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 CNY, avec le code ISIN XS2102361040, paye un coupon de 2.7% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 17/01/2023

Final Terms dated 10 January 2020

International Bank for Reconstruction and Development

Issue of CNY 1,000,000,000 2.65 per cent. Fixed Rate Notes due 17 January 2023

under the
Global Debt Issuance Facility

Terms used herein shall be deemed to be defined as such for the purposes of the terms and conditions (the
"Conditions") set forth in the Prospectus dated May 28, 2008. This document constitutes the Final Terms
of the Notes described herein and must be read in conjunction with such Prospectus.
MiFID II product governance / Retail investors, professional investors and ECPs target markets see
Term 27 below.
SUMMARY OF THE NOTES
1. Issuer:
International Bank for Reconstruction and Development
("IBRD")
2. (i) Series Number:
101042
(ii) Tranche Number:
1
3. Specified Currency or Currencies
Chinese Renminbi ("CNY")
(Condition 1(d)):
4. Aggregate Nominal Amount:

(i) Series:
CNY1,000,000,000
(ii) Tranche:
CNY 1,000,000,000
5. (i) Issue Price:
100.00 per cent. of the Aggregate Nominal Amount
(ii) Net Proceeds:
CNY 1,000,000,000
6. Specified Denomination
CNY 1,000,000
(Condition 1(b)):
7. Issue Date:
15 January 2020
8. Maturity Date (Condition 6(a)):
17 January 2023
9. Interest Basis (Condition 5):
2.65 per cent. Fixed Rate
(further particulars specified in Term 16 below)
10. Redemption/Payment Basis
Redemption at par
(Condition 6):
11. Change of Interest or
Not Applicable
Redemption/Payment Basis:
12. Call/Put Options (Condition 6):
Not Applicable

13. Status of the Notes (Condition 3):
Unsecured and unsubordinated
14. Listing:
Luxembourg Stock Exchange
15. Method of distribution:
Non-syndicated

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PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16. Fixed Rate Note Provisions
Applicable
(Condition 5(a)):
(i) Rate of Interest:
2.65 per cent. per annum payable annually in arrear
(ii) Interest Payment Date(s):
17 January in each year, from and including 17 January
2021 to and including the Maturity Date, not subject to
adjustment in accordance with a Business Day Convention
(iii) Interest Period Date(s):
Each Interest Payment Date
(iv) Business Day Convention:
Not Applicable
(v) Day Count Fraction (Condition
ACT/365 (Fixed)

5(l)):
(vi) Other terms relating to the
Not Applicable
method for calculating interest
for Fixed Rate Notes:
PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of each
CNY 1,000,000 per Specified Denomination
Note (Condition 6):
18. Early Redemption Amount
As set out in the Conditions
(Condition 6(c)):
GENERAL PROVISIONS APPLICABLE TO THE NOTES
19. Form of Notes (Condition 1(a)):
Registered Notes:

Global Registered Certificate available on Issue Date.

20. New Global Note:
No
21. Financial Centre(s) or other special
Beijing, Hong Kong, Singapore, London and New York
provisions relating to payment dates
City
(Condition 7(h)):
22. Governing law (Condition 14):
English Law
23. Other final terms:
The first sentence of Condition 7(a)(ii) is hereby replaced
by the following: "Interest (which for the purpose of this
Condition 7(a) shall include all Instalment Amounts other
than final Instalment Amounts) on Registered Notes shall
be paid to the person shown on the Register at the close of
business on the calendar day before the due date for
payment thereof (the "Record Date")."
Condition 7(i) will be replaced by the following:
"Currency of Payment: If the Specified Currency is no
longer used by the government of the People's Republic of
China ("PRC") for the payment of public and private debts
or used for settlement of transactions by public institutions
in the PRC or, in the reasonable opinion of the Calculation
Agent, is not expected to be available, when any payment
on this Note is due as a result of circumstances beyond the
control of IBRD, IBRD shall be entitled to satisfy its
obligations in respect of such payment by making such
payment in U.S. dollars on the basis of the Spot Rate on
the second Business Day prior to such payment (the
"Determination Date"). Any payment made under such

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circumstances in U.S. dollars will constitute valid payment
and will not constitute a default in respect of this Note.
Whereby:
"Business Day" means a day (other than a Saturday or
Sunday) on which commercial banks are open for general
business (including dealings in foreign exchange) in
Beijing, Hong Kong, Singapore, London and New York
City.
"Calculation Agent" means Citibank N.A., London
Branch, or its duly appointed successor.
"Reuters Screen" means, when used in connection with
any designated page, the display page so designated on the
Reuters service.
"Spot Rate" means, in respect of the Determination Date,
the USD/CNY official fixing rate for such Determination
Date as reported by the Treasury Markets Association,
Hong Kong (www.tma.org.hk) as its USD/CNY (HK) spot
rate on such Determination Date ("CNY CNHHK" or
"CNY03"). CNY03 currently appears on Reuters Screen
"CNHFIX=" (or any successor page) at approximately
11:30 a.m., Hong Kong time, on such Determination Date.
If it becomes impossible to obtain the USD/CNY official
fixing rate on the Determination Date as outlined in the
previous paragraph, the Spot Rate shall be the USD/CNY
official fixing rate for such Determination Date, expressed
as the amount of CNY per one USD as authorized by the
People's Bank of China of the People's Republic of China
for reporting by the China Foreign Exchange Trade System
(CFETS)
(www.chinamoney.com.cn)
on
such
Determination Date ("CNY SAEC" or "CNY01").
CNY01 currently appears on Reuters Screen "CNY=
SAEC" opposite the symbol "USDCNY=" (or any
successor page) at approximately 9:15 a.m., Beijing time,
on such Determination Date.
If it becomes impossible to obtain the USD/CNY official
fixing rate on the Determination Date as outlined in the
previous paragraphs, the Spot Rate shall be the USD/CNY
exchange rate for such Determination Date, expressed as
the amount of CNY per one USD, as published on the
website of the Singapore Foreign Exchange Market
Committee
("SFEMC")
(www.sfemc.org)
at
approximately 3:30 p.m., Singapore time, or as soon
thereafter as practicable, on such Determination Date. The
exchange rate will be calculated by SFEMC (or a service
provider SFEMC may select in its sole discretion) pursuant
to the SFEMC CNY Indicative Survey Rate Methodology
(which means a methodology, dated as of 1 December
2004, as amended from time to time, for a centralized
industry-wide survey of financial institutions that are
active participants in the USD/CNY markets for the
purpose of determining the SFEMC CNY Indicative
Survey Rate) ("SFEMC CNY INDICATIVE SURVEY
RATE" or "CNY02").

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If it becomes impossible to obtain the USD/CNY official
fixing rate or exchange rate on the Determination Date as
outlined in the previous paragraphs, the Calculation Agent
will determine the Spot Rate for the Determination Date,
taking into consideration all available information that in
good faith it deems relevant.
If Annex A to the 1998 FX and Currency Option
Definitions published by the International Swaps and
Derivatives Association, Inc., the Emerging Markets
Traders Association and the Foreign Exchange Committee
(the "FX Definitions") is amended such that CNY01,
CNY02 or CNY03 is replaced by a successor price source
for the USD/CNY exchange rate in such Annex A to the
FX Definitions (each, a "Successor Price Source
Definition"), the Spot Rate for the Determination Date
will be determined in accordance with the relevant
Successor Price Source Definition without changing the
order of the Spot Rate determination described above.
The Calculation Agent shall notify the Issuer as soon as
reasonably practicable that the Spot Rate is to be so
determined."
DISTRIBUTION
24. (i) If syndicated, names of
Not Applicable
Managers and underwriting
commitments:
(ii) Stabilizing Manager(s) (if any): Not Applicable
25. If non-syndicated, name of Dealer:
Merrill Lynch International

26. Total commission and concession:
Not Applicable
27. MiFID II product governance / Retail

investors, professional investors and
Directive 2014/65/EU (as amended, "MiFID II)
ECPs target market:
product governance / Retail investors, professional

investors and eligible counterparties ("ECPs") target
market

Solely for the purposes of the manufacturer's product

approval process, the target market assessment in respect

of the Notes has led to the conclusion that: (i) the target
market for the Notes is retail clients, eligible

counterparties and professional clients, each as defined in

MiFID II; and (ii) all channels for distribution of the Notes
are appropriate. Any person subsequently offering, selling

or recommending the Notes (a "distributor") should take

into consideration the manufacturer's target market
assessment; however, a distributor subject to MiFID II is

responsible for undertaking its own target market

assessment in respect of the Notes (by either adopting or
refining the manufacturer's target market assessment) and

determining appropriate distribution channels.

IBRD does not fall under the scope of application of the

MiFID II package. Consequently, IBRD does not qualify
as an "investment firm", "manufacturer" or "distributor"

for the purposes of MiFID II.

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For the purposes of this provision, the term
"manufacturer" means the Dealer.

28. Additional selling restrictions:
People's Republic of China:
The Notes are not being offered or sold and may not be
offered or sold, directly or indirectly, in the PRC (for such
purposes, excluding Hong Kong Special Administrative
Region of the PRC and Macao Special Administrative
Region of the PRC and Taiwan, China).

Hong Kong Special Administrative Region of the PRC
("Hong Kong"):
(a) The Dealer has not offered or sold and will not offer
or sell in Hong Kong, by means of any document,
any Notes other than (i) to "professional investors"
as defined in the Securities and Futures Ordinance
(Cap. 571) of Hong Kong and any rules made under
that Ordinance; or (ii) in other circumstances which
do not result in the document being a "Prospectus"
as defined in the Companies Ordinance (Cap. 32) of
Hong Kong or which do not constitute an offer to
the public within the meaning of that Ordinance; and
(b) the Dealer has not issued or had in its possession for
the purposes of issue, and will not issue or have in
its possession for the purposes of issue, whether in
Hong Kong or elsewhere, any advertisement,
invitation or document relating to the Notes, which
is directed at, or the contents of which are likely to
be accessed or read by, the public of Hong Kong
(except if permitted to do so under the securities
laws of Hong Kong) other than with respect to the
Notes which are or are intended to be disposed of
only to persons outside Hong Kong or only to
"professional investors" as defined in the Securities
and Futures Ordinance (Cap. 571 of Hong Kong)
and any rules made under that Ordinance.
OPERATIONAL INFORMATION

29. ISIN Code:
XS2102361040
30. Common Code:
210236104
31. Delivery:
Delivery against payment
32. Registrar and Transfer Agent (if any)
Citibank, N.A., London Branch
33. Intended to be held in a manner
No
which would allow Eurosystem
eligibility:
GENERAL INFORMATION
IBRD's most recent Information Statement was issued on September 24, 2019.

USE OF PROCEEDS
Supporting sustainable development in IBRD's member countries

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The net proceeds from the sale of the Notes will be used by IBRD to finance sustainable
development projects and programs in IBRD's member countries (without being committed or
earmarked for lending to, or financing of, any particular projects or programs). IBRD's financing is
made available solely to middle-income and creditworthy lower-income member countries who are
working in partnership with IBRD to eliminate extreme poverty and boost shared prosperity, so that
they can achieve equitable and sustainable economic growth in their national economies and find
sustainable solutions to pressing regional and global economic and environmental problems.
Projects and programs supported by IBRD are designed to achieve a positive social impact and
undergo a rigorous review and internal approval process aimed at safeguarding equitable and
sustainable economic growth.

IBRD integrates five cross cutting themes into its lending activities helping its borrowing
members create sustainable development solutions: climate change; gender; jobs; public-private
partnerships; and fragility, conflict and violence.
IBRD's administrative and operating expenses are covered entirely by IBRD's various sources
of revenue (net income) consisting primarily of interest margin, equity contribution and investment
income (as more fully described in the Information Statement).

RISK FACTORS
To be read in conjunction with the "Risk Factors" Section starting on page 14 of the 2008
GDIF Prospectus.
The CNY is not freely convertible; there are significant restrictions on remittance of CNY
into and outside the PRC
The CNY is not freely convertible at present. The PRC government continues to regulate
conversion between the CNY and foreign currencies, including the Hong Kong dollar, despite the
significant reduction over the years by the PRC government of control over routine foreign
exchange transactions under current accounts.
There can be no assurance that the PRC government will continue to gradually liberalise its
control over cross-border CNY remittances in the future or that new PRC regulations will not be
promulgated in the future which have the effect of restricting or eliminating the remittance of CNY
into or outside the PRC. In the event that the Issuer is not able to repatriate funds outside the PRC
in CNY, the Issuer will need to source CNY offshore to finance its obligations under the Notes, and
its ability to do so will be subject to the overall availability of CNY outside the PRC.
There is only limited availability of CNY outside the PRC, which may affect the liquidity of
the Notes
As a result of the restrictions imposed by the PRC government on cross-border CNY fund
flows, the availability of CNY outside of the PRC is limited.
Although it is widely expected that the offshore CNY market will continue to grow in depth
and size, its growth is subject to many constraints as a result of PRC laws and regulations on foreign
exchange. There is no assurance that new PRC regulations will not be promulgated in the future
which will have the effect of restricting availability of CNY offshore. The limited availability of
CNY outside the PRC may affect the liquidity of the Notes. To the extent the Issuer is required to
source CNY in the offshore market to service the Notes, there is no assurance that the Issuer will be
able to source such CNY on satisfactory terms, if at all.
Noteholders may be exposed to exchange rate risks
In limited circumstances set out in Condition 7(i), relating to the unavailability of CNY
offshore, the Issuer is entitled to make payments in respect of the Notes in U.S. Dollars and the
Noteholders will be exposed to currency exchange rate risks with respect to such currencies.
Changes in exchange rates relating to any of the currencies involved may result in a decrease in the
effective yield of the Notes and, in certain circumstances, could result in a loss of all or a substantial
portion of the principal of the Notes. For example, if, on the Determination Date, CNY has

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appreciated in value against U.S. Dollars, the payment in U.S. Dollars will be higher. Conversely,
a depreciation in value of CNY against U.S. Dollars will have the opposite impact.
Exchange rate movements for a particular currency are volatile and are the result of numerous
factors. A Noteholder's net exposure will depend on the extent to which U.S. Dollar strengthens or
weakens against CNY.
In addition, the Noteholders whose financial activities are denominated principally in a
currency (the "Investor's Currency") other than CNY and/or U.S. Dollars 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" in the accompanying Prospectus.

LISTING APPLICATION
These Final Terms comprise the final terms required for the admission to the Official List of the
Luxembourg Stock Exchange and to trading on the Luxembourg Stock Exchange's regulated market
of the Notes described herein issued pursuant to the Global Debt Issuance Facility of IBRD.

RESPONSIBILITY
IBRD accepts responsibility for the information contained in these Final Terms.
Signed on behalf of IBRD:

By: ..........................................................

Name:
Title:

Duly authorized

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