Obligation IBRD-Global 2% ( XS2208629092 ) en PHP

IBRD-Global

100 % ▲

Etas-Unis

XS2208629092 ( en PHP )

2% par an ( paiement annuel )

22/07/2025

Prospectus brochure de l'obligation IBRD XS2208629092 en PHP 2%, échéance 22/07/2025

100 000 PHP

500 000 000 PHP

23/07/2025 ( Dans 21 jours )

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 PHP, avec le code ISIN XS2208629092, paye un coupon de 2% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 22/07/2025

Final Terms dated 20 July 2020

International Bank for Reconstruction and Development

Issue of PHP 500,000,000 2.00 per cent. Fixed Rate Notes due 23 July 2025
payable in United States Dollars
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 28 May 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 29 below.
SUMMARY OF THE NOTES

1. Issuer:
International Bank for Reconstruction and Development
("IBRD")
2. (i) Series Number:
101190
(ii) Tranche Number:
1
3. Specified Currency or Currencies The lawful currency of the Republic of the Philippines, the
(Condition 1(d)):
Philippine Peso ("PHP"), provided that all payments in
respect of the Notes will be made in United States Dollars
("USD")
4. Aggregate Nominal Amount:

(i) Series:
PHP 500,000,000
(ii) Tranche:
PHP 500,000,000
5. (i) Issue Price:
98.923 per cent. of the Aggregate Nominal Amount
(ii) Net Proceeds:
USD 9,982,542.18 (equivalent to PHP 494,615,000.00 at
the PHP/USD exchange rate of PHP 49.548 per USD
1.00)
6. Specified Denominations
PHP 100,000
(Condition 1(b)):
7. Issue Date:
23 July 2020
8. Maturity Date (Condition 6(a)):
23 July 2025, unless the corresponding FX Valuation Date
is postponed beyond the Scheduled FX Valuation Date due
to an Unscheduled Holiday or because a Price Source
Disruption in respect of the FX Rate has occurred, in
which case the Maturity Date shall be postponed to the
fifth Business Day after the date on which the FX Rate is
determined (further particulars specified below in Term
16(vii)). For the avoidance of doubt, no additional interest
or other additional amounts shall be payable by IBRD in
the event that the Maturity Date is so postponed.
9. Interest Basis (Condition 5):
2.00 per cent. Fixed Rate
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(further particulars specified below)
10. Redemption/Payment Basis
Redemption at par, payable in USD
(Condition 6):
(further particulars specified below)
11. Change of Interest or
Not Applicable
Redemption/Payment Basis:
12. Call/Put Option (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
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16. Fixed Rate Note Provisions
Applicable
(Condition 5(a)):
(i) Rate of Interest:
2.00 per cent. per annum payable annually in arrear
(ii) Interest Payment Date(s):
23 July in each year, from and including 23 July 2021 to
and including the Maturity Date, unless the corresponding
FX Valuation Date is postponed beyond the Scheduled FX
Valuation Date due to an Unscheduled Holiday or because
a Price Source Disruption in respect of the FX Rate has
occurred, in which case the Interest Payment Date shall be
postponed to the fifth Business Day after the date on
which the FX Rate is determined (further particulars
specified below in Term 16(vii)).
For the avoidance of doubt, no additional interest or other
additional amounts shall be payable by IBRD in the event
that the relevant Interest Payment Date is so postponed.
(iii) Interest Period Dates:
23 July in each year, from and including 23 July 2021 to
and including the Maturity Date, not subject to adjustment
in accordance with a Business Day Convention.
(iv) Business Day Convention:
Not Applicable
(v) Day Count Fraction:
Actual/Actual (ICMA)
(vi) Interest Amount:
The Interest Amount payable per Specified Denomination
on each Interest Payment Date will be an amount in USD
determined by the Calculation Agent on the relevant FX
Valuation Date equal to the product of:
(a) the Specified Denomination multiplied by the
Rate of Interest;
(b) 1 divided by the FX Rate on such FX Valuation
Date (as defined in Term 16(vii) below); and
(c) the Day Count Fraction.
(vii) Definitions and Disruption
Disruption Provisions:
Provisions:
If, in respect of an FX Valuation Date, a Price Source
Disruption has occurred or exists in respect of the FX

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Rate, the Calculation Agent shall obtain the FX Rate for
such FX Valuation Date by applying the provisions of the
following fallbacks (the "Disruption Fallbacks") in the
order below:
(i)
Valuation Postponement;
(ii) Fallback Reference Rate (provided the FX Rate
cannot be determined in accordance with (i) above);
and
(iii) Calculation Agent Determination of FX Rate
(provided that the FX Rate cannot be determined in
accordance with (i) or (ii) above).
In the event that FX Valuation Date is postponed beyond
the Scheduled FX Valuation Date due to an Unscheduled
Holiday or because a Price Source Disruption in respect of
the FX Rate has occurred, each Interest Payment Date, the
Early Redemption Date or the Maturity Date, as
applicable, shall be postponed by each day for which the
relevant FX Valuation Date, is so postponed.
For the avoidance of doubt, no additional interest or other
additional amounts shall be payable by IBRD in the event
that the relevant Interest Payment Date, the Early
Redemption Date or the Maturity Date is postponed.
Cumulative Events:
Notwithstanding anything herein to the contrary, in no
event shall the total number of consecutive calendar days
during which either (i) an FX Valuation Date is postponed
due to an Unscheduled Holiday, or (ii) a Valuation
Postponement shall occur (or any combination of (i) and
(ii)), exceed 14 consecutive calendar days in the
aggregate. Accordingly, (x) if, upon the lapse of any such
14 day period, an Unscheduled Holiday shall have
occurred or be continuing on the day following such
period that otherwise would have been a Business Day,
then such day shall be deemed to be an FX Valuation Date,
and (y) if, upon the lapse of any such 14 day period, a
Price Source Disruption shall have occurred or be
continuing on the day following such period, then
Valuation Postponement shall not apply and the FX Rate
shall be determined in accordance with the next
Disruption Fallback.
Definitions:
The following definitions shall apply:
"Business Day" means a day (other than a Saturday or a
Sunday) on which commercial banks and foreign
exchange markets settle payments and are open for
general business (including dealings in foreign exchange
and foreign currency deposits) in London, Manila, and

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New York.
"Calculation Agent" means Citibank, N.A., London
Branch, or its duly appointed successor.
"Calculation Agent Determination of FX Rate" means,
in respect of an FX Valuation Date, if the Calculation
Agent cannot determine a relevant rate in accordance with
the provisions of Valuation Postponement or Fallback
Reference Rate, the Calculation Agent shall determine the
FX Rate on the relevant FX Valuation Date, acting in good
faith and in a commercially reasonable manner having
taken into account relevant market practice and any
information which it deems relevant.
The Calculation Agent shall notify the Issuer as soon as
reasonably practicable that the FX Rate is to be so
determined.
"Early Redemption Date" means the day on which the
Notes become due and payable in accordance with
Condition 9 (Default) subject to postponement in
accordance with Term 16(vii) above whereupon the Early
Redemption Date shall be the date five Business Days
following the relevant FX Valuation Date.
"Fallback Reference Rate" means, in respect of the
relevant FX Valuation Date, the rate 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 FX Valuation Date
("SFEMC PHP INDICATIVE SURVEY RATE" or
"PHP05"). The exchange rate will be calculated by
SFEMC (or a service provider SFEMC may select in its
sole discretion) pursuant to the SFEMC PHP Indicative
Survey Rate Methodology (which means a methodology,
dated as of December 1, 2004, as amended from time to
time, for a centralized industry-wide survey of financial
institutions that are active participants in the PHP/USD
markets for the purpose of determining the SFEMC PHP
Indicative Survey Rate).
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 PHP05 is
replaced by a successor price source for the PHP/USD
exchange rate in such Annex A to the FX Definitions (a
"Successor Price Source Definition"), then the Fallback
Reference Rate will be determined in accordance with
such Successor Price Source Definition.
"FX Rate" means, in respect of the relevant FX Valuation

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Date, the PHP/USD morning weighted average exchange
rate for such FX Valuation Date, expressed as the amount
of PHP per one USD as sponsored by Bankers
Association of the Philippines (www.bap.org.ph) as its
"BAP AM Weighted Average Rate", at approximately
11:30 a.m., Manila time, or as soon as practicable
thereafter, on that FX Valuation Date ("PHP BAPPESO"
or "PHP06").
If Annex A to the FX Definitions is amended such that
PHP BAPPESO or PHP06 is replaced by a Successor
Price Source Definition, then the FX Rate will be
determined in accordance with such Successor Price
Source Definition.
"FX Valuation Date" means, in respect of an Interest
Payment Date, the Early Redemption Date or the Maturity
Date, as applicable, the date that is five Business Days
before such Interest Payment Date, Early Redemption
Date or Maturity Date, as applicable (the "Scheduled FX
Valuation Date"), provided that if the Scheduled FX
Valuation Date is an Unscheduled Holiday, the FX
Valuation Date shall be postponed to the first following
Business Day, which is not an Unscheduled Holiday. In
the event the Scheduled FX Valuation Date is so
postponed due to an Unscheduled Holiday and if the FX
Valuation Date has not occurred on or before the number
of calendar days equal to the Maximum Days of
Postponement after the Scheduled FX Valuation Date (any
such period being a "Deferral Period"), then the next day
after the Deferral Period that is a Business Day, or that
would have been a Business Day but for the Unscheduled
Holiday, shall be deemed to be the FX Valuation Date.
"Manila Business Day" means, a day (other than a
Saturday or a Sunday) on which commercial banks and
foreign exchange markets settle payments and are open for
general business (including dealings in foreign exchange
and foreign currency deposits) in Manila.
"Maximum Days of Postponement" means 14 calendar
days.
"Price Source Disruption" means the occurrence or
existence of an event on an FX Valuation Date, the result
or consequence of which is that it is impossible or
impracticable, in the opinion of the Calculation Agent, to
obtain the FX Rate on such day.
"Reference Dealers" means four leading dealers or banks
active in the PHP/USD exchange market selected by the
Calculation Agent in its sole discretion.
"Unscheduled Holiday" means a day that is not a Manila
Business Day and the market was not aware of such fact

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(by means of a public announcement or by reference to
other publicly available information) until a time later than
9:00 a.m. local time in Manila, two Manila Business Days
prior to such day.
"Valuation Postponement" means, in respect of an FX
Valuation Date, if a Price Source Disruption has occurred
or exists in respect of the FX Rate on such FX Valuation
Date, the Calculation Agent shall determine the FX Rate
on the next succeeding Business Day on which, in the
opinion of the Calculation Agent, such Price Source
Disruption has not occurred or ceased to exist, unless the
Price Source Disruption continues to exist (measured from
the date that, but for the occurrence of the Price Source
Disruption, or Unscheduled Holiday would have been the
Scheduled FX Valuation Date) for a consecutive number
of calendar days equal to the Maximum Days of
Postponement, in which case the Calculation Agent shall
determine the FX Rate on the next succeeding Business
Day after the Maximum Days of Postponement (which
will be deemed to be the applicable FX Valuation Date) in
accordance with the next applicable Disruption Fallback.
PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of
The Final Redemption
Amount per Specified
each Note (Condition 6):
Denomination will be payable in USD on the Maturity
Date and shall be determined by the Calculation Agent by
applying the following formula on the FX Valuation Date
immediately prior to the Maturity Date:
Specified Denomination divided by FX Rate (as
defined in Term 16(vii) above),
subject to Definitions and Disruption Provisions in Term
16(vii) above.
18. Early Redemption Amount
The Final Redemption Amount of the Notes, as
(Condition 6(c)):
determined in accordance with Term 17 above (provided
that the FX Valuation Date shall be the FX Valuation Date
in respect of the Early Redemption Date) plus accrued and
unpaid interest, if any, as determined in accordance with
Term 16 above, provided that for the purposes of such
determination, the relevant Interest Period Dates shall be
the period commencing on, and including, the Interest
Payment Date falling immediately prior to the date upon
which the Notes become due and payable (or, if no interest
has yet been paid, the Issue Date) to, but excluding, the
date upon which the Notes become due and payable.
GENERAL PROVISIONS APPLICABLE TO THE NOTES
19. Form of Notes (Condition 1(a)):
Registered Notes:
Global Registered Certificate available on Issue Date

6

20. New Global Note (NGN):
No
21. Financial Centre(s) or other
London, Manila and New York
special provisions relating to
payment dates (Condition 7(h)):
22. Governing law (Condition 14):
English
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")".
24. 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 accompanying Prospectus.
Because the Notes are denominated in PHP but payable in
USD, 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 (including the Final Redemption Amount). For
example, if, on any FX Valuation Date, PHP has
appreciated in value against USD, the payment in USD
will be higher. Conversely, a depreciation in value of PHP
against USD will have the opposite impact. Furthermore,
since the Noteholders will receive payments on the Notes
only on the Interest Payment Dates (including the
Maturity Date), the Noteholders will not benefit from
favorable changes in exchange rates at any other time
during the term of the Notes.
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 the payment currency (USD) strengthens or
weakens against the denominated currency (PHP).
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" in the accompanying Prospectus.

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DISTRIBUTION
25. (i) If syndicated, names of
Not Applicable
Managers and underwriting
commitments:
(ii) Stabilizing Manager(s) (if
Not Applicable
any):
26. If non-syndicated, name and
Morgan Stanley & Co. International plc
address of Dealer:
25 Cabot Square
Canary Wharf
London E14 4QA
United Kingdom
27. Total commission and
Not Applicable
concession:
28. Additional selling restrictions:
Not Applicable
29. MiFID II product governance /
Directive 2014/65/EU (as amended, "MiFID II")
Retail investors, professional
product governance / Retail investors, professional
investors and ECPs target
investors and eligible counterparties ("ECPs") target
markets:
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 eligible counterparties,
professional clients and retail 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.
For the purposes of this provision, the expression
"manufacturer" means the Dealer.
OPERATIONAL INFORMATION
30. ISIN Code:
XS2208629092
31. Common Code:
220862909
32. Delivery:
Delivery against payment
33. Registrar and Transfer Agent (if
Citibank, N.A., London Branch
any):
34. Intended to be held in a manner
No
which would allow Eurosystem

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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
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). Prior to use, the net proceeds will be
invested by IBRD's Treasury in accordance with IBRD's liquid asset management investment policies.
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 the following five global themes into its lending activities helping its borrowing
members create sustainable development solutions: climate change; gender; infrastructure, public-
private partnerships and guarantees; knowledge management, 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).
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 Note described herein issued pursuant to the Global Debt Issuance Facility of International Bank
for Reconstruction and Development.

9

RESPONSIBILITY
IBRD accepts responsibility for the information contained in this Final Terms.
Signed on behalf of IBRD:
By:
Name:
Title:
Duly authorised
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