Obligation IBRD-Global 8.1% ( XS2815858274 ) en UYU

IBRD-Global

100 % ⇌

Etats-unis

XS2815858274 ( en UYU )

8.1% par an ( paiement annuel )

10/05/2028

Prospectus brochure de l'obligation IBRD XS2815858274 en UYU 8.1%, échéance 10/05/2028

10/05/2026 ( Dans 313 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 ( Etats-unis ) , en UYU, avec le code ISIN XS2815858274, paye un coupon de 8.1% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 10/05/2028

Final Terms dated 7 May 2024
International Bank for Reconstruction and Development
Issue of UYU 1,678,500,000 8.05 per cent. Notes due 10 May 2028
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 September 24, 2021. This document constitutes the Final Terms
of the Notes described herein and must be read in conjunction with such Prospectus.
UK MiFIR product governance / Professional investors and ECPs target market See Term 28 below.
SUMMARY OF THE NOTES
1.
Issuer:
International Bank for Reconstruction and Development
("IBRD")
2.
(i)
Series number:
101988
(ii)
Tranche number:
1
3.
Specified Currency or Currencies
The lawful currency of the Oriental Republic of Uruguay
(Condition 1(d)):
("Uruguayan Peso" or "UYU"), provided that all payments
in respect of the Notes will be made in United States Dollars
("USD")
4.
Aggregate Nominal Amount
(i)
Series:
UYU 1,678,500,000
(ii)
Tranche:
UYU 1,678,500,000
5.
(i)
Issue Price:
100 per cent. of the Aggregate Nominal Amount
(ii)
Net proceeds:
USD 43,939,790.58 (equivalent to UYU 1,678,500,000 at the
USD/UYU exchange rate of UYU 38.20 per USD 1.00)
6.
Specified Denominations
UYU 500,000
(Condition 1(b)):
7.
(i)
Issue Date:
10 May 2024
8.
Maturity Date (Condition 6(a)):
10 May 2028, 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):
8.05 per cent. Fixed Rate
(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 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
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16.
Fixed Rate Note provisions
Applicable
(Condition 5(a)):
(i)
Rate of Interest:
8.05 per cent. per annum payable semi-annually in arrear
(ii)
Interest Payment Date(s):
10 May and 10 November in each year, from and including 10
November 2024 to and including the Maturity Date (each, a
"Scheduled
Interest
Payment
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 beyond the Scheduled Interest Payment Date 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 Date(s):
10 May and 10 November in each year, from and including 10
November 2024 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
30/360
(Condition 5(l)):
(vi)
Interest Amount:
The Interest Amount per Specified Denomination on each
Interest Payment Date determined by the Calculation Agent
on the relevant FX Valuation Date will be equal to the product
of:
(i) the Specified Denomination;
(ii) the Rate of Interest; and
(iii) the Day Count Fraction.
The Interest Amount so calculated will be payable in USD
whereby such USD amount will be determined by the
Calculation Agent on the FX Valuation Date as follows:
(i) Interest Amount multiplied by,
2

(ii) 1 divided by the FX Rate on such FX Valuation Date (as
defined in Term 16(vii) below).
(vii)
Disruption Provisions and
Disruption Provisions:
Definitions:
If, in respect of an FX Valuation Date, a Price Source
Disruption has occurred or exists in respect of the FX Rate,
the FX Rate for such FX Valuation Date shall be obtained by
applying the provisions of the following fallbacks (the
"Disruption Fallbacks") in the order below:
(i) Valuation Postponement;
(ii) Calculation Agent Determination of FX Rate (provided
that the FX Rate cannot be determined in accordance with
(i) above); and
(iii) Hedge Transaction FX Rate (provided that the FX Rate
cannot be determined in accordance with (i) and (ii)
above).
In the event that an FX Valuation Date is postponed beyond
the relevant Scheduled FX Valuation Date due to an
Unscheduled Holiday or because a Price Source Disruption in
respect of the FX Rate has occurred, the relevant Interest
Payment Date, the Early Redemption Date or the Maturity
Date, as applicable, shall be postponed to the fifth Business
Day after the date on which the FX Rate is determined.
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:
"Associated Swap Transaction" means the swap transaction
entered into in connection with the issue of the Notes between
the Issuer and the relevant swap counterparty.
3

"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, Montevideo and 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, that 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; provided,
however, that if the Calculation Agent notifies the Issuer in
writing on such FX Valuation Date that it elects to not
determine the FX Rate on such date, Calculation Agent
Determination of FX Rate shall not apply and the FX Rate
shall be the Hedge Transaction FX Rate in accordance with
the Disruption Fallbacks.
"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 this
Term 16(vii) whereupon the Early Redemption Date shall be
the date five Business Days following the relevant FX
Valuation Date. For the avoidance of doubt, no additional
interest or other additional amounts shall be payable by IBRD
in the event that the Early Redemption Date is so postponed.
"FX Rate" means, in respect of an FX Valuation Date, the
USD/UYU exchange ("fondo") rate, expressed as the amount
of UYU per USD 1.00, reported by the Banco Central Del
Uruguay (Central Bank of Uruguay) (www.bcu.gub.uy) as its
"U$S Prom. Fdo." rate at approximately 4:15 p.m.
(Montevideo time) with respect to such FX Valuation Date
("UYU01").
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 UYU01 is replaced by a successor price
source for the USD/UYU exchange rate in such Annex A to
the FX Definitions (the "Successor Price Source
Definition"), then the FX Rate for the relevant FX Valuation
Date will be determined in accordance with such Successor
Price Source Definition.
"FX Valuation Date" means, in respect of a Scheduled
Interest Payment Date, the Early Redemption Date or the
Maturity Date, as applicable, the date that is five Business
Days before such Scheduled 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
4

Business Day, which is not an Unscheduled Holiday. In the
event that: (i) the Scheduled FX Valuation Date is so
postponed due to an Unscheduled Holiday and (ii) 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"), 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.
"Hedge Transaction FX Rate" means, in respect of an FX
Valuation Date, the foreign exchange rate for USD/UYU,
expressed as the amount of UYU per USD 1.00, that applies
in respect of such FX Valuation Date pursuant to the
Associated Swap Transaction (the "Swap Rate"). If there are
two or more Associated Swap Transactions, the Hedge
Transaction FX Rate for such FX Valuation Date will be the
average, weighted by the relative size of the notional amounts
of such Associated Swap Transactions, (rounded to the nearest
four decimal points, with 0.00005 being rounded up) of the
Swap Rates of such Associated Swap Transactions. Such
Hedge Transaction FX Rate shall be provided to the
Calculation Agent by the Issuer no later than two Business
Days prior to the relevant Interest Payment Date, Early
Redemption Date or Maturity Date, as applicable.
"Maximum Days of Postponement" means 14 calendar
days.
"Montevideo 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 Montevideo.
"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
with respect to such day. The Calculation Agent shall
promptly notify IBRD if a Price Source Disruption has
occurred.
"Unscheduled Holiday" means a day that is not a
Montevideo Business Day and the market was not aware of
such fact (by means of a public announcement or by reference
to other publicly available information) until a time later than
9:00 a.m. (Montevideo time), two Montevideo Business Days
prior to the Scheduled FX Valuation Date.
"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 FX Rate will be determined 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
5

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 FX Rate will be
determined 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 each
The Final Redemption Amount per Specified Denomination
Note (Condition 6):
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 the Disruption Provisions and Definitions in Term
16(vii) above.
18.
Early Redemption Amount
The Final Redemption Amount per Specified Denomination,
(Condition 6(c)):
as 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
20.
New Global Note / New Safekeeping No
Structure:
21.
Financial Centre(s) or other special
London, Montevideo and New York
provisions relating to payment dates
(Condition 7(h)):
22.
Governing law (Condition 14):
English
23.
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 UYU 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
6

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, 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. 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 (UYU).
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.
If a Price Source Disruption occurs, the FX Rate will be
determined using the Disruption Fallbacks described in Term
16(vii). Any of these Disruption Fallbacks may result in
interest payments that are lower than or do not otherwise
correlate over time with the payments that would have been
made on the Notes if no Price Source Disruption had occurred.
DISTRIBUTION
24.
(i)
If syndicated, names of
Not Applicable
Managers and underwriting
commitments:
(ii)
Stabilizing Manager(s) (if
Not Applicable
any):
25.
If non-syndicated, name of Dealer:
Citigroup Global Markets Limited
26.
Total commission and concession:
Not Applicable
27.
Additional selling restrictions:
Not Applicable
28.
UK MiFIR product governance
Regulation (EU) No 600/2014 as it forms part of domestic
Professional investors and ECPs
law by virtue of the European Union (Withdrawal) Act
target market:
2018 ("UK MiFIR") product governance / Professional
investors and ECPs only 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 only
eligible counterparties (as defined in the United Kingdom
Financial Conduct Authority (the "FCA") Handbook Conduct
7

of Business Sourcebook ("COBS")) and professional clients
(as defined in UK MiFIR); and (ii) all channels for distribution
of the Notes to eligible counterparties and professional clients
are appropriate. Any person subsequently offering, selling or
recommending the Notes (a "distributor") should take into
consideration the manufacturer's target market assessment;
however, each distributor subject to the FCA Handbook
Product Intervention and Product Governance Sourcebook
(the "UK MiFIR Product Governance Rules") 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.
For the purposes of this Term 28, "manufacturer" means the
Dealer.
IBRD does not fall under the scope of application of UK
MiFIR. Consequently, IBRD does not qualify as an
"investment firm", "manufacturer" or "distributor" for the
purposes of UK MiFIR.
OPERATIONAL INFORMATION
29.
Legal Entity Identifier of the Issuer:
ZTMSNXROF84AHWJNKQ93
30.
ISIN Code:
XS2815858274
31.
Common Code:
281585827
32.
Delivery:
Delivery versus payment
33.
Registrar and Transfer Agent (if
Citibank, N.A., London Branch
any):
34.
Intended to be held in a manner
No. Whilst the designation is specified as "no" at the date of
which would allow Eurosystem
these Final Terms, should the Eurosystem eligibility criteria
eligibility:
be amended in the future such that the Notes are capable of
meeting them the Notes may then be deposited with one of the
ICSDs as common safekeeper and registered in the name of a
nominee of one of the ICSDs acting as common safekeeper.
Note that this does not necessarily mean that the Notes will
then be recognized as eligible collateral for Eurosystem
monetary policy and intra-day credit operations by the
Eurosystem at any time during their life. Such recognition will
depend upon the ECB being satisfied that Eurosystem
eligibility criteria have been met.
GENERAL INFORMATION
IBRD's most recent Information Statement was issued on October 2, 2023.
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 International Bank for Reconstruction
and Development.
8

RESPONSIBILITY
IBRD accepts responsibility for the information contained in these Final Terms.
Signed on behalf of IBRD:
By:
...........................................................
Name:
Title:
Duly authorized
9