Bond IBRD-Global 0% ( US45905UDJ07 ) in USD

Issuer IBRD-Global
Market price 100 %  ⇌ 
Country  United States
ISIN code  US45905UDJ07 ( in USD )
Interest rate 0%
Maturity 10/12/2013 - Bond has expired



Prospectus brochure of the bond IBRD US45905UDJ07 in USD 0%, expired


Minimal amount /
Total amount 35 000 000 USD
Detailed description The International Bank for Reconstruction and Development (IBRD) is an international financial institution that offers loans and advice to middle-income and creditworthy low-income countries for development projects.

The US45905UDJ07 IBRD bond, a USD 35,000,000 issue with a 0% coupon rate and a maturity date of 10/12/2013, issued in the United States, has reached maturity and been redeemed at 100% of face value.








PRICING SUPPLEMENT



INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT

Global Debt Issuance Facility
No. 2716
US$35,000,000
Fixed to Variable Interest Rate Indexed-Linked Notes due
December 2013




Morgan Stanley


The date of this Pricing Supplement is December 8, 2003


A03633275
1


This document ("Pricing Supplement") is issued to give details of an issue by International Bank
for Reconstruction and Development (the "Bank") under its Global Debt Issuance Facility.
This Pricing Supplement supplements the terms and conditions in, and incorporates by reference,
the Prospectus dated October 7, 1997, and al documents incorporated by reference therein (the
"Prospectus"), and should be read in conjunction with the Prospectus. Unless otherwise defined
in this Pricing Supplement, terms used herein have the same meaning as in the Prospectus.
Terms and Conditions
The following items under this heading "Terms and Conditions" are the particular terms which
relate to the issue the subject of this Pricing Supplement. These are the only terms which form part
of the form of Notes for such issue:
1
No.:
2716
2
Aggregate Principal Amount:
US$35,000,000
3
Issue Price:
100.00 percent of the Aggregate Principal
Amount
4
Issue Date:
December 10, 2003
5
Form of Notes (Condition 1(a)):
Registered Notes only
6
Authorized Denominations
US$1,000
(Condition 1(b)):
7
Specified Currency (Condition 1(d)):
United States dollars ("US$")
8
Maturity Date (Conditions 1(a) and 6(a)):
December 10, 2013
9
Interest Basis (Condition 5):
(i)
Fixed Interest Rate (Condition 5(I)) in
respect of the period beginning on
and including the Issue Date and
ending on but excluding January 10,
2004;
(ii)
Variable Interest Rate (Condition 5(II))
in respect of the period beginning on
and including January 10, 2004 to but
excluding the Maturity Date; and
(iii)
Calculations of the Variable Rate of
Interest based on the formulae set out
herein shall be expressed as a
percentage and shall be rounded to
five decimal places, and calculations
of relevant Interest Amounts shall be
rounded to three decimal places
10
Fixed Interest Rate (Condition 5(I)):

(a) Interest
Rate:
3.00 percent per annum
(b)
Fixed Rate Interest Payment
January 10, 2004
Date(s):
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(c)
Fixed Rate Day Count Fraction(s) Actual/Actual ­ ISDA meaning:
if not 30/360 basis:
the actual number of days in the
Interest Period in respect of which
payment is being made divided by
365 (or, if any portion of that Interest
Period falls in a leap year, the sum of
(i) the actual number of days in that
portion of the Interest Period falling in
a leap year divided by 366 and (ii) the
actual number of days in that portion
of the Interest Period falling in a non-
leap year divided by 365)
11
Variable Interest Rate (Condition 5(II)):

(a) Variable
Rate
of
Interest:
(i) Notwithstanding
the
provisions
of
Condition 5(II)(b) the Variable Rate
of Interest for each Interest Period
shall be determined by the
Calculation Agent as soon as
practicable on the relevant Variable
Rate Interest Determination Date in
accordance with the formula set out
in sub-paragraph (ii) below (save
that the result of the calculation
based on such formula shall not be
less than zero).
CPI - CPI


t
t -12

(ii)




4
.
1

CPIt-12




where:
"CPIt" means, for the purposes of
each Variable Interest Period, the
respective level of the Index (as
defined in paragraph 12(b)) for the
month (the "Relevant Month for CPIt"
as set out in full below) which is three
months prior to the month in which the
first day of such Variable Interest
Period falls (where such Index has
been published and reported in the
second calendar month prior to the
month in which the first day of such
Variable Interest Period falls), and
"CPIt-12" means, for the purposes of
each Variable Interest Period, the
respective level of the Index for the
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month (the "Relevant Month for CPIt-
12" as set out in full below) which is
fifteen months prior to the month in
which the first day of such Variable
Interest Period falls (where such
Index has been published and
reported in the fourteenth calendar
month prior to the month in which the
first day of such Variable Interest
Period falls),
as set out below:

Variable Rate Interest
Relevant month for CPIt
Relevant month for CPIt-12
Payment Date

February 10, 2004
October 2003
October 2002
March 10, 2004
November 2003
November 2002
April 10, 2004
December 2003
December 2002
May 10, 2004
January 2004
January 2003
June 10, 2004
February 2004
February 2003
July 10, 2004
March 2004
March 2003
August 10, 2004
April 2004
April 2003
September 10, 2004
May 2004
May 2003
October 10, 2004
June 2004
June 2003
November 10, 2004
July 2004
July 2003
December 10, 2004
August 2004
August 2003
January 10, 2005
September 2004
September 2003
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and thereafter, on the 10th day
and thereafter, each
and thereafter, each successive
of each successive month
successive month ending on
month ending on (and including)
ending on the Maturity Date
(and including) August 2013
August 2012

(b) Index:
See paragraph 12(b)
(c)
Variable Rate Interest Payment
The 10th day of each month, commencing on
Dates:
February 10, 2004 and ending on the Maturity Date
(d) Variable
Interest
Period:
The period beginning on (and including) a Variable
Rate Interest Payment Date to (but excluding) the
next succeeding Variable Rate Interest Payment
Date, save in the case of the first Variable Interest
Period which begins on January 10, 2004
(e) Calculation
Agent:
Citibank, N.A.
(f) Variable
Rate
Interest
Five Relevant Business Days before the
Determination Date:
commencement of the relevant Variable Interest
Period
12
Other Variable Interest Rate Terms
(Condition 5(II) and (III)):
(a) Variable Rate Day Count
Actual/Actual ­ ISDA (as defined in paragraph
Fraction(s) if not actual/360:
10(c))
(b)
Other terms (including fall back "Index" or "Index Figure" means the non-seasonally
provisions) relating to the method adjusted US City Average All Items Consumer Price
of calculating the Variable Rate of Index for all Urban Consumers as calculated and
Interest or Interest Amounts, the published monthly (unrevised) by the Bureau of
value of which is based upon the Labor Statistics of the US Department of Labor (the
level of the Index:
"Sponsor") on Bloomberg page CPURNSA. The
first publication of the Index figure (disregarding
estimates) by the Sponsor for a given month shall
be final. Any corrections or revisions shall be
disregarded.
(i) Delay in publication of Index
If the Index for a month (which is required for the
purpose of the Variable Rate of Interest in respect of
the Interest Period or the calculation of amounts in
respect thereof) is not reported by the last day of the
following month, the United States Department of
the Treasury (the "US Treasury") has indicated that
it will announce an index number based on the last
twelve-month change in the Index available (the
"Substitute Index Number"). Any calculations that
rely on the level of the Index for such month will be
based on the Substitute Index Number. The formula
for calculating the Substitute Index Number to be
used by the US Treasury is:
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CPI

t 1
1
CPI
1
1

t -1
+
-
-




CPI
12
t -13


where:
CPIt-1 means the level of the Index for the one
month preceding the month which is three months
prior to the month in which the first day of the
relevant Variable Interest Period fal s; and
CPIt-13 means the level of the Index for the one
month preceding the month which is fifteen months
prior to the month in which the first day of the
relevant Variable Interest Period falls.
This Substitute Index Number will be used for all
subsequent calculations that rely on the level of the
Index for such month and will not be replaced by the
actual Index when it is reported.
In the event that the Secretary of the US Treasury
has not announced on the fifth Relevant Business
Day prior to the Variable Rate Interest Determination
Date of the relevant Variable Interest Period, a
Substitute Index Number pursuant to this sub-
paragraph, then the Calculation Agent will determine
the Substitute Index Number based on the following
formula:

CPI

t n
n
CPI
1
1

t-n
+
-
-




CPI
12
t -n-12


where:
CPIt-n means the level of the Index for that month
which is the most recently published prior to the
month which is three months prior to the month in
which the first day of the relevant Variable Interest
Period falls;
CPIt-n-12 means the level of the Index for that month
which is twelve months prior to the month which is
the relevant month for establishing the level of the
Index and which comprises CPIt-n (within the same
formula); and
"n" means the number of months between (i) the
month which is three months prior to the month in
which the first day of the relevant Variable Interest
Period falls and (ii) the month prior thereto in
respect of which the Index has been most recently
published (counting, for the purposes of "n", such
month).
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(ii) Cessation of or fundamental changes to
Index
If the Index ceases to be calculated or published by
the Sponsor, but is calculated or published by a
successor entity without any modification of the
calculation formula, the Index used shall be the
Index calculated or published by such successor. If
the Index ceases to be published or if any change is
made which, in the reasonable opinion of the
Calculation Agent constitutes a fundamental change
in the rules governing the Index, the Calculation
Agent at its sole discretion shal use in its
determination a substitute index, provided that the
use of such substitute index results in an economic
outcome which is similar to that which would have
resulted had the Index been used. The Index shall
be replaced by the substitute index so determined
and references to the Index shall be construed
accordingly.
(iii) Base Revision
If, at any time while the Notes are outstanding, the
Index is revised to a new base date, the Calculation
Agent may at its sole discretion make any
adjustments which it considers reasonable to
ensure that the economic equivalent of the
transaction is preserved (to the extent reasonably
practicable). In the event that the Calculation Agent
determines that it is not reasonably practicable to
make such adjustments, the Index for such month
shall be the Index last published before such
revision.
(c)
Good Faith and Commercially In making the decisions and determinations set forth
Reasonable Actions by the in the preceding paragraphs, the Calculation Agent
Calculation Agent:
will at all times act in good faith and in a
commercially reasonable manner. In making
determinations under the preceding paragraphs, the
Calculation Agent may consult with the Manager,
which has entered into an offsetting swap
transaction with the Bank in relation to the Notes.
Notwithstanding the possibility of such
consultations, the Calculation Agent shall make its
own independent judgments in connection with
determinations to be made by it under paragraph
12(b).
13
Relevant Financial Centre:
New York
14
Relevant Business Day:
New York and London
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15
Issuer's Optional Redemption
No
(Condition 6(e)):
16
Redemption at the option of the
No
Noteholders (Condition 6(f)):
17
Early Redemption Amount (including Principal amount of the Notes to be redeemed plus
accrued interest, if applicable) (Condition accrued interest thereon
9):
18
Governing Law of the Notes:
English
Other Relevant Terms

1
Listing (if yes, specify Stock Exchange):
Luxembourg
2
Details of Clearance System approved by DTC, Clearstream Banking, société anonyme and
the Bank and the Global Agent and Euroclear Bank S.A./N.V., as operator of the
Clearance and Settlement Procedures:
Euroclear System. Payment for the Notes will be on
a delivery versus payment basis
3
Syndicated:
No

4
Commissions and Concessions:
Combined management, underwriting and selling
commission of 1.25 percent of the Aggregate
Principal Amount
5
Codes:

(a) ISIN
US45905UDJ07
(b) Common
Code
018136562
6
Identity of Dealer(s)/Manager(s):
Morgan Stanley & Co. International Limited

7
Provisions for Registered Notes:

(a) Individual
Definitive
Registered
No. Interests in the DTC Global Note will be
Notes Available on Issue Date:
exchangeable for Definitive Registered Notes only
in the limited circumstances described in the
Prospectus
(b)
DTC Global Note(s):
Yes; one
(c)
Other Registered Global Notes:
No
General Information
The Bank's latest Information Statement was issued on September 15, 2003
The following additional selling restrictions shall apply to the issue:
United Kingdom:
Each Dealer is required to comply with all applicable
provisions of the Financial Services and Markets Act
2000 with respect to anything done by it in relation to
the Notes in, from or otherwise involving the United
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8


Kingdom

INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT
By:
Authorized Officer
A03633275
9


ANNEX
Information about the Index

The information contained in this Annex relating to the Index consists of extracts from or
summaries of information that is publicly available (unless otherwise stated). The Bank has not
independently verified any such information, and does not accept any responsibility for error or
omission. The Bank makes no representation or warranty, whether express or implied, as to the
completeness or accuracy of such information. Investors may acquire such further information as
they deem necessary in relation to the Index from such publicly available information as they deem
appropriate. Investors should make their own investment, hedging and trading decisions (including
decisions regarding the suitability of this investment), based upon their own judgment and upon
advice from such advisers as such investors deem necessary and not upon any view expressed
by the Bank.
Given the highly specialised nature of these Notes, the Bank considers that they are only suitable
for highly sophisticated investors who are able to determine for themselves the risk of an
investment linked to indexes.
Consequently, if you are not an investor who falls within the description above you should not
consider purchasing these Notes without taking detailed advice from a specialised professional
adviser.
1
What is the CPI?
The Consumer Price Index ("CPI") is a measure of the average change over time in the
prices paid by urban consumers for a market basket of consumer goods and services.
2
How is the CPI calculated?
The CPI is a product of a series of interrelated samples. First, using data from the 1990
Census of population, the Bureau of Labor Statistics ("BLS") selects the urban areas from
which prices are to be collected and chooses the housing units within each area that are
eligible for use in the shelter component of the CPI. The Census of Population also
provides data on the number of consumers represented by each area selected as a CPI
price collection area. Next, another sample (of about 16,800 families each year) serves as
the basis for a Point-of-Purchase Survey that identifies the places where households
purchase various types of goods and services. The CPI is calculated on a monthly basis.
3
How is the CPI market basket determined?
The CPI market basket is developed from detailed expenditure information provided by
families and individuals on what they actually bought. For the current CPI, this information
was collected from the Consumer Expenditure Survey over the three years 1993, 1994,
and 1995. In each of these three years, more than 5,000 families from around the country
provided information on their spending habits in a series of quarterly interviews. To collect
information on frequently purchased items such as food and personal care products,
another 5,000 families in each of the 3 years kept diaries listing everything they bought
during a 2-week period. Altogether, more than 30,000 individuals and families provided
expenditure information for use in determining the importance, or weight, of over 2000
categories in the CPI index structure.

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