Bond IBRD-Global 1.8% ( XS2190458831 ) in CNY

Issuer IBRD-Global
Market price 100 %  ⇌ 
Country  United States
ISIN code  XS2190458831 ( in CNY )
Interest rate 1.8% per year ( payment 1 time a year)
Maturity 01/07/2022 - Bond has expired



Prospectus brochure of the bond IBRD XS2190458831 in CNY 1.8%, expired


Minimal amount 10 000 CNY
Total amount 100 000 000 CNY
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 Bond issued by IBRD-Global ( United States ) , in CNY, with the ISIN code XS2190458831, pays a coupon of 1.8% per year.
The coupons are paid 1 time per year and the Bond maturity is 01/07/2022







EXECUTION VERSION


Final Terms dated June 12, 2020

International Bank for Reconstruction and Development

Issue of CNY 100,000,000 1.75 per cent. Notes due July 1, 2022

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 28 below.
SUMMARY OF THE NOTES
1. Issuer:
International Bank for Reconstruction and Development
("IBRD")
2. (i) Series Number:
101176
(ii) Tranche Number:
1
3. Specified Currency or Currencies
Chinese Renminbi ("CNY")
(Condition 1(d)):
4. Aggregate Nominal Amount:

(i)
Series:
CNY 100,000,000
(ii) Tranche:
CNY 100,000,000
5. (i) Issue Price:
100 per cent. of the Aggregate Nominal Amount
(ii) Net proceeds:
CNY 100,000,000
6. Specified Denomination
CNY 10,000 and integral multiples thereof
(Condition 1(b)):
7. Issue Date:
June 17, 2020
8. Maturity Date (Condition 6(a)):
July 1, 2022
9. Interest Basis (Condition 5):
1.75 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:
1.75 per cent. per annum payable annually in arrear
(ii) Interest Payment Date(s):
July 1 in each year, from and including July 1, 2021 to and
including the Maturity Date, not subject to adjustment in
accordance with a Business Day Convention
(iii) Interest Period Dates:
Each Interest Payment Date
(iv) Business Day Convention:
Not Applicable
(v) Day Count Fraction

(Condition 5(l)):
Actual/365 (Fixed)
(vi) Other terms relating to the
Not Applicable
method of calculating interest for
Fixed Rate Notes:
PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of each
CNY 10,000 per minimum 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 Center(s) or other special
Beijing, Hong Kong, London, New York City and
provisions relating to payment dates
Singapore
(Condition 7(h)):
22. Governing law (Condition 14):
New York
23. Other final terms:

(1) The first sentence of Condition 7(a)(ii) is hereby
replaced by the following: "Interest (which for the
purposes of this Condition 7(a) shall include all Instalment
Amounts other than the final Instalment Amounts) on
Registered Notes shall be paid to the person shown in the
Register at the close of business on the calendar day
before the due date for payment thereof (the "Record
Date")."
(2) 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

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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 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, London, New York City and
Singapore.
"Calculation Agent" means Citibank N.A., London
Branch, or its duly appointed successor.
"Refinitiv Screen" means, when used in connection with
any designated page, the display page so designated on the
Refinitiv service.
"Spot Rate" means, in respect of the Determination Date,
the USD/CNY official fixing rate, expressed as the amount
of CNY per one USD, as reported by the Treasury Markets
Association, Hong Kong (www.tma.org.hk) as its
USD/CNY (HK) spot rate at approximately 11:30 a.m.,
Hong Kong time, on such Determination Date ("CNY
CNHHK" or "CNY03"). CNY03 is currently published
on Refinitiv Screen "CNHFIX=" (or any successor page)
on the relevant 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) at
approximately 9:15 a.m., Beijing time, on such
Determination Date ("CNY SAEC" or "CNY01").
CNY01 currently appears on Refinitiv Screen "CNY=
SAEC" opposite the symbol "USDCNY=" (or any
successor page) on the relevant 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

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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").
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
Managers and underwriting
commitments:
Not Applicable
(ii) Stabilizing Manager(s) (if any):
Not Applicable
25. If non-syndicated, name of Dealer:
Morgan Stanley & Co. International plc
26. Total commission and concession:
Not Applicable
27. Additional selling restrictions:
People's Republic of China ("PRC"):
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

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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.
28. MiFID II product governance /
Directive 2014/65/EU (as amended, "MiFID II")
Retail investors, professional
product governance / Retail investors, professional
investors and ECPs target markets:
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 eligible counterparties and
professional 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 term
"manufacturer" means the Dealer.
OPERATIONAL INFORMATION

29. ISIN Code:
XS2190458831
30. Common Code:
219045883
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 which
would allow Eurosystem eligibility:
No
GENERAL INFORMATION
IBRD's most recent Information Statement was issued on September 24, 2019.


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SUPPLEMENTAL PROSPECTUS INFORMATION
The Prospectus is hereby supplemented with the following information, which shall be
deemed to be incorporated in, and to form part of, the Prospectus.

Dealers are represented by Sullivan & Cromwell LLP. From time to time Sullivan &
Cromwell LLP performs legal services for IBRD.

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).

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

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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 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.

UNITED STATES FEDERAL INCOME TAX TREATMENT

You should carefully consider the matters set forth under "Tax Matters" in the accompanying
Prospectus. The following discussion supplements the section "Tax Matters" in the
accompanying Prospectus and is subject to the limitations and exceptions set forth therein. The
following section applies to you only if you are a U.S. Holder (as defined in the accompanying
Prospectus), you acquire your Notes on the Issue Date and you hold your Notes as a capital asset
for tax purposes.
You should consult with your own tax advisor concerning the consequences of investing
in and holding the Notes in your particular circumstances, including the application of state,
local or other tax laws and the possible effects of changes in federal or other tax laws.
Because the first interest payment on the Notes will be made more than a year after the Notes
are issued, no payments on the Notes will be treated as qualified stated interest for United States
federal income tax purposes. U.S. Holders will therefore be required to treat all payments on the
Notes, including stated interest payments, as original issue discount ("OID"). Under the OID
rules, a U.S. Holder will not include the stated interest payments on the Notes in income when
those payments are made. Instead a U.S. Holder will accrue such OID in income over the term of
the Note on a constant yield basis, even if such holder is otherwise subject to the cash basis
method of accounting for tax purposes. A U.S. Holder would then convert the foreign currency
OID accruals into U.S. dollars under one of the two methods under which an accrual basis
taxpayer converts stated interest accruals into U.S. dollars. These two methods are described in
the accompanying Prospectus under "Tax Matters--United States Federal Income Taxation--
Treatment of Qualified Stated Interest". A U.S. Holder may accrue OID on the Notes based on
accrual periods of any length and may vary the length of each accrual period over the term of the
Note. However, no accrual period may be longer than one year and each scheduled payment of
interest or principal on the Note must occur on either the first or final day of an accrual period.
A U.S. Holder will recognize foreign currency gain or loss upon each interest payment on the
Notes equal to the difference between the U.S. dollar OID accrual that is attributable to such
interest payment and the U.S. dollar value of the interest payment upon receipt.

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Upon a sale or retirement of the Notes, a U.S. Holder will generally recognize gain or loss
equal to the difference, if any, between (i) the U.S. dollar value of the amount realized on the sale
or retirement and (ii) the U.S. Holder's adjusted tax basis in the Notes. A U.S. Holder's adjusted
tax basis in the Notes generally will equal the U.S. dollar value of the cost of the Notes to the U.S.
Holder, increased by any OID previously included in income and decreased by the U.S. dollar
value of any interest payments previously received by the U.S. Holder on the Notes. Such gain or
loss will be capital gain or loss except to the extent attributable to changes in exchange rates
between the date that the Notes are issued and the date upon which the Notes are sold or retired.
Capital gain of individual taxpayers from the sale or retirement of the Notes held for more than
one year may be eligible for reduced rates of taxation. The deductibility of a capital loss is subject
to significant limitations.
Information with Respect to Foreign Financial Assets. Owners of "specified foreign
financial assets" with an aggregate value in excess of US$50,000 (and in some circumstances, a
higher threshold) may be required to file an information report with respect to such assets with
their tax returns. "Specified foreign financial assets" may include financial accounts maintained
by foreign financial institutions (which may include the Notes), as well as the following, but only
if they are held for investment and not held in accounts maintained by financial institutions: (i)
stocks and securities issued by non-United States persons, (ii) financial instruments and contracts
that have non-United States issuers or counterparties, and (iii) interests in foreign entities. Holders
should consult their tax advisors regarding the application of this reporting obligation to their
ownership of the Notes.
Medicare Tax. A U.S. Holder that is an individual or estate, or a trust that does not fall into a
special class of trusts that is exempt from such tax, is subject to a 3.8% tax (the "Medicare tax")
on the lesser of (1) the U.S. Holder's "net investment income" (or "undistributed net investment
income" in the case of an estate or trust) for the relevant taxable year and (2) the excess of the
U.S. Holder's modified adjusted gross income for the taxable year over a certain threshold (which
in the case of individuals is between US$125,000 and US$250,000, depending on the individual's
circumstances). A U.S. Holder's net investment income generally includes its interest income,
foreign currency gain and its capital gains from the disposition of Notes, unless such interest
payments or net gains are derived in the ordinary course of the conduct of a trade or business
(other than a trade or business that consists of certain passive or trading activities). If you are a
U.S. Holder that is an individual, estate or trust, you are urged to consult your tax advisors
regarding the applicability of the Medicare tax to your income and gains in respect of your
investment in the Notes.

Treasury Regulations Requiring Disclosure of Reportable Transactions. Treasury
Regulations require United States taxpayers to report certain transactions that give rise to a loss in
excess of certain thresholds (a "Reportable Transaction"). Under these regulations, because the
Notes are denominated in a foreign currency, a U.S. Holder (or a non-U.S. holder that holds the
Notes in connection with a U.S. trade or business) that recognizes a loss with respect to the Notes
that is characterized as an ordinary loss due to changes in currency exchange rates (under any of
the rules discussed above or under the heading "Tax Matters--United States Federal Income
Taxation" in the accompanying Prospectus) would be required to report the loss on IRS Form
8886 (Reportable Transaction Statement) if the loss exceeds the thresholds set forth in the
regulations. For individuals and trusts, this loss threshold is US$50,000 in any single taxable year.
For other types of taxpayers and other types of losses, the thresholds are higher. You should
consult with your tax advisor regarding any tax filing and reporting obligations that may apply in
connection with acquiring, owning and disposing of Notes.

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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.

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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