Bond IBRD-Global 0% ( XS2283173222 ) in NOK

IBRD-Global

100 % ▼

United States

XS2283173222 ( in NOK )

12/01/2026

Prospectus brochure of the bond IBRD XS2283173222 en NOK 0%, maturity 12/01/2026

10 000 NOK

5 000 000 000 NOK

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 International Bank for Reconstruction and Development (IBRD) issued a NOK 5,000,000,000 bond (ISIN: XS2283173222) maturing on 12/01/2026, with a 0% coupon rate, minimum trading size of NOK 10,000, currently trading at 100% of face value, and paying annually.

Final Terms dated 8 January 2021
International Bank for Reconstruction and Development

Issue of NOK 5,000,000,000 Floating Rate Notes due 13 January 2026
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:
101270
(ii) Tranche Number:
1
3. Specified Currency or Currencies
Norwegian Krone ("NOK")
(Condition 1(d)):
4. Aggregate Nominal Amount:

(i) Series:
NOK 5,000,000,000
(ii) Tranche:
NOK 5,000,000,000
5. (i) Issue Price:
107.566 per cent. of the Aggregate Nominal Amount
(ii) Net proceeds:
NOK 5,378,300,000
6. Specified Denominations
NOK 10,000 and integral multiples thereof
(Condition 1(b)):

7. Issue Date:
13 January 2021
8. Maturity Date (Condition 6(a)):
13 January 2026
9. Interest Basis (Condition 5):
Floating Rate
(further particulars specified 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. Floating Rate Note Provisions
Applicable
(Condition 5(b)):

(i)
Interest Period(s):
As specified in Condition 5(l)
(ii)
Specified Interest Payment 13 January, 13 April, 13 July and 13 October of each year,
Dates:
from and including 13 April 2021 to and including the
Maturity Date, subject to adjustment in accordance with the
Business Day Convention specified below.
(iii)
Interest Period Dates:
Each Specified Interest Payment Date
(iv)
Business Day Convention: Following
(v)
Business Centre(s)
London, New York and Oslo
(Condition 5(l)):
(vi)
Manner in which the
ISDA Determination
Rate(s) of Interest is/are to
be determined:
(vii)
Party responsible for
Citibank, N.A., London Branch
calculating the Rate(s) of
Interest and Interest
Amount(s):
(viii) ISDA Determination

(Condition 5(b)(ii)(B)):
Floating Rate Option:
NOK-NIBOR-OIBOR

If, with respect to a Reset Date, such rate does not appear on
the relevant Reuters Screen at the relevant time and no
NIBOR Disruption Event (as defined in Term 16(xiii) below)
has occurred, the rate in respect of such Reset Date will be
determined in accordance with the procedures set forth in
"NOK-NIBOR-Reference Banks", provided that:
a) with respect to such defined term: (i) the "Designated
Maturity" shall be 3 months; (ii) "Representative
Amount" shall mean NOK 5,000,000,000; and (iii)
"Calculation Agent" shal mean Citibank, N.A.,
London Branch; and
b) if fewer than two quotations are provided as requested,
the rate for that Reset Date shall be the rate determined
with respect to the last preceding Reset Date.
Designated Maturity:
3 months
Reset Date:
The first day of each Interest Period
(ix)
Margin(s):
Plus 1.50 per cent. per annum
(x)
Minimum Rate of Interest: 0.00 per cent. per annum
(xi)
Maximum Rate of Interest: Not Applicable
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(xii)
Day Count Fraction
Actual/360
(Condition 5(l)):
(xiii) Fall back provisions,
If the Calculation Agent determines that a NIBOR Disruption
rounding provisions,
Event has occurred, then the Floating Rate Option will be
denominator and any other determined by reference to any alternative page or
terms relating to the
benchmark, which the Issuer, in good faith and after
method of calculating
consultation with the Dealers, has determined to have
interest on Floating Rate
replaced NIBOR in customary market usage for purposes of
Notes, if different from
determining floating rates of interest on the same interest
those set out in the
basis and in the same currency as the Notes. The Issuer may
Conditions:
also apply any adjustment spread that the Issuer acting in
good faith and after consultation with the Dealers determines
is required to ensure (so far as is reasonably practicable in the
circumstances), that neither the Issuer nor the Noteholders
benefit from, nor are prejudiced by, any changes to the screen
page or benchmark. In considering whether or not to apply
any adjustment spread (which may be positive, negative or
zero), the Issuer shall have regard to (i) the applicable market
practice at the relevant time, (ii) any guidance from any
relevant authority with respect to the application of any
adjustment spread upon the transition from one benchmark
to another and (iii) any other factors which the Issuer
considers to be appropriate in the circumstances. Such
alternative page or benchmark and any applicable adjustment
spread will be notified by the Issuer to the Global Agent and
the Noteholders in accordance with Condition 12.

Provided, however, that, if the Issuer determines, in good
faith and after consultation with the Dealers, that there is no
clear market consensus as to whether any page or benchmark
has replaced NIBOR in customary market usage or that it is
not feasible to determine an appropriate adjustment spread,
then the Rate of Interest under the Notes will be the Rate of
Interest as determined in accordance with, and described in,
Terms 16(i) to (xii) above in respect of the last preceding
Reset Date with regard to which no NIBOR Disruption Event
has occurred (the "Fallback Rate").

"NIBOR Disruption Event" means that NOK-NIBOR-
OIBOR no longer appears on the Reuters Screen as stated in
Term 16(viii) above, following the occurrence of one or more
of the following events: (i) the insolvency of the NIBOR
administrator (and there is no successor administrator), or (ii)
the NIBOR administrator has made a public statement that it
will cease publishing NIBOR permanently or indefinitely
(and there is no successor administrator that will continue
publication of NIBOR), or (iii) the supervisor for the NIBOR
administrator has made a public statement that NIBOR has
been permanently or indefinitely discontinued.

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PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of each
NOK 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 Centre(s) or other special London, New York and Oslo
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.
Uncertainty about the future of NIBOR may adversely
affect the Rate of Interest and therefore the return on,
and the value of, the Notes.
Reference rates and indices, including interest rate
benchmarks, such as the Norwegian Interbank Offered Rate
("NIBOR"), which are used to determine the amounts
payable under financial instruments or the value of such
financial instruments ("Benchmarks"), have been the
subject of political and regulatory scrutiny as to how they are
created and operated. This has resulted in regulatory reform
and changes to existing Benchmarks, with further changes
anticipated. These reforms and changes may cause a
Benchmark to perform differently than it has done in the past
or to be discontinued. Any change in the performance of a
Benchmark or its discontinuation, could have a material
adverse effect on any Notes referencing or linked to such
Benchmark.
Changes to the administration of a Benchmark or the
emergence of alternatives to a Benchmark, may cause such
Benchmark to perform differently than in the past, or there
could be other consequences which cannot be predicted. The
discontinuation of a Benchmark or changes to its
administration could require changes to the way in which the
Rate of Interest is calculated in respect of any Notes
referencing or linked to such Benchmark. The development
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of alternatives to a Benchmark may result in Notes linked to
or referencing such Benchmark performing differently than
would otherwise have been the case if the alternatives to such
Benchmark had not developed. Any such consequence could
have a material adverse effect on the value of, and return on,
any Notes linked to or referencing such Benchmark.
To the extent the NIBOR rate is discontinued or is no longer
quoted following any reforms to NIBOR, the applicable rate
and any adjustment spread applied thereto used to calculate
the Rate of Interest on these Notes will be determined using
the alternative methods described in Term 16 (xiii).
Any of these alternative methods 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 the NOK NIBOR rate had been available in its
current form.
Also, in the event of a NIBOR Disruption Event, the Issuer
has the authority to determine, in good faith and after
consultation with the Dealers whether or not a clear market
consensus exists as to whether any page or benchmark has
replaced NIBOR in customary market usage. In addition, in
the event of a NIBOR Disruption Event, the Issuer may apply
any adjustment spread that the Issuer acting in good faith and
after consultation with the Dealers determines is required to
ensure (so far as is reasonably practicable in the
circumstances), that neither the Issuer nor the Noteholders
benefit from, nor are prejudiced by, any changes to the screen
page or benchmark. The outcome of such decisions will
determine which rate will be used to determine the Interest
Amount due under the Notes and in making such
determination, the Issuer may have economic interests
adverse to those of the Noteholders.
The final alternative method sets the interest rate for an
interest period at the same rate as the immediately preceding
interest period. As a result, if no amendment is made to the
Conditions, such Notes will become fixed rate notes utilizing
the last available NIBOR rate determined under Term 16.
Additionally, absent any future amendment to the terms and
conditions, such Notes will continue to pay interest at the
Fallback Rate even if a replacement index is subsequently
established for NIBOR for use in connection with other
securities or for other purposes.
DISTRIBUTION
25. (i) If syndicated, names of
Not Applicable
Managers and underwriting

commitments:
(ii) Stabilizing Manager(s) (if any) Not Applicable

26. If non-syndicated, name of Dealer:
Nordea Bank Abp
27. Total commission and concession:
Not Applicable
28. Additional selling restrictions:
Norway
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The Notes shall not be offered or sold, directly or indirectly,
in the Kingdom of Norway or to residents of the Kingdom of
Norway and the Prospectus or any other offering material
relating to the Notes shall not be distributed in or from the
Kingdom of Norway other than to Norwegian entities with
permission from the Norwegian authorities to conduct
investment services.
29. MiFID II product governance /
Directive 2014/65/EU (as amended, "MiFID II") product
Retail investors, professional
governance / Retail investors, professional investors and
investors and ECPs target markets:
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
ECPs, 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:
XS2283173222
31. Common Code:
228317322
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
eligibility:

GENERAL INFORMATION
IBRD's most recent Information Statement was issued on 23 September 2020.
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
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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 Notes described herein issued pursuant to the Global Debt Issuance Facility of International Bank for
Reconstruction and Development.

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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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