Bond IBRD-Global 2.6% ( XS2806465980 ) in CNH

IBRD-Global

100 % ▲

United States

XS2806465980 ( in CNH )

2.6% per year ( payment 1 time a year)

19/04/2027

Prospectus brochure of the bond IBRD XS2806465980 en CNH 2.6%, maturity 19/04/2027

19/04/2026 ( In 144 days )

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 CNH, with the ISIN code XS2806465980, pays a coupon of 2.6% per year.
The coupons are paid 1 time per year and the Bond maturity is 19/04/2027

Final Terms dated 16 April 2024

International Bank for Reconstruction and Development

Issue of CNY 400,000,000 2.61 per cent. Notes due 19 April 2027

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.
MiFID II product governance / Retail investors, professional investors and ECPs target market See
Term 29 below.

SUMMARY OF THE NOTES
1. Issuer:
International Bank for Reconstruction and Development
("IBRD")
2. (i)
Series number:
101975
(ii)
Tranche number:
1
3. Specified Currency or Currencies
The lawful currency of the People's Republic of China.
(Condition 1(d)):
("Chinese Renminbi" or "CNY")
4. Aggregate Nominal Amount

(i)
Series:
CNY 400,000,000
(ii)
Tranche:
CNY 400,000,000
5. (i)
Issue Price:
100 per cent. of the Aggregate Nominal Amount
(ii)
Net proceeds:
CNY 400,000,000
6. Specified Denominations
CNY 1,000,000
(Condition 1(b)):
7. Issue Date:
19 April 2024
8. Maturity Date (Condition 6(a)):
19 April 2027
9. Interest basis (Condition 5):
2.61 per cent. Fixed 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

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16. Fixed Rate Note provisions
Applicable
(Condition 5(a)):
(i)
Rate(s) of Interest:
2.61 per cent. per annum payable annually in arrear
(ii)
Interest Payment Date(s):
19 April in each year, from and including 19 April 2025 to and
including the Maturity Date, not subject to adjustment in
accordance with a Business Day Convention
(iii)
Interest Period Date(s):
Each Interest Payment Date
(iv)
Business Day Convention:
Not Applicable
(v)
Day Count Fraction
Act/365 (Fixed)
(Condition 5(l)):
(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 1,000,000 per 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 / New
No
Safekeeping Structure:
21. Financial Centre(s) or other special
Beijing, Hong Kong, London 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.
The CNY is not freely convertible; there are significant
restrictions on remittance of CNY into and outside the
People's Republic of China ("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
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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 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 and application of the
fallbacks relating to the determination of the exchange rates,
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.
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. 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.
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
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exchange control risks if the investor's currency is different
from the Specified Currency" in the accompanying Prospectus.
24. Other final terms:
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 payment by
making such payment in U.S. Dollars on the basis of the Spot
Rate on the second Valuation 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:
"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.
"Beijing 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 Beijing.
"Calculation Agent" means Citibank, N.A., London Branch,
or its duly appointed successor.
"Spot Rate" means, in respect of the Determination Date, the
USD/CNY official fixing rate, expressed as the amount of
CNY per USD 1.00, for settlement in two Beijing Business
Days, 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, with respect to
such Determination Date ("CNY CNHHK" or "CNY03").
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 shal be the USD/CNY official fixing
rate, expressed as the amount of CNY per USD 1.00, for
settlement in two Beijing Business Days, 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, with respect to such Determination Date
("CNY SAEC" or "CNY01").
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, expressed as the amount of CNY per USD 1.00, for
4

settlement in two Beijing Business Days, calculated by the
Singapore Foreign Exchange Market Committee (SFEMC)
(www.sfemc.org) (or a service provider SFEMC may select in
its sole discretion) pursuant to the SFEMC CNY Indicative
Survey Rate Methodology (which means a methodology
published by SFEMC, as amended from time to time) and
reported by SFEMC at approximately 12:30 p.m., Singapore
time, on that Determination Date, or as soon thereafter as
practicable ("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 Spot Rate for the Determination
Date shall be the foreign exchange rate for USD/CNY,
expressed as the amount of CNY per USD 1.00, that applies in
respect of such Determination Date pursuant to the Associated
Swap Transaction (the "Swap Rate"). If there are two or more
Associated Swap Transactions, the Spot Rate for such
Determination 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 Spot Rate shall be
provided to the Calculation Agent by the Issuer as soon as
practicable on the Determination Date.
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.
"Valuation Business Day" means a day (other than a Saturday
or a Sunday) on which commercial banks are open for general
business (including dealings in foreign exchange) in Beijing,
Hong Kong, London, New York and Singapore.
DISTRIBUTION
25. (i)
If syndicated, names of
Not Applicable
Managers and underwriting
commitments:
(ii)
Stabilizing Manager(s) (if
Not Applicable
any):
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26. If non-syndicated, name of Dealer:
Banco Santander, S.A.
27. Total commission and concession:
Not Applicable
28. Additional selling restrictions:
People's Republic of China:
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
People's Republic of China and Macao Special Administrative
Region of the People's Republic of China and Taiwan, China).
Hong Kong Special Administrative Region of the People's
Republic of China ("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 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.]
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 market:
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, 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, each 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
6

manufacturer's target market assessment) and determining
appropriate distribution channels.
For the purposes of this Term 29, "manufacturer" means the
Dealer.
IBRD does not fall under the scope of application of MiFID II.
Consequently, IBRD does not qualify as an "investment firm",
"manufacturer" or "distributor" for the purposes of MiFID II.
OPERATIONAL INFORMATION
30. Legal Entity Identifier of the Issuer: ZTMSNXROF84AHWJNKQ93
31. ISIN Code:
XS2806465980
32. Common Code:
280646598
33. Delivery:
Delivery versus payment
34. Registrar and Transfer Agent (if
Citibank, N.A., London Branch
any):
35. 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 be
eligibility:
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.
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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