Obbligazione IBRD-Global 0% ( XS0213064529 ) in BRL

Emittente IBRD-Global
Prezzo di mercato 100 BRL  ⇌ 
Paese  Stati Uniti
Codice isin  XS0213064529 ( in BRL )
Tasso d'interesse 0%
Scadenza 23/02/2007 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione IBRD XS0213064529 in BRL 0%, scaduta


Importo minimo /
Importo totale 210 070 000 BRL
Descrizione dettagliata La Banca Internazionale per la Ricostruzione e lo Sviluppo (IBRD), parte del Gruppo Banca Mondiale, fornisce prestiti a tassi agevolati a paesi a medio reddito per progetti di sviluppo.

The Obbligazione issued by IBRD-Global ( United States ) , in BRL, with the ISIN code XS0213064529, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 23/02/2007








PRICING SUPPLEMENT



INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT

Global Debt Issuance Facility
No. 2850
BRL 210,067,500
Zero Coupon FX Linked Notes due February 2007




Barclays Capital


The date of this Pricing Supplement is February 23, 2005







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:
2850
2
Aggregate Principal Amount:
BRL 210,067,500
3
Issue Price:
74.92 per cent. of the Aggregate Principal
Amount
4
Issue Date:
February 28, 2005
5
Form of Notes (Condition 1(a)):
Bearer Notes only
6
Authorized Denominations
BRL 2,500
(Condition 1(b)):
7
Specified Currency (Condition 1(d)):
The lawful currency of the Federative
Republic of Brazil ("Brazilian Real" or "BRL")
provided that all payments in respect of the
Notes will be made in United States Dollars
8
Specified Principal Payment Currency
United States Dol ars ("USD")
(Conditions 1(d) and 7(i)):
9
Specified Interest Payment Currency
USD, if any, pursuant to Condition 5(IV)
(Conditions 1(d) and 7(i)):
10
Maturity Date (Conditions 1(a) and 6(a)):
February 23, 2007 (or, if such day is not a
Relevant Business Day, then the first
following day that is a Relevant Business
Day). The Maturity Date is subject to
adjustment only as described herein under
"15. Redemption Amount."
11
Interest Basis (Condition 5):
Zero Coupon (Condition 5(IV))
12
Zero Coupon (Conditions 5(IV) and 6(c)):
See "15: Redemption Amount"
13
Relevant Financial Centre:
Sao Paulo
14
Relevant Business Days
New York City, London and Sao Paulo
15
Redemption Amount
The Redemption Amount per Note will be
payable in USD and determined by the
A04846884/0.5/22 Feb 2005
1



(Condition 6(a)):
Calculation Agent as follows:
(Aggregate
Principal
Amount
divided by the
Applicable Rate) divided by the number of
Notes outstanding and rounded down to the
nearest cent.
Whereas:

The "Applicable Rate" means the rate
determined by the Calculation Agent that is
equal to the average spot BRL/USD offered
rate for USD, expressed as the amount of
BRL per one USD, for settlement in two
Relevant Business Days (as defined below),
reported by Banco Central do Brasil on the
SISBACEN Data System under transaction
code PTAX-800 ("Consultas de Cambio" or
Exchange Rate Inquiry), Option 5 ("Cotacoes
para Contabilidade" or Rates for Accounting
Purposes) (the "PTAX Rate" or "BRL09", as
quoted on Reuters page "BRFR" (offer side)),
by approximately 6:00 p.m., (São Paolo time),
on the Valuation Date (as defined below);
provided, however, that if (a) the PTAX rate is
unavailable or (b) BRL12 (as defined below) is
available on the Valuation Date and the PTAX
Rate shal differ by more than 3 per cent. from
BRL12, then the Applicable Rate will be
BRL12, except that if there are insufficient
responses to BRL12, then both the PTAX
Rate and BRL12 shall be deemed
unavailable; and provided further, that if the
PTAX Rate is not then available, then the
Applicable Rate will be BRL12.

"BRL12" means the EMTA BRL Industry
Survey Rate (BRL12), which is the BRL/USD
specified rate for USD, expressed as the
amount of BRL per one USD, for settlement in
two Relevant Business Days, as published on
EMTA's website (www.emta.org) at
approximately 3:45 p.m. (São Paulo time), or
as soon thereafter as practicable, on the
Valuation Date.

BRL12 is calculated by EMTA using the EMTA
BRL Industry Survey Methodology, as
amended from time to time, pursuant to which
(as of the date of this Pricing Supplement)
EMTA conducts a twice- daily survey of up to
A04846884/0.5/22 Feb 2005
2




15 Brazilian financial institutions that are
active participants in the BRL/USD spot
market. BRL12 will be deemed to be
unavailable on the Valuation Date if (a) it is
not published on the EMTA website at
approximately 3:45 p.m. (São Paulo time), or
as soon thereafter as practicable or (b) fewer
than 5 financial institutions participated in the
survey.

In the event that neither the PTAX Rate nor
BRL12 is available, the calculation of the
Applicable Rate may be postponed until the
day either of such rates is first available, up to
a maximum of 30 calendar days following the
Scheduled Valuation Date (as defined below)
(such 30th day being the "Maximum Extension
Date").

If, prior to the Maximum Extension Date, the
PTAX Rate is first available on the same day
as BRL12 is first available, then the Applicable
Rate will be the PTAX Rate; provided,
however, that if the PTAX Rate shall differ by
more than 3 per cent. from BRL12, then the
Applicable Rate will be BRL12.

If, prior to the Maximum Extension Date, the
PTAX Rate is first available on a day that
BRL12 is not available but BRL13 (as defined
below) is available, then the Applicable Rate
will be the PTAX Rate; provided, however,
that if the PTAX Rate shall differ by more than
3 per cent. from BRL13, then the Applicable
Rate wil be BRL13.

If, prior to the Maximum Extension Date, the
PTAX Rate is first available on a day that
neither BRL12 nor BRL13 is available, then
the Applicable Rate wil be the PTAX Rate.

If, prior to the Maximum Extension Date,
BRL12 is first available on a day when the
PTAX Rate is unavailable, then the Applicable
Rate wil be BRL12.

Upon reaching the Maximum Extension Date,
the next Relevant Business Day (regardless
of any Unscheduled Holiday (as defined
below)) shal be deemed to be the Valuation
Date, and the Applicable Rate will be BRL13;
provided that if BRL13 is unavailable on such
A04846884/0.5/22 Feb 2005
3




date, the Calculation Agent will calculate the
Redemption Amount as of the Valuation Date
in a manner that it deems to be commercially
reasonable.

If the Redemption Amount is calculated in any
manner other than by utilizing the PTAX Rate,
BRL12 or BRL13 as the Applicable Rate, the
Noteholders shall be notified in accordance
with Condition 14 (Notices).

"BRL13" means the EMTA BRL Indicative
Survey Rate, which is the BRL/USD specified
rate for USD, expressed as the amount of
BRL per one USD, for settlement in two
Relevant Business Days as published on
EMTA's website (www.emta.org) at
approximately 12:00 p.m. (São Paulo time), or
as soon thereafter as practicable, on the
Valuation Date. BRL13 is calculated by EMTA
using the EMTA BRL Indicative Survey
Methodology, as amended from time to time,
pursuant to which (as of the date of this
Pricing Supplement) EMTA polls up to 30
Brazilian and non-Brazilian financial
institutions to generate a rate quotation.
BRL13 will be deemed to be unavailable on
the Valuation Date if (a) it is not published on
the EMTA website at approximately 12:00
p.m. (São Paulo time), or as soon thereafter
as practicable, on the Valuation Date, or (b)
fewer than 8 financial institutions participated
in the survey.
Payment of the Redemption Amount will occur
on the scheduled Maturity Date or, if later in
the event of any such adjustment described
above, on the date that is six Relevant
Business Days after the Valuation Date, with
no accrued interest or other amount payable
in respect of any postponement described
above.
Notwithstanding paragraph 14, for the
purposes of this paragraph 15 "Relevant
Business Day" means a day (other than a
Saturday and Sunday) on which banks and
foreign exchange markets are open for
business in São Paulo, New York City and
London
"Valuation Date" means February 13, 2007
A04846884/0.5/22 Feb 2005
4




("Scheduled Valuation Date"); provided
however that if such date is an Unscheduled
Holiday then (subject to the Maximum
Extension Date) the Valuation Date shall be
the next Relevant Business Day.

"Unscheduled Holiday" means a day that is
not a Relevant Business Day and that 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. local time in the
principal financial center(s) of the Specified
Currency two Relevant Business Days prior to
the Scheduled Valuation Date.
16
Issuer's Optional Redemption (Condition No
6(3))
17
Redemption at the option of the No
Noteholders (Condition 6(f)):
18
Early Redemption Amount (Including In the event the Notes become due and
accrued interest, if applicable)(Condition payable as provided in Condition 9 (Default),
9):
the redemption amount payable in respect of
each Note (the "Early Redemption Amount")
will be a USD amount equal to the Amortized
Face Amount (as defined in Condition 6(c))
divided by the Applicable Rate that is
determined in accordance with "15.
Redemption Amount" (provided that, for
purposes of such determination, the
"Valuation Date" shall mean the date that is
six Relevant Business Days prior to the date
upon which the Notes become due and
payable as provided in Condition 9 (Default),
subject to adjustment as provided for in "15.
Redemption Amount"). The "Amortization
Yield" is 16.625 per cent.
19
Governing Law of the Notes:
English
Other Relevant Terms

1
Listing (if yes, specify Stock Exchange):
Luxembourg Stock Exchange
2
Details of Clearance System approved by 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
A04846884/0.5/22 Feb 2005
5





4
Commissions and Concessions:
None
5
Codes:

(a) Common
Code

021306452
(b) ISIN
XS0213064529
6
Identity of Dealer(s)/Manager(s):
Barclays Capital Inc.
7
Identity of Calculation Agent
Citibank, N.A.
8
Provisions for Bearer Notes:

(a) Exchange
Date:

Not earlier than April 10, 2005
(b) Permanent
Global
Note:
Yes
(c)
Definitive Bearer Notes:
No

General Information
The Bank's latest Information Statement was issued on September 27, 2004
CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES
This summary supplements, and to the extent inconsistent therewith, supersedes the summary
entitled "Tax Matters" in the Prospectus.
Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 ("JAGTRRA"),
a capital gain of a noncorporate United States Holder that is recognized before January 1, 2009 is
generally taxed at a maximum rate of 15% for property that is held more than one year. Holders
should consult their tax advisors with respect to the provisions of JAGTRRA.
The following additional selling restrictions shall apply to the issue:

United States
TEFRA D Rules apply
The Notes are subject to United States tax law
restrictions.
United Kingdom:
The 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 Kingdom
Brazil
The Notes may not be offered or sold to the
public in Brazil. Accordingly, the offering of the
Notes has not been submitted to the Brazilian
Securities and Exchange Commission
(Commisáo de Valores Mobilários, the CVM) for
approval. Documents relating to such offering,
A04846884/0.5/22 Feb 2005
6




as well as the information contained herein and
therein, may not be supplied to the public, as a
public offering in Brazil or be used in
connection with any offer for subscription or
sale to the public in Brazil.

INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPMENT
By:
Authorized Officer
A04846884/0.5/22 Feb 2005
7




INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT
1818 H Street, NW
Washington, D.C. 20433

GLOBAL AGENT
Citibank, N.A.
P.O. Box 18055
5 Carmelite Street
London EC4Y 0PA

CALCULATION AGENT
Citibank, N.A.
P.O. Box 18055
5 Carmelite Street
London EC4Y 0PA

LISTING AND SPECIAL AGENT
AND PAYING AGENT
BNP Paribas Securities Services, Luxembourg Branch
23, Avenue de la Porte-Neuve
L-2085 Luxembourg

LEGAL ADVISERS TO THE MANAGER
Linklaters
One Silk Street
London EC2Y 8HQ


A04846884/0.5/22 Feb 2005
8