Obbligazione IBRD-Global 0% ( XS1888933683 ) in GBP

IBRD-Global

100 GBP ▼

Stati Uniti

XS1888933683 ( in GBP )

04/10/2023 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione IBRD XS1888933683 in GBP 0%, scaduta

1 000 GBP

1 250 000 000 GBP

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 GBP, with the ISIN code XS1888933683, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 04/10/2023

Final Terms dated 1 October 2018
International Bank for Reconstruction and Development
Issue of GBP 1,250,000,000 Floating Rate Notes due 4 October 2023
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:
100551
(ii) Tranche Number:
1
3. Specified Currency or Currencies
Sterling ("GBP")
(Condition 1(d)):
4. Aggregate Nominal Amount:
(i) Series:
GBP 1,250,000,000
(ii) Tranche:
GBP 1,250,000,000
5. (i) Issue Price:
100 per cent. of the Aggregate Nominal Amount
(ii) Net proceeds:
GBP 1,248,437,500
6. Specified Denominations
GBP 1,000
(Condition 1(b)):
7. Issue Date:
4 October 2018
8. Maturity Date (Condition 6(a)):
4 October 2023
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:
Syndicated
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)
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(ii) Specified Interest Payment
4 January, 4 April, 4 July and 4 October of each year, from
Dates:
and including 4 January 2019 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) (Condition
London and New York
5(l)):
(vi) Manner in which the Rate(s)
As set out in Term 16 (xiv) below
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) (the "Calculation
Agent"):
(viii) Screen Rate/Reference Bank
Not Applicable
Determination (Condition
5(b)(ii)(C)):
(ix) ISDA Determination
Not Applicable
(Condition 5(b)(ii)(B)):
(x) Margin(s):
Plus 0.24 per cent. per annum
(xi) Minimum Rate of Interest:
0.00 per cent. per annum
(xii) Maximum Rate of Interest:
Not Applicable
(xiii)Day Count Fraction
Actual/365 (Fixed)
(Condition 5(l)):
(xiv)Fall back provisions, rounding The Rate of Interest for each relevant Interest Period shall
provisions, denominator and
be determined by the Calculation Agent on each Interest
any other terms relating to the Determination Date in accordance with the following
method of calculating interest provisions. The Rate of Interest for each Interest Period
on Floating Rate Notes, if
shall apply with effect from the Reset Date for that Interest
different from those set out in Period.
the Conditions:
The Rate of Interest for each Interest Period will, subject as
provided below, be Compounded Daily SONIA plus the
Margin.
"Compounded Daily SONIA" means, with respect to an
Interest Period, the rate of return of a daily compound
interest investment (with the daily Sterling overnight
reference rate as reference rate for the calculation of
interest) and will be calculated by the Calculation Agent on
the Interest Determination Date, as follows, and the
resulting percentage will be rounded, if necessary, to the
nearest one ten-thousandth of a percentage point, with
0.00005 being rounded upwards:
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where:
"d" means the number of calendar days in the relevant
Interest Period;
"do" for any Interest Period, is the number of London
Banking Days in the relevant Interest Period;
"i" is a series of whole numbers from one to do, each
representing the relevant London Banking Day in
chronological order from, and including, the first London
Banking Day in the relevant Interest Period to, but
excluding, the last London Banking Day in the relevant
Interest Period;
"Interest Determination Date" means the fifth London
Banking Day prior to the end of each Interest Period;
"London Banking Day" or "LBD" means any day on
which commercial banks are open for general business
(including dealing in foreign exchange and foreign currency
deposits) in London;
"ni" for any London Banking Day "i", means the number of
calendar days from, and including, such London Banking
Day "i" up to, but excluding, the following London Banking
Day;
"Observation Period" means, in respect of each Interest
Period, the period from, and including, the date falling five
London Banking Days prior to the first day of the relevant
Interest Period and ending on, but excluding, the date
falling five London Banking Days prior to the end of such
Interest Period (or the date falling five London Banking
Days prior to such earlier date, if any, on which the Notes
become due and payable);
"Relevant Screen Page" means Reuters Screen SONIA
under the heading SONIAOSR=;
"Reset Date" means the first day of each Interest Period;
"Reuters Screen" means, when used in connection with
any designated page, the display page so designated on the
Reuters service, or (i) any successor display page, other
published source, information vendor or provider that has
been officially designated by the sponsor of the original
page or source; or (ii) if the sponsor has not officially
designated a successor display page, another published
source, service or provider (as the case may be), the
successor display page, other published source, service or
provider, if any, designated by the relevant information
vendor or provider (if different from the sponsor);
"SONIAi-5LBD" means, in respect of any London Banking
Day "i" falling in the relevant Interest Period, the SONIA
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rate for the London Banking Day falling five London
Banking Days prior to such London Banking Day "i"; and
"SONIA rate" means, in respect of any London Banking
Day, a reference rate equal to the daily Sterling Overnight
Index Average ("SONIA") rate for such London Banking
Day as provided by the administrator of SONIA to
authorised distributors and as then published on the
Relevant Screen Page or, if the Relevant Screen Page is
unavailable, as otherwise published by such authorised
distributors (on the London Banking Day immediately
following such London Banking Day).
If, in respect of any London Banking Day in the relevant
Observation Period, the Calculation Agent determines that
the SONIA rate is not available on the Relevant Screen
Page or has not otherwise been published by the relevant
authorised distributors, the Calculation Agent will
determine such SONIA rate in respect of such London
Banking Day as being: (i) the Bank of England's Bank Rate
(the "Bank Rate") prevailing at close of business on such
London Banking Day; plus (ii) the mean of the spread of
the SONIA rate to the Bank Rate over the previous five
days on which a SONIA rate has been published, excluding
the highest spread (or, if there is more than one highest
spread, one only of those highest spreads) and lowest spread
(or, if there is more than one lowest spread, one only of
those lowest spreads) to the Bank Rate.
Where the SONIA rate is determined in accordance with the
paragraph above, in the event the Bank of England
publishes guidance as to (i) how the SONIA rate is to be
determined or (ii) any rate that is to replace the SONIA rate,
the Calculation Agent shall, to the extent that it is
reasonably practicable, follow such guidance in order to
determine the SONIA rate for any London Banking Day "i"
for the purpose of the Notes for so long as the SONIA rate
is not available or has not been published by the authorised
distributors.
In the event that the Rate of Interest cannot be determined
in accordance with the foregoing provisions, the Rate of
Interest shall be (i) that determined as at the last preceding
Interest Determination Date or (ii) if there is no such
preceding Interest Determination Date, the initial Rate of
Interest which would have been applicable to the Notes for
the first Interest Period had the Notes been in issue for a
period equal in duration to the scheduled first Interest
Period but ending on (and excluding) the Interest
Commencement Date (but applying the Margin and
Minimum Rate of Interest applicable to the first Interest
Period).
If the Notes become due and payable in accordance with
Condition 9, the final Interest Determination Date shall,
notwithstanding any Interest Determination Date specified
in these Final Terms, be deemed to be the date on which the
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Notes became due and payable and the Rate of Interest on
the Notes shall, for so long as any such Notes remain
outstanding, be that Rate of Interest determined on such
date.
The penultimate sentence of Condition 5(k) shall not apply
to the Notes.
PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of each GBP 1,000 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:
No
21. Financial Centre(s) or other special London and New York
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.
Investors should be aware that the market continues to
develop in relation to SONIA as a reference rate in the
capital markets and its adoption as an alternative to Sterling
LIBOR. In particular, market participants and relevant
working groups are exploring alternative reference rates
based on SONIA, including term SONIA reference rates
(which seek to measure the market's forward expectation of
an average SONIA rate over a designated term). The market
or a significant part thereof may adopt an application of
SONIA that differs significantly from that used in relation
to the Notes.
Furthermore, the Issuer may in the future issue notes
referencing SONIA that differ materially in terms of interest
determination when compared with the Notes. The nascent
development of Compounded Daily SONIA as an interest
reference rate for the Eurobond markets, as well as
continued development of SONIA-based rates for such
market and the market infrastructure for adopting such
rates, could result in reduced liquidity or increased volatility
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or could otherwise affect the market price of the Notes.
Furthermore, interest on the Notes is only capable of being
determined at the end of each Observation Period and
immediately prior to the relevant Interest Payment Date. It
may be difficult for investors in the Notes to reliably
estimate the amount of interest that will be payable on the
Notes and some investors may be unable or unwilling to
trade the Notes without changes to their IT systems, both of
which could adversely impact the liquidity of the Notes.
Further, if the Notes become due and payable under
Condition 9 (Default), the Rate of Interest payable shall be
determined on the date the Notes became due and payable
and shall not be reset thereafter.
In addition, the manner of adoption or application of
SONIA reference rates in the Eurobond markets may differ
materially compared with the application and adoption of
SONIA in other markets, such as the derivatives and loan
markets. Investors should carefully consider how any
mismatch between the adoption of SONIA reference rates
across these markets may impact any hedging or other
financial arrangements which they may put in place in
connection with any acquisition, holding or disposal of the
Notes.
To the extent the SONIA rate is discontinued or is no longer
published on the Relevant Screen Page or published by
authorised distributors, the applicable rate to be used to
calculate the Rate of Interest on the Notes will be
determined using the alternative methods described in Term
16(xiv) under "SONIA rate". 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 SONIA rate
had been so published in its current form. The final
alternative method sets the Rate of Interest 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, the Notes will become fixed rate notes utilising
the last available Rate of Interest determined under Term 16
above.
Investors should consider these matters when making their
investment decision with respect to the Notes.
DISTRIBUTION
25. (i) If syndicated, names of
J.P. Morgan Securities plc
GBP 416,667,000
Managers and underwriting
commitments:
NatWest Markets Plc
GBP 416,667,000
RBC Europe Limited
GBP 416,666,000
(ii) Stabilizing Manager(s) (if any)
Not Applicable
26. If non-syndicated, name of Dealer:
Not Applicable
27. Total commission and concession:
0.125 per cent. of the Aggregate Nominal Amount
28. Additional selling restrictions:
Not Applicable
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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 each 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
manufacturers' 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 manufacturers'
target market assessment) and determining appropriate
distribution channels.
For the purposes of this provision, "manufacturer" means
each of the Managers.
OPERATIONAL INFORMATION
30. ISIN Code:
XS1888933683
31. Common Code:
188893368
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 17 September 2018.
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.
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). 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
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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 five cross cutting themes into its lending activities helping its borrowing members
create sustainable development solutions: climate change; gender; jobs; public-private partnerships;
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).
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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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