Obbligazione IBRD-Global 0% ( XS2019238679 ) in BRL

Emittente IBRD-Global
Prezzo di mercato refresh price now   100 BRL  ⇌ 
Paese  Stati Uniti
Codice isin  XS2019238679 ( in BRL )
Tasso d'interesse 0%
Scadenza 01/07/2026



Prospetto opuscolo dell'obbligazione IBRD XS2019238679 en BRL 0%, scadenza 01/07/2026


Importo minimo 5 000 BRL
Importo totale 15 000 000 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 XS2019238679, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 01/07/2026







EXECUTION VERSION


Final Terms dated May 18, 2020

International Bank for Reconstruction and Development

Issue of BRL 20,000,000 Zero Coupon Notes due July 1, 2026
payable in Japanese Yen
(to be consolidated and form a single series with the existing
BRL 35,000,000 Zero Coupon Notes due July 1, 2026, issued on July 1, 2019 and
BRL 15,000,000 Zero Coupon Notes due July 1, 2026, issued on February 26, 2020)

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 / Eligible counterparties, professional investors, retail
investors (Japanese only) target markets ­ See Term 28 below

SUMMARY OF THE NOTES
1.
Issuer:
International Bank for Reconstruction and Development
("IBRD")
2.
(i)
Series Number:
100839

(ii) Tranche Number:
3
3.
Specified Currency or Currencies
The lawful currency of the Federative Republic of Brazil
(Condition 1(d)):
("Brazilian Real" or "BRL"), provided that all payments
in respect of the Notes will be made in Japanese Yen
("JPY")
4.
Aggregate Nominal Amount:


(i)
Series:
BRL 70,000,000

(ii) Tranche:
BRL 20,000,000
5.
(i)
Issue Price:
72.75 per cent. of the Aggregate Nominal Amount of this
Tranche

(ii) Net Proceeds:
JPY 263,355,000 (equivalent to BRL 14,550,000 based on
the agreed rate of JPY 18.10 per BRL 1.00)
6.
Specified Denominations
BRL 5,000 and integral multiples thereof

(Condition 1(b)):
7.
Issue Date:
May 21, 2020
8.
Maturity Date (Condition 6(a)):
July 1, 2026
9.
Interest Basis (Condition 5):
Zero Coupon

DC_LAN01:384040.2


(further particulars specified below)
10. Redemption/Payment Basis
Redemption at par payable in JPY
(Condition 6):
(further particulars specified below)
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. Zero Coupon Note Provisions
Applicable
(Condition 5(c)):
(i)
Amortization Yield
6.1156498 per cent. per annum
(Condition 6(c)(ii)):
(ii) Day Count Fraction
30/360
(Condition 5(l)):
(iii) Any other formula/basis of
Not Applicable
determining amount payable:
PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of each
The Final Redemption Amount shall be BRL 5,000 per
Note (Condition 6):
minimum Specified Denomination, payable in JPY and

determined by the Calculation Agent by applying the
following formula on the BRL Valuation Date:
BRL 5,000 multiplied by the BRL Rate (as defined
below) on such BRL Valuation Date,
provided that, the resultant amount shall be rounded down
to the next lower whole JPY.
Where:
"BRL Rate" means, with respect to a BRL Valuation
Date, the BRL/JPY exchange rate expressed as the number
of JPY per one BRL:
(a) as determined by the Calculation Agent on such BRL
Valuation Date as the inverse number of the ask side
of the JPY/BRL PTAX Rate (rounded to the nearest
two decimal places with 0.005 being rounded
upwards); or
(b) in the event that an Exchange Rate Divergence has
occurred on such BRL Valuation Date, as determined
by the Calculation Agent on such BRL Valuation
Date as a cross currency foreign exchange rate
derived by dividing the USD/JPY Rate by the
USD/BRL Reference Rate (rounded to the nearest two

2
DC_LAN01:384040.2


decimal places with 0.005 being rounded upwards); or
(c) in the event that an Exchange Rate Divergence has
not occurred and the JPY/BRL PTAX Rate is not
available on such BRL Valuation Date, as determined
by the Calculation Agent on such BRL Valuation
Date as a cross currency foreign exchange rate
derived by dividing the USD/JPY Rate by the
USD/BRL PTAX Rate (rounded to the nearest two
decimal places with 0.005 being rounded upwards),
provided that, if in this instance, the USD/BRL PTAX
Rate is also unavailable then it shall be replaced by
the USD/BRL Reference Rate.
"BRL Valuation Date" means the date that is ten (10)
Business Days prior to the Maturity Date or the date upon
which the Notes become due and payable as provided in
Condition 9 (the "Scheduled BRL Valuation Date"),
provided that, if a Price Source Disruption has occurred or
exists on the Scheduled BRL Valuation Date, the BRL
Valuation Date will be the next following Business Day,
and provided further that, if the Price Source Disruption
continues to exist on such next following Business Day,
the BRL Valuation Date shall be such Business Day. If an
Unscheduled Holiday occurs on a day that would have
been a Scheduled BRL Valuation Date but for the
occurrence of such Unscheduled Holiday, the BRL
Valuation Date will be the next following Business Day,
provided, however, if an Unscheduled Holiday occurs on
any day that would have been a BRL Valuation Date but
for the occurrence of such Unscheduled Holiday, other
than the Scheduled BRL Valuation Date, such
Unscheduled Holiday shall be the BRL Valuation Date. If
an Unscheduled Holiday occurs between a BRL Valuation
Date and the Maturity Date or the date upon which the
Notes become due and payable as provided in Condition 9,
as applicable, such BRL Valuation Date shall not be
subject to any postponement or adjustment.
"Business Day" means a day (other than a Saturday or
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 London, New York City, São Paulo
and Tokyo.
"Calculation Agent" means Citibank N.A., London
Branch, or its duly appointed successor.
"EMTA" means EMTA, Inc., the trade association for the
Emerging Markets, or any successor.
"EMTA BRL Exchange Rate Divergence Procedures"
means the "EMTA BRL Exchange Rate Divergence
Procedures" published by EMTA on 22 January 2018 (as

3
DC_LAN01:384040.2


amended from time to time).
"Exchange Rate Divergence" means, with respect to the
USD/BRL PTAX Rate, upon notice to the EMTA
membership, that, in the reasonable and independent
judgment, as notified to EMTA in accordance with the
EMTA BRL Exchange Rate Divergence Procedures, of not
less than 7 unaffiliated EMTA members that are
recognized market makers active in the USD/BRL foreign
exchange market (no less than 4 of which shall be active
participants in the onshore USD/BRL spot market), the
USD/BRL PTAX Rate (following a split of the exchange
rates in Brazil or otherwise) no longer reflects the then-
prevailing USD/BRL spot rate for standard-size wholesale
financial transactions involving the exchange of BRL for
USD delivered outside of Brazil. For purpose hereof,
"unaffiliated EMTA members" means EMTA members
that are not (i) within the same business group, (ii) under
common control or (iii) related corporate entities and
"EMTA members" are EMTA members in good standing
at the time of the submission of the notice.
"JPY/BRL PTAX Rate" means, in respect of a BRL
Valuation Date, the closing JPY/BRL offered foreign
exchange rate, expressed as the number of BRL per one
JPY, as reported by Banco Central do Brasil on its website
(www.bcb.gov.br; see "Cotações e boletins"), or any
succeeding rate source, by approximately 1:15 pm Sao
Paulo time on such BRL Valuation Date and as published
on Reuters Screen "BRLJPYPTAX=CBBR" Page (or such
other page or services as may replace that page to be used
for the purpose of obtaining the reference rate), provided
that in the event of any inconsistency between such rate on
Banco Central do Brasil's website and such rate on Reuters
Screen "BRLJPYPTAX=CBBR" Page, the closing
JPY/BRL offered foreign exchange rate published on
Banco Central do Brasil's website shall prevail.
"Price Source Disruption" means, as determined by the
Calculation Agent on the relevant BRL Valuation Date,
either:
(a) (i) the JPY/BRL PTAX Rate is not available as set
forth in the definition thereof above, and at the same
time, (ii) either (x) the USD/JPY Rate is not published
on the Bloomberg Screen "BFIX" page (or its
successor page for the purpose of displaying such
rate) as of 4:00 p.m. New York time on such BRL
Valuation Date, or (y) the USD/BRL PTAX Rate is
not available as set forth in the definition thereof
below; or
(b) there is an event of Exchange Rate Divergence.
"São Paulo Business Day" means a day (other than a
Saturday or Sunday) on which commercial banks and

4
DC_LAN01:384040.2


foreign exchange markets settle payments and are open for
general business (including dealings in foreign exchange
and foreign currency deposits) in São Paulo.
"Unscheduled Holiday" means a day that is not a São
Paulo Business Day and 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 São Paulo, two (2) São Paulo
Business Days prior to the relevant BRL Valuation Date.
"USD" means United States Dollars.
"USD/BRL PTAX Rate" means, in respect of a BRL
Valuation Date, the closing USD/BRL offered foreign
exchange rate for USD, expressed as the number of BRL
per one USD, as reported by Banco Central do Brasil on its
website (www.bcb.gov.br; see "Cotações e boletins"), or
any succeeding rate source, by approximately 1:15 p.m.
Sao Paulo time on such BRL Valuation Date and as
published on Reuters Screen "BRLUSDPTAX= CBBR"
Page (or such other page or services as may replace that
page to be used for the purpose of obtaining the reference
rate), provided that in the event of any inconsistency
between such rate on Banco Central do Brasil's website
and such rate on Reuters Screen "BRLUSDPTAX=
CBBR" Page, the closing USD/BRL offered foreign
exchange rate published on Banco Central do Brasil's
website shall prevail.
"USD/BRL Reference Rate" means the spot USD/BRL
foreign exchange rate expressed as the number of BRL per
one USD, determined by the Calculation Agent for the
relevant BRL Valuation Date by requesting five leading
reference banks (selected by the Calculation Agent at its
sole discretion) in the U.S. interbank market for their mid-
market quotations of the USD/BRL spot exchange rate at
approximately 4:00 p.m. New York time on such date. The
highest and the lowest of such quotations will be
disregarded and the arithmetic mean (rounded to the
nearest four decimal places with 0.00005 being rounded
upwards) of the remaining three quotations will be the
USD/BRL Reference Rate, provided that, if two or more
such quotations are the highest quotations, then only one of
such highest quotations shall be disregarded, and if two or
more such quotations are the lowest quotations then only
one of such lowest quotations shall be disregarded.
Provided that, if only four quotations are so provided, then
the USD/BRL Reference Rate shall be the arithmetic mean
(rounded to the nearest four decimal places with 0.00005
being rounded upwards) of such quotations without regard
to the highest and lowest values quoted, and provided
further that, if two or more such quotations are the highest
quotations, then only one of such highest quotations shall

5
DC_LAN01:384040.2


be disregarded, and if two or more such quotations are the
lowest quotations then only one of such lowest quotations
shall be disregarded.
If fewer than four quotations but at least two quotations
can be obtained then the USD/BRL Reference Rate shall
be the arithmetic mean (rounded to the nearest four
decimal places with 0.00005 being rounded upwards) of
the quotations actually obtained by the Calculation Agent.
If only one quotation is available, the Calculation Agent
may determine that such quotation shall be the USD/BRL
Reference Rate, and if no such quotation is available or if
the Calculation Agent determines in its sole discretion that
no suitable reference bank who is prepared to quote is
available, the USD/BRL Reference Rate shall be
determined by the Calculation Agent acting in good faith
and in a commercially reasonable manner, having taken
into account relevant market practice.
Provided further that, if the BRL Valuation Date falls on
an Unscheduled Holiday, the USD/BRL Reference Rate
will be determined by the Calculation Agent on such BRL
Valuation Date, acting in good faith and in a commercially
reasonable manner, having taken into account relevant
market practice.
"USD/JPY Rate" means the bid side of USD/JPY foreign
exchange rate, expressed as the amount of JPY per one
USD, published on the Bloomberg Screen "BFIX" page (or
its successor page for the purpose of displaying such rate)
as of 4:00 p.m. New York time on the relevant BRL
Valuation Date.
If USD/JPY Rate is not available on the relevant BRL
Valuation Date, the Calculation Agent will request five
leading reference banks (selected by the Calculation Agent
at its sole discretion) in the U.S. interbank market for their
mid-market quotations of the USD/JPY spot exchange rate
at approximately 4:00 p.m. New York time on such date.
The highest and the lowest of such quotations will be
disregarded and the arithmetic mean (rounded to the nearest
two decimal places with 0.005 being rounded upwards) of the
remaining three quotations will be USD/JPY Rate,
provided that, if two or more such quotations are the
highest quotations, then only one of such highest
quotations shall be disregarded, and if two or more such
quotations are the lowest quotations then only one of such
lowest quotations shall be disregarded.
Provided that, if only four quotations are so provided, then
USD/JPY Rate shall be the arithmetic mean (rounded to the
nearest two decimal places with 0.005 being rounded
upwards) of such quotations without regard to the highest
and lowest values quoted, provided that, if two or more
such quotations are the highest quotations, then only one of

6
DC_LAN01:384040.2


such highest quotations shall be disregarded, and if two or
more such quotations are the lowest quotations then only
one of such lowest quotations shall be disregarded.
If fewer than four quotations but at least two quotations
can be obtained then USD/JPY Rate shall be the arithmetic
mean (rounded to the nearest two decimal places with
0.005 being rounded upwards) of the quotations actually
obtained by the Calculation Agent.
If only one quotation is available, in that event, the
Calculation Agent may determine that such quotation shall
be USD/JPY Rate, and if no such quotation is available or
if the Calculation Agent determines in its sole discretion
that no suitable reference bank who is prepared to quote is
available, USD/JPY Rate shall be determined by the
Calculation Agent acting in good faith and in a
commercially reasonable manner, having taken into
account relevant market practice.
18. Early Redemption Amount
Amortized Face Amount as set out in the Conditions.
(Condition 6(c)):
The Amortized Face Amount per minimum Specified

Denomination shall be payable in JPY and determined by
the Calculation Agent as follows:
Amortized Face Amount multiplied by the BRL Rate
on the Early Redemption Valuation Date
All provisions of Term 17 above shall be applicable except
that the Reference Rate shall be determined by the
Calculation Agent on the day that is ten (10) Business
Days prior to the day on which the Early Redemption
Amount shall be due and payable (an "Early Redemption
Valuation Date") and all the references to "BRL
Valuation Date" shall be deemed to be replaced by "Early
Redemption Valuation Date".
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 City, São Paulo and Tokyo

provisions relating to payment

dates (Condition 7(h)):
22. Governing law (Condition 14):
New York
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

7
DC_LAN01:384040.2


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.
Because the Notes are denominated in BRL but payable in
JPY, 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
(including the Final Redemption Amount). For example, if,
on any BRL Valuation Date, BRL has appreciated in value
against JPY, the payment in JPY will be higher.
Conversely, a depreciation in value of BRL against JPY
will have the opposite impact. Furthermore, since the
Noteholders will receive payments on the Notes only on
the Maturity Date, the Noteholders will not benefit from
favorable changes in exchange rates at any other time
during the term 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 the payment currency (JPY) strengthens or weakens
against the denominated currency (BRL).
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:
Morgan Stanley & Co. International plc
27. Additional selling restrictions:
Federative Republic of Brazil
The Notes have not been and will not be registered with
the "Comissão de Valores Mobiliários" ­ the Brazilian
Securities and Exchange Commission ("CVM") and
accordingly, the Notes may not and will not be sold,
promised to be sold, offered, solicited, advertised and/or
marketed within the Federal Republic of Brazil, except in
circumstances that cannot be construed as a public offering
or unauthorised distribution of securities under Brazilian
laws and regulations. The Notes are not being offered into
the Federal Republic of Brazil. Documents relating to an
offering of the Notes may not be supplied or distributed to
the public in the Federal Republic of Brazil nor be used in
connection with any offer for subscription or sale of the
Notes to the public in the Federal Republic of Brazil.
28. MIFID II product governance /
MIFID II product governance / Eligible counterparties,
Eligible counterparties, professional
professional investors, retail investors (Japanese only)

8
DC_LAN01:384040.2


investors, retail investors (Japanese
target market ­ Solely for the purposes of the product
only) target market:
governance requirements contained within: (a) MiFID II
(Directive 2014/65/EU); (b) Articles 9 and 10 of
Commission Delegated Directive (EU) 2017/593
supplementing MiFID II; (together, the "MiFID II Product
Governance Requirements"), 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, provided that in respect of retail clients, such
clients are resident in Japan; and (ii) all channels for
distribution of the Notes to eligible counterparties,
professional clients and retail clients are appropriate,
subject to compliance with applicable securities laws and
regulations in the jurisdiction of the distribution. Any
person subsequently offering, selling or recommending the
Notes (a distributor) should take into consideration such
target market assessment; however, a distributor subject to
MiFID II is responsible for undertaking its own target
market assessment in respect of the Notes and determining
appropriate distribution channels, with all sales subject to
the distributor's suitability and appropriateness obligations
under applicable securities laws and regulations in the
jurisdiction of the distribution.
OPERATIONAL INFORMATION

29. ISIN Code:
XS2019238679
30. Common Code:
201923867
31. Delivery:
Delivery against payment
32. Registrar and Transfer Agent
Citibank, N.A., London Branch

(if any):
33. Intended to be held in a manner
No

which would allow Eurosystem

eligibility:

GENERAL INFORMATION

IBRD's most recent Information Statement was issued on September 24, 2019.

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

9
DC_LAN01:384040.2


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).
SUPPLEMENTAL PROSPECTUS INFORMATION

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


10
DC_LAN01:384040.2