Obbligazione IBRD-Global 0% ( XS2233228670 ) in BRL

Emittente IBRD-Global
Prezzo di mercato refresh price now   100 BRL  ⇌ 
Paese  Stati Uniti
Codice isin  XS2233228670 ( in BRL )
Tasso d'interesse 0%
Scadenza 28/09/2032



Prospetto opuscolo dell'obbligazione IBRD XS2233228670 en BRL 0%, scadenza 28/09/2032


Importo minimo 5 300 000 BRL
Importo totale 106 000 000 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 XS2233228670, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 28/09/2032







Execution Version




INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT

Global Debt Issuance Facility
No. 101212
BRL 106,000,000 Notes linked to the Unión Capital AFAP
Dynamic Multi-Asset Index (Second Series) due September
28, 2032 (payable in United States Dollars)












UBS AG
The date of these Final Terms is September 23, 2020


This document sets out the Final Terms (the "Final Terms") of the International Bank for Reconstruction
and Development ("Issuer" or "IBRD") BRL 106,000,000 Notes linked to the Unión Capital AFAP
Dynamic Multi-Asset Index (Second Series) due September 28, 2032 (payable in United States Dollars)
(the "Notes"). Prospective investors should read this document together with the Issuer's Prospectus
dated May 28, 2008 (the "Prospectus"), in order to obtain a full understanding of the specific terms and
conditions (the "Conditions") of the Notes.
The Final Terms of the Notes are set out on pages 21 to 38. Capitalized terms used herein are defined in
this document or in the Prospectus.
Investing in the Notes involves risks. See "Additional Risk Factors" beginning on page 8 of this
document, and "Risk Factors" beginning on page 13 of the Prospectus.
The return on, and the value of, the Notes is based on the performance of the Index and on the
exchange rate of BRL to USD. The performance of the Index, in turn, will be based on the periodic
selection of the Constituents of the Index by the Index Allocator. Therefore, the return on the Index
will be dependent in large part on the selections made by the Index Allocator. THE NOTES ARE
INTENDED TO BE PURCHASED AND HELD BY THE INDEX ALLOCATOR AND BY
DISCRETIONARY ACCOUNTS MANAGED BY THE INDEX ALLOCATOR.
Investors should note that the Conditions of the Notes are separate from, and do not incorporate
by reference, the Index Conditions. The Index Conditions can be modified from time to time
without requiring an amendment of the Conditions of the Notes. In the event of the occurrence of
any Index Disruption Event or the occurrence of any Amendment Event relating to the Index, the
fallback provisions set out in the Conditions of the Notes, not the Index Conditions, will determine
the relevant action to be taken. The Index Conditions are available upon request from UBS AG.
Each purchaser of Notes will be deemed to have obtained a copy of the Index Conditions and read
and understood them. The Issuer has derived all information contained in the Final Terms
regarding the Index from the Index Conditions, and the Issuer has not participated in the
preparation of, or verified, such Index Conditions. Neither IBRD nor the Global Agent will have
any responsibility for the contents of the Index Conditions and the Index Allocation Agreement,
and none of IBRD and the Global Agent shall have any responsibility or liability for the choices
and allocations made by the Index Allocator thereunder with respect to the Index.
Although the return on the Notes is based on the performance of the Index, a Note will not
represent a claim against the Index Sponsor or the Index Calculation Agent and a Noteholder will
not have recourse under the terms of the Notes to any asset comprising the Index. The exposure to
the Index is notional and an investment in the Notes is not an investment in the Index or any asset
comprising the Index from time to time.
2



TABLE OF CONTENTS
Executive Summary................................................................................................................... 4
Additional Risk Factors ............................................................................................................. 8
Final Terms.............................................................................................................................. 21
3



EXECUTIVE SUMMARY
The following is an executive summary of the provisions of the Notes only and is qualified in its entirety
by reference to the more detailed information contained elsewhere in this document and Prospectus.
Capitalized terms used in this summary have the meanings set forth elsewhere in this document.

Issuer:
International Bank for Reconstruction and Development
Securities:
BRL 106,000,000 Notes linked to the Unión Capital AFAP
Dynamic Multi-Asset Index (Second Series) due September
28, 2032 (payable in United States Dollars) (the "Notes")
Issued under the Issuer's Global Debt Issuance Facility
Credit Rating:
The Notes are expected to be rated AAA by Standard and
Poor's, a division of the McGraw-Hill Companies, Inc., upon
issuance
Aggregate Nominal Amount:
BRL 106,000,000
Issue Price:
100% of the Aggregate Nominal Amount payable in USD
(being USD 20,000,000 which is equal to the Aggregate
Nominal Amount divided by the Initial USD/BRL FX Rate)
Initial USD/BRL FX Rate:
BRL 5.300 per USD 1.00
Specified Denomination:
BRL 5,300,000
Issue Date:
September 28, 2020
Trade Date:
September 14, 2020
Scheduled Maturity Date:
September 28, 2032
Maturity Date:
The Scheduled Maturity Date, subject to postponement if
either (i) the Final BRL Valuation Date is postponed beyond
the Scheduled Final BRL Valuation Date pursuant to Term 18
of the Final Terms (BRL Related FX Disruption and
Disruption Fallbacks) and/or (ii) the Final Index Valuation
Date is postponed beyond the Scheduled Final Index Valuation
Date pursuant to Term 20 of the Final Terms (Postponement
due to Index Disruption Events)
Interest Basis:
The Notes do not bear or pay any interest
Business Day:
London, New York and São Paulo
Participation Rate:
445%
Final Redemption Amount:
If no Amendment Event has occurred, the Final Redemption
Amount, calculated per Specified Denomination, payable on
the Maturity Date will be an amount in USD equal to the sum
of (i) the USD Principal Amount and (ii) the Note Return
Amount, as set forth under Term 17 of the Final Terms (Final
Redemption Amount of each Note (Condition 6))
If an Amendment Event has occurred prior to the Maturity
Date, the Final Redemption Amount, calculated per Specified
Denomination, will be an amount in USD equal to the USD
4




Principal Amount, and will be payable on the later of (i) the
day the Amendment Amount is paid and (ii) the Maturity Date
USD Principal Amount:
An amount in USD equal to (i) the Specified Denomination
divided by (ii) the Final USD/BRL FX Rate
Final USD/BRL FX Rate:
The USD/BRL FX Rate in respect of the Final BRL Valuation
Date
Final BRL Valuation Date:
The Business Day falling 10 Business Days prior to the
Scheduled Maturity Date, expected to be September 14, 2032
(the "Scheduled Final BRL Valuation Date"), subject to
postponement in accordance with the provisions set forth in
Term 18 of the Final Terms (BRL Related FX Disruption and
Disruption Fallbacks) if an FX Disruption and/or an
Unscheduled Holiday occurs on such date
USD/BRL FX Rate:
The USD/BRL fixing rate, expressed as the amount of BRL
per one USD as determined by the Calculation Agent in
respect of the Final BRL Valuation Date
FX Disruption:
In the determination of the Calculation Agent: (i) an Exchange
Rate Divergence has occurred or is continuing on the Final
BRL Valuation Date, and/or (ii) any action, event or
circumstance whatsoever which, from a legal or practical
perspective, makes it impossible for the Calculation Agent to
obtain the USD/BRL FX Rate on the Final BRL Valuation
Date
Note Return Amount:
An amount in USD, calculated per Specified Denomination,
equal to the product of (a) the USD Calculation Amount, (b)
the greater of (x) the Index Return and (y) zero and (c) the
Participation Rate
USD Calculation Amount:
USD 1,000,000, being an amount in USD, calculated per
Specified Denomination, equal to the Specified Denomination
divided by the Initial USD/BRL FX Rate
Amendment Event:
In the event of the occurrence of the events described in Term
22 of the Final Terms (Amendment Event), the Calculation
Agent or the Issuer, as the case may be, will give notice to
Noteholders of the occurrence of the Amendment Event and
the Issuer shall pay an amount (which may be zero) as soon as
practicable after the Mandatory Amendment Date, calculated
per Specified Denomination, equal to the Amendment Amount
(as defined in Term 22 of the Final Terms (Amendment Event))
calculated as of the Accelerated Final Index Determination
Date
In the event of the occurrence of an Amendment Event, the
Issuer shall pay the USD Principal Amount on the later of (i)
the day the Amendment Amount is paid and (ii) the Maturity
Date
5




An Amendment Event includes an Index Cancellation, an
Index Modification, a Successor Index Event, an Index
Allocation Agreement Termination, an Index Disruption
Event continuing for a certain number of days, or termination
of the Associated Swap Transaction by the Swap Counterparty
(including as a result of a Change in Law, a Hedging
Disruption or an Increased Cost of Hedging) or the Issuer, each
as described in Term 22 of the Final Terms (Amendment
Event)
Index Return:
The performance of the Index from the Initial Index Level to
the Final Index Level expressed as a percentage and calculated
as follows:
(Final Index Level ­ Initial Index Level) / Initial Index Level
Index:
Unión Capital AFAP Dynamic Multi-Asset Index (Second
Series) (Bloomberg screen: UBCSUDM2 <Index>)
Index Allocator:
Unión Capital AFAP, S.A.
Index Sponsor:
UBS AG ("UBS"), including its successors and assigns
Index Calculation Agent:
Solactive A.G., including its successors and assigns
Initial Index Level:
100 (being the Index's published Index Level in respect of the
Initial Index Valuation Date)
In the event that the Index Level in respect of the Initial Index
Valuation Date is corrected by the Index Calculation Agent on
or prior to the date falling three Business Days after the Initial
Index Valuation Date, such corrected value will be the Initial
Index Level
Initial Index Valuation Date:
September 15, 2020
Final Index Level:
The Index Level in respect of the Final Index Valuation Date,
as determined by the Calculation Agent
In the event that the Index Level in respect of the Final Index
Valuation Date is corrected by the Index Calculation Agent on
or prior to the date falling three Business Days after the Final
Index Valuation Date, such corrected value will be the Final
Index Level
Final Index Valuation Date:
September 14, 2032 or, if such day is not an Index Business
Day, the immediately succeeding Index Business Day (the
"Scheduled Final Index Valuation Date"), subject to
postponement pursuant to the provisions set forth under Term
20 of the Final Terms (Postponement due to Index Disruption
Events) and Term 21 of the Final Terms (Additional
Definitions with regard to the Index)
Index Disruption Event:
If the Scheduled Final Index Valuation Date occurs on a day
in respect of which the Calculation Agent determines that an
Index Disruption Event has occurred or is continuing, the
Calculation Agent will delay calculating the Final Index Level
6




as set forth in Term 20 of the Final Terms (Postponement due
to Index Disruption Events)
An Index Disruption Event means the Index Calculation Agent
fails to calculate and announce the Index Level on the Final
Index Valuation Date. See Term 21 of the Final Terms
(Additional Definitions with regard to the Index)
Dealer:
UBS
Calculation Agent:
UBS
Clearing Systems:
Euroclear/Clearstream
Rank:
The Notes constitute direct, unsecured obligations of the Issuer
ranking pari passu, without any preference among themselves,
with all its other obligations that are unsecured and
unsubordinated. The Notes are not obligations of any
government
Applicable law:
New York
Notes intended to be held by
The amount of the Note Return Amount, if any, to be payable
Index Allocator or accounts
in respect of the Notes will be based on the performance of the
managed by Index Allocator;
Index. The performance of the Index, in turn, will be based on
Purchaser Acknowledgement:
the periodic selections of the Index Allocator made under the
terms of the Index Allocation Agreement (as defined in the
Final Terms). Therefore, the Notes are intended to be
purchased and held by the Index Allocator and by
discretionary accounts managed by the Index Allocator. Each
purchaser and holder of the Notes from time to time, through
its acquisition of the Notes, will be deemed to have
acknowledged that the Notes are intended to be instruments
held only by the Index Allocator and by discretionary accounts
managed by the Index Allocator and to have acknowledged
that the Index has been developed by the Index Allocator and
the Index Sponsor solely for the purposes of determining the
Note Return Amount in respect of the Notes
Neither IBRD nor the Global Agent will have any
responsibility for the contents of the Index Conditions and the
Index Allocation Agreement, and none of IBRD and the
Global Agent shall have any responsibility or liability for the
choices and allocations made by the Index Allocator
thereunder with respect to the Index
Risk factors:
Noteholders should consider carefully the factors set out under
"Additional Risk Factors" in this document and under "Risk
Factors" in the Prospectus before reaching a decision to buy
the Notes
7



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 Prospectus. The Notes are a riskier investment than ordinary fixed rate notes or
floating rate notes. Prospective investors should carefully consider whether the Notes are suited to their
particular circumstances. Accordingly, prospective investors should consult their financial, legal and tax
advisers as to the risks entailed by an investment in the Notes and the suitability of the Notes in light of
their particular circumstances.
The performance of the Index is based on the periodic selections of the Index Allocator made under the
terms of the Index Allocation Agreement. Therefore, the Notes are intended to be purchased and held by
the Index Allocator and by discretionary accounts managed by the Index Allocator. Neither IBRD nor
the Global Agent will have any responsibility for the contents of the Index Allocation Agreement and
none of UBS and its affiliates, IBRD and the Global Agent shall have any responsibility or liability for
the choices and allocations made by the Index Allocator thereunder with respect to the Index.
Terms used in this section and not otherwise defined shall have the meanings set forth elsewhere in this
document.
The following list of risk factors does not purport to be a complete enumeration or explanation of all the
risks associated with the Notes, the Index and/or the Constituents of the Index.
GENERAL RISKS
No tax gross-up on payments
Repayment of all or any part of the Notes and payment at maturity of any additional amount due under
the terms of the Notes will be made subject to applicable withholding taxes (if any). Consequently, the
Issuer will not be required to pay any further amounts in respect of the Notes in the event that any taxes
are levied on such repayment or payment.
UNITED STATES TAX CONSIDERATIONS
Noteholders should carefully consider the matters set forth under "Tax Matters" in the accompanying
Prospectus. This summary supplements the section "Tax Matters" in the accompanying Prospectus and
is subject to the limitations and exceptions set forth therein.
None of the Issuer, the Dealer or any of their affiliates make any representations as to the tax
consequences of an investment in the Notes. Prospective U.S. and non-U.S. purchasers of the Notes
should consult their own tax advisors concerning the application to their particular situation of United
States federal income, state, local, withholding, and estate tax laws, and non-U.S. tax laws to an
investment in the Notes, including the possibility that payments on the Notes may be subject to U.S.
withholding taxes on "dividend equivalent amounts" pursuant to Section 871(m) of the U.S. Internal
Revenue Code of 1986 and U.S. Treasury regulations promulgated thereunder ("Section 871(m)").
Section 871(m) generally imposes a 30% withholding tax on "dividend equivalent amounts" paid or
deemed paid to non-U.S. holders with respect to certain financial instruments that reference directly or
indirectly U.S. equities, or indices that include U.S. equities. Section 871(m) provides for certain
exceptions, including for instruments linked to certain broad-based indices that satisfy the applicable
requirements under U.S. Treasury regulations. Additionally, administrative guidance provides that
instruments issued before 2023 and that are not "delta-one" with respect to underlying U.S. securities are
not subject to withholding under Section 871(m).
If the Notes are subject to withholding under Section 871(m), the rate of withholding is not expected to
be reduced even if a holder is otherwise eligible for a reduction under an applicable treaty, although non-
U.S. holders that are entitled to a lower rate of withholding under a tax treaty may be able to claim a
8



refund for any excess amounts withheld by filing a U.S. tax return. However, holders may not receive
the necessary information to properly claim a refund for any withholding in excess of the applicable
treaty-based amount. In addition, the IRS may not credit a holder with withholding taxes remitted in
respect of their Notes for purposes of claiming a refund.
Neither the Issuer nor any other person will pay additional amounts in respect of any withholding tax
deducted or other taxes arising under the Notes.
BRL related FX Disruption Events and Index Disruption Events may operate to postpone Maturity
Date
In the event that the Final BRL Valuation Date is postponed beyond the Scheduled Final BRL Valuation
Date or the Final Index Valuation Date is postponed beyond the Scheduled Final Index Valuation Date
as set forth in the Final Terms, the Maturity Date of the Notes will be postponed by one Business Day
for each Business Day that the Final BRL Valuation Date or the Final Index Valuation Date is postponed,
and therefore may be postponed by (i) a number of Business Days up to the number of Business Days
occurring during the period of 30 calendar days after the Scheduled Final BRL Valuation Date (in respect
of an FX Disruption) or (ii) ten Business Days after the Scheduled Final Index Valuation Date (in respect
of an Index Disruption Event). No interest or other payment will be payable because of any such
postponement of the Maturity Date.
Possible Amendment Event
As set out in Term 22 of the Final Terms (Amendment Event), in the event of the occurrence of the events
described in Term 22 of the Final Terms, the Issuer will be required to make a payment (which may be
zero) as soon as practicable after the Mandatory Amendment Date. In respect of each Specified
Denomination, such payment will be equal to the Amendment Amount as of the Accelerated Final Index
Determination Date. As a result, the Noteholders will not benefit from any appreciation in the Index as
of the Accelerated Final Index Determination Date.
An Amendment Event includes an Index Cancellation, an Index Modification, a Successor Index Event,
an Index Allocation Agreement Termination, an Index Disruption Event that continues for a certain
number of days and an event which results in early termination of the Associated Swap Transaction by
the Swap Counterparty (including as a result of a Change in Law, a Hedging Disruption or an Increased
Cost of Hedging) or the Issuer. An Index Cancellation, an Index Modification, a Successor Index Event,
an Index Allocation Agreement Termination or a continuing Index Disruption Event may occur due to a
broad range of events beyond the control of the Issuer, including by decision of the Index Calculation
Agent, the Index Sponsor or the Index Allocator. A Change in Law could occur in response to the
enactment of new laws or the implementation of existing laws (including, without limitation, any tax
law). A Hedging Disruption could occur if the Swap Counterparty was unable, after using commercially
reasonable efforts, to (i) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any
transactions or assets that it deems necessary to hedge the price risk of entering into and performing its
obligations with respect to the Associated Swap Transaction or (ii) realise, recover or remit the proceeds
of any such transactions or assets. An Increased Cost of Hedging could occur if the Swap Counterparty
would incur a materially increased amount of taxes or costs in dealing in any transactions it deems
necessary to hedge the price risk of performing its obligations under the Associated Swap Transaction.
These could occur due to changes in legal or tax regimes.
Brazilian Real vs. U.S. Dollar
Payment of principal upon maturity will be in USD and is based in part on the exchange rate of BRL to
USD. Changes in the exchange rate of BRL to USD may result in a decrease in the effective yield of the
Notes. For example, if, on the Final BRL Valuation Date, BRL has appreciated in value against USD,
the payment in USD will be higher. Conversely, a depreciation in value of BRL against USD will have
9



the opposite impact, and an investor could lose a substantial amount of its investment in the Notes.
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 before the Final BRL Valuation Date. Currency exchange rates may be volatile and are the
result of numerous factors. A Noteholder's net exposure will depend on the extent to which the payment
currency (USD) strengthens or weakens against the denominated currency (BRL).
In addition, the Noteholders whose financial activities are denominated principally in a currency (the
"Investor's Currency") other than any of the Specified Currencies 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 exchange control risks if the investor's currency is different from the Specified Currency" on
pages 13 and 14 of the Prospectus.
Payment at maturity depends on interplay of the USD/BRL FX Rate and the performance of the Index
The payment that the Noteholder will receive at maturity will depend on both the change in the rate of
exchange between BRL and USD and the Index Return. The interplay of these two factors means that
the Notes are a more complex investment than an instrument linked to a single underlying factor. It is
not possible to predict how the two factors to which the Note's performance payout is tied may perform.
A relatively positive Index Return may be offset by a decline in the value of BRL in USD terms. BRL
may appreciate relative to USD without any appreciation in the Index. There can be no assurance that
either factor's performance will correlate with the other's performance.
The Notes are subject to market risks
The price at which Noteholders will be able to sell their Notes prior to maturity may be at a substantial
discount from the principal amount of the Notes, even in cases where the level of the Index has increased
since the Trade Date. Embedded costs, including expected profit and costs of hedging, in the original
Issue Price will likely be reflected in a diminution in any repurchase price of the Notes relative to their
original Issue Price. Assuming no change in market conditions or any other relevant factors, that price
will likely be lower than the original Issue Price, because the original Issue Price included the cost of
hedging the Swap Counterparty's obligations, which includes an estimated profit component. IBRD's
Swap Counterparty is UBS. Noteholders should not expect the price at which the Issuer or the Dealer is
willing to repurchase the Notes to vary predictably in any particular proportion to changes in the level of
the Index. Noteholders will not have any claim to any amounts that the Swap Counterparty may pay to
IBRD due to changes in the level of the Index.
Prior to maturity, the value of the Notes will be affected by a number of economic and market factors
that may either offset or magnify each other. It is expected that, generally, the level of the Index on any
day will affect the value of the Notes more than any other single factor. Other relevant factors include:
the expected volatility of the Index; the time to maturity of the Notes; the interest and yield rates in the
market; the economic, financial, political, regulatory or judicial events that affect the various components
represented by the Index from time to time, as well as stock, bond, foreign exchange, commodity,
exchange traded fund and futures markets generally and which may affect the Index Level in respect of
the Final Index Valuation Date; and the creditworthiness of the Issuer. The USD/BRL fixing rate as well
as the illiquidity of the instruments used to hedge the Issuer into USD will also have an effect on
secondary market valuations.
The Notes are intended to be a hold-to-maturity instrument. Noteholders will receive at least 100% of
the nominal amount of the Notes (expressed in BRL only) if they hold their Notes to maturity. If
Noteholders sell their Notes prior to maturity, however, they will not receive principal protection or any
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