Obbligazione Eurobank Reconstruction Development 0.15% ( XS2393762583 ) in EUR

Emittente Eurobank Reconstruction Development
Prezzo di mercato 100 EUR  ⇌ 
Paese  Regno Unito
Codice isin  XS2393762583 ( in EUR )
Tasso d'interesse 0.15% per anno ( pagato 1 volta l'anno)
Scadenza 13/10/2033 - Obbligazione č scaduto



Prospetto opuscolo dell'obbligazione European Bank for Reconstruction and Development XS2393762583 in EUR 0.15%, scaduta


Importo minimo 100 000 EUR
Importo totale 100 000 000 EUR
Descrizione dettagliata La Banca Europea per la Ricostruzione e lo Sviluppo (BERS) č un'istituzione finanziaria internazionale che promuove lo sviluppo economico e la transizione verso economie di mercato in paesi dell'Europa centrale e orientale, nel Caucaso meridionale, nell'Asia centrale e nel Mediterraneo.

L'obbligazione con codice ISIN XS2393762583, emessa dalla Banca Europea per la Ricostruzione e lo Sviluppo nel Regno Unito, denominata in EUR, con un tasso di interesse dello 0,15%, una dimensione totale dell'emissione di 100.000.000 EUR e un'unitą minima di collocamento di 100.000 EUR, scaduta il 13/10/2033 con frequenza di pagamento annuale, č stata rimborsata al 100% del valore nominale.








UK MiFIR product governance / Professional investors and ECPs only 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, as defined in the FCA Handbook Conduct of Business
Sourcebook ("COBS"), and professional clients, as defined in Regulation (EU) No 600/2014
as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK
MiFIR"); and (ii) all channels for distribution of the Notes to eligible counterparties and
professional clients are appropriate. Any person subsequently offering, selling or
recommending the Notes (a "distributor") should take into consideration the manufacturer's
target market assessment; however, a distributor subject to the FCA Handbook Product
Intervention and Product Governance Sourcebook (the "UK MiFIR Product Governance
Rules") is responsible for undertaking its own target market assessment in respect of the
Notes (by either adopting or refining the manufacturer's target market assessment) and
determining appropriate distribution channels.
For the purposes of this provision, the expression "manufacturer" means the Dealer.
European Bank for Reconstruction and Development (the "Issuer") does not fall under the
scope of application of UK MiFIR. Consequently, the Issuer does not qualify as an "investment
firm", "manufacturer" or "distributor" for the purposes of UK MiFIR.

11 October 2021



PRICING SUPPLEMENT
European Bank for Reconstruction and Development
EUR 100,000,000 Fixed Rate Step-up Callable Notes due 13 October 2033 (the "Notes")
issued pursuant to the European Bank for Reconstruction and Development EUR
45,000,000,000 Global Medium Term Note Programme for the issue of notes
PART A ­ CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions
set forth in the Offering Circular dated 3 July 2012, as supplemented by the Supplementary
Offering Circular dated 22 July 2019 (together, the "Offering Circular"). This Pricing
Supplement must be read in conjunction with such Offering Circular. Full information on the
Notes is only available on the basis of the combination of this Pricing Supplement and the
Offering Circular. The Offering Circular is available for viewing and copies may be obtained
from the Issuer at One Exchange Square, London, EC2A 2JN, United Kingdom.
SUMMARY OF THE NOTES

1
Specified Currency:
Euro ("EUR")
2
Nominal Amount:
EUR 100,000,000
3
Type of Note:
Fixed Rate
4
Issue Date:
13 October 2021
5
Issue Price:
100.00 per cent. of the Nominal Amount
6
Maturity Date:
13 October 2033, subject to the Redemption at
Issuer's option provisions below.

1



7
Fungible with existing Notes:
No
FORM OF THE NOTES

8
Form of Note:
Bearer
9
New Global Note:
Yes
10 Specified Denomination(s):
EUR 100,000
11 Exchange of Bearer Notes:
Temporary Global Note exchangeable for
permanent Global Note on certification as to
non-US beneficial ownership on or after 40
days after the Issue Date and thereafter
permanent Global Note exchangeable only
upon an Exchange Event
12 (a)
Talons for future Coupons
No
to be attached to definitive
Bearer Notes:
(b)
Date(s) on which the Talons
Not Applicable
mature:
13 (a)
Depositary for and
Not Applicable
registered holder of
Registered Global Note:
(b)
Exchange of Registered
Not Applicable
Global Note:
PROVISIONS RELATING TO INITIAL PAYMENT
14 Partly Paid Notes:
No
PROVISIONS RELATING TO INTEREST
15 Interest Commencement Date:
Issue Date
16 Fixed Rate Notes:
Applicable


(a)
Fixed Rate of Interest:
From,
and
including,
the
Interest
Commencement Date to, but excluding, 13
October 2023, 0.02 per cent. per annum;
from, and including, 13 October 2023 to, but
excluding, 13 October 2025, 0.15 per cent. per
annum;
from, and including, 13 October 2025 to, but
excluding, 13 October 2027, 0.40 per cent. per
annum;
from, and including, 13 October 2027 to, but
excluding, 13 October 2029, 0.65 per cent. per
annum;
from, and including, 13 October 2029 to, but
excluding, 13 October 2031, 0.85 per cent. per
annum; and


2


from, and including, 13 October 2031 to, but
excluding, the Maturity Date, 1.21 per cent. per
annum,
in each case payable annually in arrear.
(b)
Fixed Interest Dates:
13 October in each year, from and including 13
October 2022, up to and including the Maturity
Date, subject to the Redemption at the Issuer's
option provisions below and subject to
adjustment for payment purposes in
accordance with the Business Day Convention
specified below.
(c)
Initial Broken Amount per
Not Applicable
Specified Denomination:
(d)
Final Broken Amount per
Not Applicable
Specified Denomination:

(e)
Fixed Day Count Fraction:
Actual/Actual ­ ICMA
(f)
Business Day Convention:
Following Business Day Convention
(g)
Business Day definition if
Condition 4(a)(iii) applies and, for the
different from that in
avoidance of doubt, TARGET shall be the
Condition 4(a)(iii):
principal financial centre. London shall be an
additional business centre.
(h)
Calculation of interest to be
No
adjusted in accordance with
Business Day Convention
specified above:
17 Zero Coupon Notes:
Not Applicable
18 Floating Rate Notes and Indexed
Not Applicable
Notes:
PROVISIONS REGARDING PAYMENTS/DELIVERIES
19 Definition of "Payment Day" for the
Condition 6(e) applies and, for the avoidance of
purpose of Condition 6(e) if different doubt, TARGET shall be the principal financial
to that set out in Condition 6:
centre. London shall be an additional business
centre.
20 Dual Currency Notes:
Not Applicable
21 Physically Settled Notes:
Not Applicable
PROVISIONS REGARDING REDEMPTION/MATURITY
22 (a)
Redemption at Issuer's
Yes
option:
The Issuer has the right to redeem the Notes
(in whole but not in part) on an Optional
Redemption Date per Specified Denomination
(as defined below) at the Optional Redemption
Amount (as defined below) by giving notice to
the Agent of such redemption not less than five


3


(5) Business Days (as defined below) prior to
the relevant Optional Redemption Date.
The Agent shall give notice of such redemption
to the holders of the Notes as soon as
practicable, but in any event not later than two
(2) Business Days thereafter in accordance
with Condition 5(b) (except that the timing of
such notice as referred to therein shall be
amended as set out above).
Where:
"Business Day" means (i) a day on which the
TARGET System is open for settlement of
payments in euro and (ii) any day 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.
"Optional Redemption Amount" means in
respect of each Note, 100.00 per cent. per
Specified Denomination.
"Optional Redemption Date" means 13
October in each year, from and including 13
October 2024, up to and including 13 October
2032, subject to adjustment in accordance with
the Following Business Day Convention.

(b)
Redemption at Noteholder's Not Applicable
option:
23 (a)
Final Redemption Amount
100.00 per cent. per Specified Denomination
for each Note (other than an
Indexed or Formula Note
where the index or formula
applies to the redemption
amount):

(b)
Final Redemption Amount
Not Applicable
for each Indexed Note
where the Index or Formula
applies to the Final
Redemption Amount:
24 Instalment Note:
Not Applicable
25 Early Redemption Amount for each Condition 5(d) applies
Note payable on an event of
default:
DISTRIBUTION, CLEARING AND SETTLEMENT PROVISIONS
26 Method of distribution:
Non-Syndicated


4


27 If
Syndicated,
names
and Morgan Stanley & Co. International plc
addresses of Managers or, if Non-
25 Cabot Square
Syndicated name and address of Canary Wharf
the Dealer:
London
E14 4QA
United Kingdom
28 Date of Syndication Agreement:
Not Applicable
29 Stabilising Manager(s):
Not Applicable
30 Additional selling restrictions:
Not Applicable
31 Details of additional/alternative
Euroclear and Clearstream, Luxembourg only
clearing system approved by the
Issuer and the Agent:
32 Intended to be held in a manner
Yes.
which would allow Eurosystem
Note that the designation "yes" simply means
eligibility:
that the Notes are intended upon issue to be
deposited with one of the International Central
Securities Depositories as common safekeeper
and does not necessarily mean that the Notes
will be recognised as eligible collateral for
Eurosystem monetary policy and intra-day
credit operations by the Eurosystem either
upon issue or at any or all times during their
life. Such recognition will depend upon
satisfaction of the Eurosystem eligibility criteria.
33 Common Code:
239376258

ISIN Code:
XS2393762583

CUSIP Number:
Not Applicable
34 Listing:
Application will be made by the Issuer (or on its
behalf) for the Notes to be admitted to the
Official List of the Luxembourg Stock Exchange
and to be admitted to trading on the Regulated
Market of the Luxembourg Stock Exchange
(Bourse de Luxembourg).
35 In the case of Notes denominated Not Applicable
in the currency of a country that
subsequently adopts the euro in
accordance
with
the
Treaty
establishing
the
European
Community, as amended by the
Treaty on European Union, whether
the
Notes
will
include
a
redenomination clause providing for
the redenomination of the Specified
Currency
in
euro
(a
"Redenomination Clause"), and, if


5


so specified, the wording of the
Redenomination Clause in full and
any
wording
in
respect
of
redenominalisation
and/or
consolidation (provided they are
fungible)
with
other
Notes
denominated in euro.
36 Additional Information:
Not Applicable
37 Total Commissions:
Not Applicable

This Pricing Supplement comprises the pricing supplement required for issue and admission
to trading on the Regulated Market of the Luxembourg Stock Exchange of the Notes
described herein pursuant to the Euro 45,000,000,000 Global Medium Term Note Programme
of European Bank for Reconstruction and Development as from 13 October 2021 or as soon
as practicable thereafter.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in this Pricing Supplement
other than the information contained under the heading "UK MiFIR product governance /
Professional investors and ECPs target market only".



6


For and on behalf of
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT

By:
................................

Authorised signatory








7


PART B ­ OTHER INFORMATION
1
LISTING
Application will be made by the Issuer (or on its

behalf) for the Notes to be admitted to the Official
List of the Luxembourg Stock Exchange and to be
admitted to trading on the Regulated Market of the
Luxembourg
Stock
Exchange
(Bourse
de
Luxembourg) with effect from 13 October 2021 or
as soon as practicable thereafter.
No assurance can be given that such listing and
admission to trading will be obtained on such date,
or, if obtained, that it will be maintained.
2
RATINGS
The Issuer and/or its debt obligations have been
assigned an AAA credit rating from Standard &
Poor's Credit Market Services Europe Limited
("S&P"), an Aaa credit rating from Moody's
Investors Service Ltd. ("Moody's") and an AAA
credit rating from Fitch Ratings Ltd. ("Fitch"). As
defined by S&P, an "AAA" rating means that the
ability of the Issuer to meet its financial commitment
on its obligations is extremely strong. As defined by
Moody's, an "Aaa" rating means that the Issuer's
ability to meet its financial obligations is judged to
be of the highest quality, with minimal credit risk. As
defined by Fitch, an "AAA" rating denotes the
lowest expectation of credit risk and means that the
Issuer has an exceptionally strong capacity for
timely payment of its financial commitments.
3
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE




Save as discussed in the section headed "Subscription and Sale" in the Offering


Circular, so far as the Issuer is aware, no person involved in the offer of the Notes has


an interest material to the offer.



4
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL


EXPENSES




(i)
Reasons for the offer:
The net proceeds of the issue of the Notes (which
is expected to be EUR 100,000,000) will be
included in the ordinary capital resources of the
Issuer and used in its ordinary operations.

(ii)
Estimated net
EUR 100,000,000

proceeds:

(iii)
Estimated total
£10,000
expenses:
5
YIELD


Indication of yield:
0.539 per cent. per annum in the case of Notes
redeeming on the Maturity Date.
As set out above, the yield is calculated at the Issue
Date on the basis of the Issue Price. It is not an


8


indication of future yield.



9