Obbligazione IBRD-Global 8.5% ( XS2818095122 ) in UYU

Emittente IBRD-Global
Prezzo di mercato refresh price now   100 UYU  ⇌ 
Paese  Stati Uniti
Codice isin  XS2818095122 ( in UYU )
Tasso d'interesse 8.5% per anno ( pagato 1 volta l'anno)
Scadenza 10/05/2027



Prospetto opuscolo dell'obbligazione IBRD XS2818095122 en UYU 8.5%, scadenza 10/05/2027


Importo minimo /
Importo totale /
Coupon successivo 10/05/2026 ( In 189 giorni )
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 UYU, with the ISIN code XS2818095122, pays a coupon of 8.5% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 10/05/2027








Final Terms dated 7 May 2024

International Bank for Reconstruction and Development

Issue of UYU 550,000,000 8.50 per cent. Notes due 10 May 2027
payable in United States Dollars

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 September 24, 2021. This document constitutes the Final Terms
of the Notes described herein and must be read in conjunction with such Prospectus.
UK MiFIR product governance / Retail investors, professional investors and ECPs target market ­ See
Term 28 below.
SUMMARY OF THE NOTES
1.
Issuer:
International Bank for Reconstruction and Development
("IBRD")
2.
(i)
Series number:
101991
(ii)
Tranche number:
1
3.
Specified Currency or Currencies
The lawful currency of the Oriental Republic of Uruguay
(Condition 1(d)):
("Uruguayan Peso" or "UYU"), provided that all payments
in respect of the Notes will be made in United States Dollars
("USD")
4. Aggregate Nominal Amount

(i)
Series:
UYU 550,000,000
(ii)
Tranche:
UYU 550,000,000
5. (i)
Issue Price:
99.364 per cent. of the Aggregate Nominal Amount
(ii)
Net proceeds:
USD 14,381,631.58 (equivalent to UYU 546,502,000 at the
USD/UYU exchange rate of UYU 38.00 per USD 1.00)
6. Specified Denominations
UYU 500,000
(Condition 1(b)):
7. Issue Date:
10 May 2024
8. Maturity Date (Condition 6(a)):
10 May 2027, unless the corresponding FX Valuation Date is
postponed beyond the Scheduled FX Valuation Date due to an
Unscheduled Holiday or because a Price Source Disruption in
respect of the FX Rate has occurred, in which case the
Maturity Date shall be postponed to the fifth Business Day
after the date on which the FX Rate is determined (further
particulars specified below in Term 16(vii)). For the
avoidance of doubt, no additional interest or other additional
amounts shall be payable by IBRD in the event that the
Maturity Date is so postponed.
9. Interest basis (Condition 5):
8.50 per cent. Fixed Rate
(further particulars specified below)




10. Redemption/Payment basis
Redemption at par, payable in USD
(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. Fixed Rate Note provisions
Applicable
(Condition 5(a)):
(i)
Rate of Interest:
8.50 per cent. per annum payable annually in arrear
(ii)
Interest Payment Date(s):
10 May in each year, from and including 10 May 2025 to and
including the Maturity Date (each, a "Scheduled Interest
Payment Date"), unless the corresponding FX Valuation Date
is postponed beyond the Scheduled FX Valuation Date due to
an Unscheduled Holiday or because a Price Source Disruption
in respect of the FX Rate has occurred, in which case the
Interest Payment Date shall be postponed beyond the
Scheduled Interest Payment Date to the fifth Business Day
after the date on which the FX Rate is determined (further
particulars specified below in Term 16(vii)).
For the avoidance of doubt, no additional interest or other
additional amounts shall be payable by IBRD in the event that
the relevant Interest Payment Date is so postponed.
(iii)
Interest Period Date(s):
10 May in each year, from and including 10 May to and
including the Maturity Date, not subject to adjustment in
accordance with a Business Day Convention
(iv)
Business Day Convention:
Not Applicable
(v)
Day Count Fraction
Actual / Actual (ICMA)
(Condition 5(l)):
(vi)
Interest Amount:
The Interest Amount per Specified Denomination on each
Interest Payment Date determined by the Calculation Agent
on the relevant FX Valuation Date will be equal to the product
of:
(i)
the Specified Denomination;
(ii)
the Rate of Interest; and
(iii) the Day Count Fraction.
The Interest Amount so calculated will be payable in USD
whereby such USD amount will be determined by the
Calculation Agent on the FX Valuation Date as follows:
(i)
Interest Amount multiplied by,
(ii)
1 divided by the FX Rate on such FX Valuation Date (as
defined in Term 16(vii) below).
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(vii)
Disruption Provisions and
Disruption Provisions:
Definitions:
If, in respect of an FX Valuation Date, a Price Source
Disruption has occurred or exists in respect of the FX Rate,
the FX Rate for such FX Valuation Date shall be obtained by
applying the provisions of the following fallbacks (the
"Disruption Fallbacks") in the order below:
(i)
Valuation Postponement;
(ii)
Calculation Agent Determination of FX Rate (provided
that the FX Rate cannot be determined in accordance
with (i) above); and
(iii) Hedge Transaction FX Rate (provided that the FX Rate
cannot be determined in accordance with (i) and (ii)
above).
In the event that an FX Valuation Date is postponed beyond
the relevant Scheduled FX Valuation Date due to an
Unscheduled Holiday or because a Price Source Disruption in
respect of the FX Rate has occurred, the relevant Interest
Payment Date, the Early Redemption Date or the Maturity
Date, as applicable, shall be postponed to the fifth Business
Day after the date on which the FX Rate is determined.
For the avoidance of doubt, no additional interest or other
additional amounts shall be payable by IBRD in the event that
the relevant Interest Payment Date, the Early Redemption
Date or the Maturity Date is postponed.
Cumulative Events:
Notwithstanding anything herein to the contrary, in no event
shall the total number of consecutive calendar days during
which either (i) an FX Valuation Date is postponed due to an
Unscheduled Holiday, or (ii) a Valuation Postponement shall
occur (or any combination of (i) and (ii)), exceed 14
consecutive calendar days in the aggregate. Accordingly, (x)
if, upon the lapse of any such 14 day period, an Unscheduled
Holiday shall have occurred or be continuing on the day
following such period that otherwise would have been a
Business Day, then such day shall be deemed to be an FX
Valuation Date, and (y) if, upon the lapse of any such 14 day
period, a Price Source Disruption shall have occurred or be
continuing on the day following such period, then Valuation
Postponement shall not apply and the FX Rate shall be
determined in accordance with the next Disruption Fallback.
Definitions:
The following definitions shall apply:
"Associated Swap Transaction" means the swap transaction
entered into in connection with the issue of the Notes between
the Issuer and the relevant swap counterparty.
"Business Day" means a day (other than a Saturday or a
Sunday) on which commercial banks and foreign exchange
markets settle payments and are open for general business
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(including dealings in foreign exchange and foreign currency
deposits) in London, Montevideo and New York.
"Calculation Agent" means Citibank, N.A., London Branch,
or its duly appointed successor.
"Calculation Agent Determination of FX Rate" means, in
respect of an FX Valuation Date, that the Calculation Agent
shall determine the FX Rate on the relevant FX Valuation
Date, acting in good faith and in a commercially reasonable
manner having taken into account relevant market practice
and any information which it deems relevant; provided,
however, that if the Calculation Agent notifies the Issuer in
writing on such FX Valuation Date that it elects to not
determine the FX Rate on such date, Calculation Agent
Determination of FX Rate shall not apply and the FX Rate
shall be the Hedge Transaction FX Rate in accordance with
the Disruption Fallbacks.
"Early Redemption Date" means the day on which the Notes
become due and payable in accordance with Condition 9
(Default) subject to postponement in accordance with this
Term 16(vii) whereupon the Early Redemption Date shall be
the date five Business Days following the relevant FX
Valuation Date. For the avoidance of doubt, no additional
interest or other additional amounts shall be payable by IBRD
in the event that the Early Redemption Date is so postponed.
"FX Rate" means, in respect of an FX Valuation Date, the
USD/UYU exchange ("fondo") rate, expressed as the amount
of UYU per USD 1.00, reported by the Banco Central Del
Uruguay (Central Bank of Uruguay) (www.bcu.gub.uy) as its
"U$S Prom. Fdo." rate at approximately 4:15 p.m.
(Montevideo time) with respect to such FX Valuation Date
("UYU01").
If Annex A to the 1998 FX and Currency Option Definitions
published by the International Swaps and Derivatives
Association, Inc., the Emerging Markets Traders Association
and the Foreign Exchange Committee (the "FX Definitions")
is amended such that UYU01 is replaced by a successor price
source for the USD/UYU exchange rate in such Annex A to
the FX Definitions (the "Successor Price Source
Definition"), then the FX Rate for the relevant FX Valuation
Date will be determined in accordance with such Successor
Price Source Definition.
"FX Valuation Date" means, in respect of a Scheduled
Interest Payment Date, the Early Redemption Date or the
Maturity Date, as applicable, the date that is five Business
Days before such Scheduled Interest Payment Date, Early
Redemption Date or Maturity Date, as applicable (the
"Scheduled FX Valuation Date"), provided that if the
Scheduled FX Valuation Date is an Unscheduled Holiday, the
FX Valuation Date shall be postponed to the first following
Business Day, which is not an Unscheduled Holiday. In the
event that: (i) the Scheduled FX Valuation Date is so
postponed due to an Unscheduled Holiday and (ii) the FX
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Valuation Date has not occurred on or before the number of
calendar days equal to the Maximum Days of Postponement
after the Scheduled FX Valuation Date (any such period being
a "Deferral Period"), the next day after the Deferral Period
that is a Business Day, or that would have been a Business Day
but for the Unscheduled Holiday, shall be deemed to be the
FX Valuation Date.
"Hedge Transaction FX Rate" means, in respect of an FX
Valuation Date, the foreign exchange rate for USD/UYU,
expressed as the amount of UYU per USD 1.00, that applies
in respect of such FX Valuation Date pursuant to the
Associated Swap Transaction (the "Swap Rate"). If there are
two or more Associated Swap Transactions, the Hedge
Transaction FX Rate for such FX Valuation Date will be the
average, weighted by the relative size of the notional amounts
of such Associated Swap Transactions, (rounded to the nearest
four decimal points, with 0.00005 being rounded up) of the
Swap Rates of such Associated Swap Transactions. Such
Hedge Transaction FX Rate shall be provided to the
Calculation Agent by the Issuer no later than two Business
Days prior to the relevant Interest Payment Date, Early
Redemption Date or Maturity Date, as applicable.
"Maximum Days of Postponement" means 14 calendar
days.
"Montevideo Business Day" means a day (other than a
Saturday or a 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 Montevideo.
"Price Source Disruption" means the occurrence or
existence of an event on an FX Valuation Date, the result or
consequence of which is that it is impossible or impracticable,
in the opinion of the Calculation Agent, to obtain the FX Rate
with respect to such day. The Calculation Agent shall
promptly notify IBRD if a Price Source Disruption has
occurred.
"Unscheduled Holiday" means a day that is not a
Montevideo 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. (Montevideo time), two Montevideo Business Days
prior to the Scheduled FX Valuation Date.
"Valuation Postponement" means, in respect of an FX
Valuation Date, if a Price Source Disruption has occurred or
exists in respect of the FX Rate on such FX Valuation Date,
the FX Rate will be determined on the next succeeding
Business Day on which, in the opinion of the Calculation
Agent, such Price Source Disruption has not occurred or
ceased to exist, unless the Price Source Disruption continues
to exist (measured from the date that, but for the occurrence
of the Price Source Disruption, or Unscheduled Holiday
would have been the Scheduled FX Valuation Date) for a
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consecutive number of calendar days equal to the Maximum
Days of Postponement, in which case the FX Rate will be
determined on the next succeeding Business Day after the
Maximum Days of Postponement (which will be deemed to
be the applicable FX Valuation Date) in accordance with the
next applicable Disruption Fallback.
PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of each
The Final Redemption Amount per Specified Denomination
Note (Condition 6):
will be payable in USD on the Maturity Date and shall be
determined by the Calculation Agent by applying the
following formula on the FX Valuation Date immediately
prior to the Maturity Date:
Specified Denomination divided by FX Rate
(as defined in Term 16(vii) above),
subject to the Disruption Provisions and Definitions in Term
16(vii) above.
18. Early Redemption Amount
The Final Redemption Amount per Specified Denomination,
(Condition 6(c)):
as determined in accordance with Term 17 above (provided
that the FX Valuation Date shall be the FX Valuation Date in
respect of the Early Redemption Date) plus accrued and
unpaid interest, if any, as determined in accordance with Term
16 above, provided that for the purposes of such
determination, the relevant Interest Period Dates shall be the
period commencing on, and including, the Interest Payment
Date falling immediately prior to the date upon which the
Notes become due and payable (or, if no interest has yet been
paid, the Issue Date) to, but excluding, the date upon which
the Notes become due and payable.
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 / New Safekeeping No
Structure:
21. Financial Centre(s) or other special
London, Montevideo and New York
provisions relating to payment dates
(Condition 7(h)):
22. Governing law (Condition 14):
English
23. 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 UYU but payable in
USD, 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 FX
6




Valuation Date, UYU has appreciated in value against USD,
the payment in USD will be higher. Conversely, a depreciation
in value of UYU against USD will have the opposite impact.
Furthermore, since the Noteholders will receive payments on
the Notes only on the Interest Payment Dates (including 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 (USD) strengthens or weakens against the
denominated currency (UYU).
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" in the accompanying
Prospectus.
If a Price Source Disruption occurs, the FX Rate will be
determined using the Disruption Fallbacks described in Term
16(vii). Any of these Disruption Fallbacks 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 no Price Source Disruption had occurred.
DISTRIBUTION
24. (i)
If syndicated, names of
Not Applicable
Managers and underwriting
commitments:
(ii)
Stabilizing Manager(s) (if
Not Applicable
any):
25. If non-syndicated, name of Dealer:
J.P. Morgan Securities plc
26. Total commission and concession:
Not Applicable
27. Additional selling restrictions:
Not Applicable
28. UK MiFIR product governance /
Regulation (EU) No 600/2014 as it forms part of domestic
Retail investors, professional
law by virtue of the European Union (Withdrawal) Act
investors and ECPs target market:
2018 ("UK MiFIR") product governance / Retail investors,
professional investors and ECPs 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 United Kingdom
Financial Conduct Authority (the "FCA") Handbook Conduct
of Business Sourcebook ("COBS")), professional clients (as
defined in UK MiFIR) and retail clients (as defined in point
(8) of Article 2 of Regulation (EU) No 2017/565 as it forms
7




part of domestic law by virtue of the European Union
(Withdrawal) Act 2018); 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 manufacturer's target
market assessment; however, each 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 Term 28, "manufacturer" means the
Dealer.
IBRD does not fall under the scope of application of UK
MiFIR. Consequently, IBRD does not qualify as an
"investment firm", "manufacturer" or "distributor" for the
purposes of UK MiFIR.
OPERATIONAL INFORMATION
29. Legal Entity Identifier of the Issuer:
ZTMSNXROF84AHWJNKQ93
30. ISIN Code:
XS2818095122
31. Common Code:
281809512
32. Delivery:
Delivery versus payment
33. Registrar and Transfer Agent (if
Citibank, N.A., London Branch
any):
34. Intended to be held in a manner
No. Whilst the designation is specified as "no" at the date of
which would allow Eurosystem
these Final Terms, should the Eurosystem eligibility criteria
eligibility:
be amended in the future such that the Notes are capable of
meeting them the Notes may then be deposited with one of the
ICSDs as common safekeeper and registered in the name of a
nominee of one of the ICSDs acting as common safekeeper.
Note that this does not necessarily mean that the Notes will
then be recognized as eligible collateral for Eurosystem
monetary policy and intra-day credit operations by the
Eurosystem at any time during their life. Such recognition will
depend upon the ECB being satisfied that Eurosystem
eligibility criteria have been met.
GENERAL INFORMATION
IBRD's most recent Information Statement was issued on October 2, 2023.

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.


8




RESPONSIBILITY
IBRD accepts responsibility for the information contained in these Final Terms.
Signed on behalf of IBRD:


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

Name:
Title:

Duly authorized


9