Obligation Eurobank Reconstruction Development 1.625% ( US29874QAY08 ) en USD

Eurobank Reconstruction Development

100 % ▲

Royaume-Uni

US29874QAY08 ( en USD )

1.625% par an ( paiement semestriel )

26/09/2024 - Obligation échue

Prospectus brochure de l'obligation European Bank for Reconstruction and Development US29874QAY08 en USD 1.625%, échue

1 000 USD

1 150 000 000 USD

29874QAY0

La Banque européenne pour la reconstruction et le développement (BERD) est une banque multilatérale de développement qui finance des projets dans 38 pays d'Europe centrale et orientale, du Caucase, de l'Asie centrale et du bassin méditerranéen, en se concentrant sur la transition vers une économie de marché et le développement durable.

L'Obligation émise par Eurobank Reconstruction Development ( Royaume-Uni ) , en USD, avec le code ISIN US29874QAY08, paye un coupon de 1.625% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 26/09/2024

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 retail clients, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it
forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"),
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 EUWA ("UK MiFIR"); and (i ) al channels for distribution of
the Notes are appropriate. Any person subsequently of ering, 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 fal 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.

13 January 2021
PRICING SUPPLEMENT
European Bank for Reconstruction and Development
U.S.$50,000,000 1.625 per cent. Climate Resilience Global Notes due 27 September
2024 (the "Notes") (to be consolidated and form a single series with the Issuer's
U.S.$700,000,000 1.625 per cent. Climate Resilience Global Notes due 27 September
2024 issued on 27 September 2019, the Issuer's U.S.$75,000,000 1.625 per cent.
Climate Resilience Global Notes due 27 September 2024 issued on 15 July 2020, the
Issuer's U.S.$50,000,000 1.625 per cent. Climate Resilience Global Notes due 27
September 2024 issued on 8 September 2020, the Issuer's U.S.$40,000,000 1.625 per
cent. Climate Resilience Global Notes due 27 September 2024 issued on 1 October
2020, the Issuer's U.S.$135,000,000 1.625 per cent. Climate Resilience Global Notes due
27 September 2024 issued on 6 October 2020, the Issuer's U.S.$50,000,000 1.625 per
cent. Climate Resilience Global Notes due 27 September 2024 issued on 7 October
2020 and the Issuer's U.S.$50,000,000 1.625 per cent. Climate Resilience Global Notes
due 27 September 2024 issued on 14 October 2020) 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 shal be deemed to be defined as such for the purposes of the Conditions
set forth in the Of ering Circular dated 3 July 2012, as supplemented by the Supplementary
Of ering Circular dated 22 July 2019 (together, the "Offering Circular"). This Pricing
Supplement must be read in conjunction with such Of ering Circular. Full information on the
Notes is only available on the basis of the combination of this Pricing Supplement and the
1

Of ering Circular. The Of ering 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:
United States Dol ar ("U.S.$")
2
Nominal Amount:
U.S.$50,000,000
3
Type of Note:
Fixed Rate
4
Issue Date:
15 January 2021
5
Issue Price:
104.617 per cent. of the Nominal Amount, plus
108 days' accrued interest (U.S.$244,000)
calculated on the Nominal Amount from (and
including) 27 September 2020 to but excluding
the Issue Date
6
Maturity Date:
27 September 2024
7
Fungible with existing Notes:
Yes. The Notes wil be consolidated and form a
single
series
with
the
Issuer's
U.S.$700,000,000 1.625 per cent. Climate
Resilience Global Notes due 27 September
2024 issued on 27 September 2019, the
Issuer's U.S.$75,000,000 1.625 per cent.
Climate Resilience Global Notes due 27
September 2024 issued on 15 July 2020, the
Issuer's U.S.$50,000,000 1.625 per cent.
Climate Resilience Global Notes due 27
September 2024 issued on 8 September 2020,
the Issuer's U.S.$40,000,000 1.625 per cent.
Climate Resilience Global Notes due 27
September 2024 issued on 1 October 2020, the
Issuer's U.S.$135,000,000 1.625 per cent.
Climate Resilience Global Notes due 27
September 2024 issued on 6 October 2020, the
Issuer's U.S.$50,000,000 1.625 per cent.
Climate Resilience Global Notes due 27
September 2024 issued on 7 October 2020 and
the Issuer's U.S.$50,000,000 1.625 per cent.
Climate Resilience Global Notes due 27
September 2024 issued on 14 October 2020.
FORM OF THE NOTES

8
Form of Note:
Registered
9
New Global Note:
No
10 Specified Denomination(s):
U.S.$1,000
11 Exchange of Bearer Notes:
Not Applicable
12 (a)
Talons for future Coupons
Not Applicable
to be attached to definitive

2

Bearer Notes:

(b)
Date(s) on which the Talons Not Applicable
mature:
13 (a)
Depositary for and
Registered Global Note to be deposited with, or
registered holder of
on behalf of, DTC and registered in the name of
Registered Global Note:
Cede and Co. as nominee for DTC.

(b)
Exchange of Registered
Registered Global Note wil only be
Global Note:
exchangeable for definitive Registered Notes

upon 45 days' written notice in the limited

circumstances described on page 42 of the

Of ering Circular.

PROVISIONS RELATING TO INITIAL PAYMENT
14 Partly Paid Notes:
No
PROVISIONS RELATING TO INTEREST
15 Interest Commencement Date:
27 September 2020
16 Fixed Rate Notes:
Applicable

(a)
Fixed Rate(s) of Interest:
1.625 per cent. per annum payable semi-
annually in arrear.
For the avoidance of doubt, U.S.$8.13 shall be
payable per Specified Denomination on each
Fixed Interest Date
(b)
Fixed Interest Date(s):
27 March and 27 September in each year, from
and including 27 March 2021 up to and
including the Maturity Date.
(c)
Initial Broken Amount per
Not Applicable
Specified Denomination:
(d)
Final Broken Amount per
Not Applicable
Specified Denomination:
(e)
Fixed Day Count Fraction: 30/360
(f)
Business Day Convention: Following Business Day
(g)
Business Day definition if
Condition 4(a)(i i) applies, and for the
different from that in
avoidance of doubt, New York City is the
Condition 4(a)(i i):
principal financial centre. London shall be the
additional business centre
(h)
Calculation of interest to
No
be adjusted in accordance
with Business Day
Convention specified
above:
17 Zero Coupon Notes:
Not Applicable
18 Floating Rate Notes and Indexed Not Applicable

3

Notes:
PROVISIONS REGARDING PAYMENTS/DELIVERIES
19 Definition of "Payment Day" for the Condition 6(e) applies
purpose of Condition 6(e) if dif erent
to that set out in Condition 6:
20 Dual Currency Notes:
Not Applicable
21 Physically Settled Notes:
Not Applicable
PROVISIONS REGARDING REDEMPTION/MATURITY
22 (a)
Redemption at Issuer's
No
option:

(b)
Redemption at Noteholder's No
option:
23 (a)
Final Redemption Amount
100 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
27 If
Syndicated,
names
and Deutsche Bank AG, London Branch
addresses of Managers or, if Non- Winchester House
Syndicated name and address of 1 Great Winchester Street
Dealer:
London EC2N 2DB
United Kingdom

28 Date of Syndication Agreement:
Not Applicable
29 Stabilising Manager:
Not Applicable
30 Additional sel ing restrictions:
Not Applicable
31 Details of additional/alternative
Not Applicable
clearing system approved by the
Issuer and the Agent:

4

32 Intended to be held in a manner
No
which would al ow Eurosystem
eligibility:
33 Common Code:
205728228

ISIN Code:
US29874QAY08

CUSIP Number:
29874QAY0
34 Listing:
Application wil be made by the Issuer (or on its
behalf) for the Notes to be (i) admitted to the
Of icial List of the Financial Conduct Authority
and to be admitted to trading on the Main
Market of the London Stock Exchange plc and
(i ) listed on the Of icial List of the Luxembourg
Stock Exchange and to be admitted to trading
on the Regulated Market of the Luxembourg
Stock Exchange (Bourse de Luxembourg). The
Issuer has also applied for the Notes to be
displayed on the Luxembourg Green Exchange
(LGX).
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
wil
include
a
redenomination clause providing for
the redenomination of the Specified
Currency
in
euro
(a
"Redenomination Clause"), and, if
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:
0.0336 per cent. of the Nominal Amount

This Pricing Supplement comprises the pricing supplement required for issue and admission
to trading on the Main Market of the London Stock Exchange plc and 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 15 January 2021 or as soon as practicable thereafter.

5

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 Retail
clients, professional investors and ECPs target market".

6

For and on behalf of
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT

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

Authorised signatory

......................................................................
CITIBANK, N.A.
(as Agent)

7

PART B OTHER INFORMATION
1 LISTING
Application wil be made by the Issuer (or on its
behalf) for the Notes to be (i) admitted to the
Of icial List of the Financial Conduct Authority and
to be admitted to trading on the Main Market of the
London Stock Exchange plc and (i ) listed on the
Of icial 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 ef ect from 15
January 2021 or as soon as practicable thereafter.
The Issuer has also applied for the Notes to be
displayed on the Luxembourg Green Exchange
(LGX). No assurance can be given that such listing
and admission to trading wil be obtained on such
date, or, if obtained, that it wil be maintained.
The Notes are to be consolidated and form a
single series with the Issuer's U.S.$700,000,000
1.625 per cent. Climate Resilience Global Notes
due 27 September 2024 issued on 27 September
2019, the Issuer's U.S.$75,000,000 1.625 per
cent. Climate Resilience Global Notes due 27
September 2024 issued on 15 July 2020, the
Issuer's U.S.$50,000,000 1.625 per cent. Climate
Resilience Global Notes due 27 September 2024
issued on 8 September 2020, the Issuer's
U.S.$40,000,000 1.625 per cent. Climate
Resilience Global Notes due 27 September 2024
issued on 1 October 2020, the Issuer's
U.S.$135,000,000 1.625 per cent. Climate
Resilience Global Notes due 27 September 2024
issued on 6 October 2020, the Issuer's
U.S.$50,000,000 1.625 per cent. Climate
Resilience Global Notes due 27 September 2024
issued on 7 October 2020 and the Issuer's
U.S.$50,000,000 1.625 per cent. Climate
Resilience Global Notes due 27 September 2024
issued on 14 October 2020.
2 RATINGS
The Issuer and/or its debt obligations have been
assigned an AAA credit rating from S&P Global
Ratings 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

8

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 exceptional y strong capacity for
timely payment of its financial commitments.
3 NOTIFICATION

Not Applicable
4 INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

Save as discussed in the section headed "Subscription and Sale" in the Of ering
Circular, so far as the Issuer is aware, no person involved in the offer of the Notes
has an interest material to the of er.
5 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 U.S.$52,535,700.00) wil be
included in the ordinary capital resources of the
Issuer and used in its ordinary operations to
support a specific portfolio of climate resilient
investments (the Climate Resilience Project
Portfolio or CRPP), which currently comprises
investments that would typically fall under one of
the following three categories: climate resilient
infrastructure (water, energy, transport, urban
communications); climate-resilient business and
commercial operations; and climate resilient
agriculture and ecological systems (see Use of
Proceeds in paragraph 10 below).

(i ) Estimated net proceeds:
U.S.$52,535,700.00

(iii) Estimated total
U.S.$15,000
expenses:
6 YIELD

Indication of yield:
0.3674 per cent. (semi-annual)

As set out above, the yield is calculated at the
Issue Date on the basis of the Issue Price. It is not
an indication of future yield.

7 HISTORIC INTEREST RATES

Not Applicable

9

8 PERFORMANCE OF INDEX/FORMULA/OTHER VARIABLE, EXPLANATION OF
EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND OTHER
INFORMATION CONCERNING THE UNDERLYING

Not Applicable
9 PERFORMANCE OF RATES OF EXCHANGE AND EXPLANATION OF EFFECT
ON VALUE OF INVESTMENT

Not Applicable
10 USE OF PROCEEDS

The proceeds of the Notes issuance wil be used to support the Issuer's Climate
Resilience Project Portfolio:

"Climate Resilience Project Portfolio" shal mean, as determined by the Issuer, the
sum of all loans and investments that are funded, in whole or in part, by the Issuer
and in respect of which the amount disbursed or invested is directed at, as
determined by the Issuer, climate resilient investments through financing or
refinancing projects that are intended to maintain or enhance the resilience of the
asset to climate change over its expected life and/or to contribute to the climate
resilience of the system.

Examples of projects in the Climate Resilience Project Portfolio include, without
limitation, financings of:
·
Investments in climate-resilient infrastructure, which may include:
o Water infrastructure, such as climate-resilient water supplies, wastewater
treatment, water conveyance systems and irrigation systems, etc.
o Energy infrastructure, such as climate-resilient electricity generation,
transmission and distribution systems, etc.
o Transport infrastructure, such as climate-resilient land transport systems,
ports, airports and intermodal transport, etc.
o Urban infrastructure, such as climate-resilient buildings (e.g. insulation,
lighting, heating/cooling systems), and the built environment, etc.
o Communications infrastructure, such as climate-resilient telecommunications
systems, broadband, data servers, etc.
·
Investments in climate-resilient business and commercial operations, which may
include:
o Improving water use ef iciency in industry, manufacturing etc.
o Reducing the vulnerability of businesses and their value chains to extreme
weather events such as floods, storms, droughts, heatwaves, etc.
·
Investments in climate-resilient agricultural & ecological systems, which may
include:
o Sustainable and stress-resilient agriculture, including investments in water-
ef icient irrigation, etc.
o Sustainable forest management, reforestation, watershed management, and
the prevention of deforestation and soil erosion, etc.

10