Obligation IBRD-Global 2.4% ( XS1111600661 ) en CNY

IBRD-Global

100 % ⇌

Etats-unis

XS1111600661 ( en CNY )

2.4% par an ( paiement annuel )

18/09/2015 - Obligation échue

Prospectus brochure de l'obligation IBRD XS1111600661 en CNY 2.4%, échue

1 250 000 000 CNY

La Banque internationale pour la reconstruction et le développement (IBRD), membre du Groupe de la Banque mondiale, fournit des prêts et des services consultatifs aux pays à revenu intermédiaire et à revenu faible pour soutenir leur développement économique.

L'obligation XS1111600661 émise par la Banque Internationale pour la Reconstruction et le Développement (IBRD) aux États-Unis, d'une valeur nominale de 1 250 000 000 CNY, à un taux d'intérêt de 2,4% et échéant le 18 septembre 2015, a été remboursée à son prix nominal de 100%.

Final Terms dated September 15, 2014

International Bank for Reconstruction and Development

Issue of CNY 1,250,000,000 2.400 per cent. Notes due September 18, 2015

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 (this
"Final Terms") constitutes the Final Terms of the Notes described herein and must be read in
conjunction with such Prospectus.
SUMMARY OF THE NOTES
1. Issuer:
International Bank for Reconstruction and Development
("IBRD")
2. (i) Series Number:
11125
(ii) Tranche Number:
1
3. Specified Currency or Currencies
(Condition 1(d)):
Renminbi ("CNY")
4. Aggregate Nominal Amount:

(i) Series:
CNY 1,250,000,000
(ii) Tranche:
CNY 1,250,000,000
5. (i) Issue Price:
100.00 per cent. of the Aggregate Nominal Amount

(ii) Net proceeds:
CNY 1,249,375,000
6. Specified Denomination
(Condition (b)):
CNY 10,000
7. Issue Date:
September 18, 2014
8. Maturity Date (Condition 6(a)):
September 18, 2015, subject to adjustment in accordance
with the Modified Following Business Day Convention
9. Interest Basis (Condition 5):
2.400 per cent. Fixed Rate
(further particulars specified in Term 16 below)
10. Redemption/Payment Basis
(Condition 6):
Redemption at par
11. Change of Interest or
Redemption/Payment Basis:
Not Applicable
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:
Syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16. Fixed Rate Note Provisions
(Condition 5(a)):
Applicable
(i) Rate of Interest:
2.400 per cent. per annum

(ii) Interest Payment Date(s):
March 18, 2015 and the Maturity Date, subject to
adjustment in accordance with the Modified Following
Business Day Convention
(iii) Business Centers:
Hong Kong, London and New York City
(iv) Day Count Fraction

(Condition 5(l)):
Actual/365 (Fixed)
(v) Other terms relating to the
method for calculating interest
for Fixed Rate Notes:
Not Applicable
PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of each
Note (Condition 6):
CNY 10,000 per Specified Denomination
18. Early Redemption Amount
(Condition 6(c)):
As set out in the Conditions
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 Center(s) or other special
provisions relating to payment dates
(Condition 7(h)):
Hong Kong, London and New York City
22. Governing law (Condition 14):
New York
23. Other final terms:
See Annex A for certain modifications to the Conditions
with respect to the Notes
DISTRIBUTION
24. (i) If syndicated, names of
Crédit Agricole Corporate
Managers and underwriting
and Investment Bank:
CNY 417,000,000
commitments:
HSBC Bank plc:
CNY 417,000,000
Société Générale:
CNY 416,000,000
(ii) Stabilizing Manager(s) (if any): Not Applicable
25. If non-syndicated, name of Dealer:
Not Applicable
26. Total commission and concession:
0.05 per cent. of the Aggregate Nominal Amount
27. Additional selling restrictions:
People's Republic of China ("PRC"):
The Managers have represented and agreed that the Notes
are not being offered or sold and may not be offered or
sold, directly or indirectly, in the PRC (for such purposes,
not including Hong Kong and Macau Special
Administrative Regions or Taiwan).
Hong Kong:
(a) The Managers have not offered or sold and will not
offer or sell in Hong Kong, by means of any document,
any Notes other than (i) to "professional investors" as
defined in the Securities and Futures Ordinance (Cap.
571) of Hong Kong and any rules made under that

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Ordinance; or (ii) in other circumstances which do not
result in the document being a "Prospectus" as defined in
the Companies Ordinance (Cap. 32) of Hong Kong or
which do not constitute an offer to the public within the
meaning of that Ordinance; and
(b) The Managers have represented and agreed that they
have not issued or had in their possession for the purposes
of issue, and will not issue or have in their possession for
the purposes of issue, whether in Hong Kong or
elsewhere, any advertisement, invitation or document
relating to the Notes, which is directed at, or the contents
of which are likely to be accessed or read by, the public of
Hong Kong (except if permitted to do so under the
securities laws of Hong Kong) other than with respect to
the Notes which are or are intended to be disposed of only
to persons outside Hong Kong or only to "professional
investors" as defined in the Securities and Futures
Ordinance (Cap. 571 of Hong Kong) and any rules made
under that Ordinance.
OPERATIONAL INFORMATION

28. ISIN Code:
XS1111600661
29. Common Code:
111160066
30. Delivery:
Delivery against payment
31. Registrar and Transfer Agent (if any): Citibank, N.A., London Branch
32. Intended to be held in a manner which
would allow Eurosystem eligibility:
No
GENERAL INFORMATION
IBRD's most recent Information Statement was issued on September 18, 2013.

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.

SUPPLEMENTAL PROSPECTUS INFORMATION
The Prospectus is hereby supplemented with the following information, which shall be

deemed to be incorporated in, and to form part of, the Prospectus.
RISK FACTORS
To be read in conjunction with the "Risk Factors" Section starting on page 14 of the 2008
GDIF Prospectus.
The Renminbi is not freely convertible; there are significant restrictions on remittance of
Renminbi into and outside the PRC
The Renminbi is not freely convertible at present. The PRC government continues to regulate
conversion between the Renminbi and foreign currencies, including the Hong Kong dollar, despite
the significant reduction over the years by the PRC government of control over routine foreign
exchange transactions under current accounts.

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There can be no assurance that the PRC government will continue to gradually liberalise its
control over cross-border Renminbi remittances in the future or that new PRC regulations will not
be promulgated in the future which have the effect of restricting or eliminating the remittance of
Renminbi into or outside the PRC. In the event that the Issuer is not able to repatriate funds
outside the PRC in Renminbi, the Issuer will need to source Renminbi offshore to finance its
obligations under the Notes, and its ability to do so will be subject to the overall availability of
Renminbi outside the PRC.
There is only limited availability of Renminbi outside the PRC, which may affect the
liquidity of the Notes
As a result of the restrictions by the PRC government on cross-border Renminbi fund flows,
the availability of Renminbi outside of the PRC is limited.
Although it is widely expected that the offshore Renminbi market will continue to grow in
depth and size, its growth is subject to many constraints as a result of PRC laws and regulations on
foreign exchange. There is no assurance that new PRC regulations will not be promulgated in the
future which will have the effect of restricting availability of Renminbi offshore. The limited
availability of Renminbi outside the PRC may affect the liquidity of the Notes. To the extent the
Issuer is required to source Renminbi in the offshore market to service the Notes, there is no
assurance that the Issuer will be able to source such Renminbi on satisfactory terms, if at all.
In limited circumstances set out in Condition 7(i), relating to the unavailability of Renminbi
offshore, the Issuer is entitled to make payments in respect of the Notes in US Dollars.

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

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

Name:
Title:

Duly authorized

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ANNEX A MODIFICATIONS TO THE CONDITIONS

The Terms and Conditions shall be further modified as set forth below for the purposes of the
Notes that are subject to these Final Terms:
Condition 7 (Payment):
Condition 7(i) shall be replaced with the following:
"Currency of Payment: If the Specified Currency is no longer used by the government of
the PRC for the payment of public and private debts or used for settlement of transactions by
public institutions in the PRC or, in the reasonable opinion of the Calculation Agent, is not
expected to be available, when any payment on this Note is due as a result of circumstances
beyond the control of IBRD, IBRD shall be entitled to satisfy its obligations in respect of such
payment by making such payment in U.S. dollars on the basis of the Spot Rate on the second
Business Day prior to such payment (the "Determination Date") or, if such rate is not available on
the Determination Date, on the basis of the Spot Rate most recently available prior to such
Determination Date, as determined by the Calculation Agent. Any payment made under such
circumstances in U.S. dollars will constitute valid payment and will not constitute a default in
respect of this Note. For these purposes "Business Day" means a day (other than a Saturday or
Sunday) on which commercial banks are open for general business (including dealings in foreign
exchange) in Hong Kong, New York City and London.
"Spot Rate" means the spot Renminbi/U.S. dollar exchange rate for the purchase of U.S.
dollars with Renminbi in the over-the-counter Renminbi exchange market in Hong Kong for
settlement in two business days, as determined by the Calculation Agent at or around 11 a.m.
(Hong Kong time) on the Determination Date, on a deliverable basis by reference to Reuters
Screen Page TRADCNY3, or if no such rate is available, on a non-deliverable basis by reference
to Reuters Screen Page TRADNDF. If neither rate is available, the Calculation Agent will
determine the Spot Rate at or around 11 a.m. (Hong Kong time) on the Determination Date as the
most recently available Renminbi/U.S. dollar official fixing rate for settlement in two business
days reported by The State Administration of Foreign Exchange of the PRC, which is reported on
the Reuters Screen Page CNY=SAEC. Reference to a page on the Reuters Screen means the
display page so designated on the Reuter Monitor Money Rates Service (or any successor service)
or such other page as may replace that page for the purpose of displaying a comparable currency
exchange rate."

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