Obligation IBRD-Global 2.4% ( XS1114250944 ) en CNY

IBRD-Global

100 % ⇌

Etats-unis

XS1114250944 ( en CNY )

2.4% par an ( paiement annuel )

26/09/2016 - Obligation échue

Prospectus brochure de l'obligation IBRD XS1114250944 en CNY 2.4%, échue

500 000 000 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 émise par IBRD-Global ( Etats-unis ) , en CNY, avec le code ISIN XS1114250944, paye un coupon de 2.4% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 26/09/2016

Final Terms dated September 23, 2014

International Bank for Reconstruction and Development

Issue of CNY 500,000,000 2.375 per cent. Fixed Rate Notes due September 26, 2016

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
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:
11131
(ii) Tranche Number:
1
3. Specified Currency or Currencies
(Condition 1(d)):
Chinese Renminbi ("CNY")
4. Aggregate Nominal Amount:

(i) Series:
CNY 500,000,000
(ii) Tranche:
CNY 500,000,000
5. (i) Issue Price:
99.952 per cent. of the Aggregate Nominal Amount

(ii) Net proceeds:
CNY 499,385,000
6. Specified Denomination
(Condition (b)):
CNY 10,000 and integral multiples thereof
7. Issue Date:
September 26, 2014
8. Maturity Date (Condition 6(a)):
September 26, 2016, subject to adjustment in accordance
with the Modified Following Business Day Convention
9. Interest Basis (Condition 5):
2.375 per cent. Fixed Rate
(further particulars specified in Item 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:
Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16. Fixed Rate Note Provisions
(Condition 5(a)):
Applicable
(i) Rate of Interest:
2.375 per cent. per annum payable semi-annually in arrear

(ii) Interest Payment Date(s):
March 26 and September 26 in each year, from and
including March 26, 2015 to and including 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 minimum 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
Managers and underwriting
commitments:
Not Applicable
(ii) Stabilizing Manager(s) (if any): Not Applicable
25. If non-syndicated, name of Dealer:
The Toronto-Dominion Bank
26. Total commission and concession:
0.075 per cent. of the Aggregate Nominal Amount
27. Additional selling restrictions:
People's Republic of China ("PRC"):
The Dealer has 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 Dealer has 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
Ordinance; or (ii) in other circumstances which do not

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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 Dealer has represented and agreed that it has
not issued or had in its possession for the purposes of
issue, and will not issue or have in its 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:
XS1114250944
29. Common Code:
111425094
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 is dated September 16, 2014.

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 CNY is not freely convertible; there are significant restrictions on remittance of CNY
into and outside the PRC
The CNY is not freely convertible at present. The PRC government continues to regulate
conversion between the CNY 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.
There can be no assurance that the PRC government will continue to gradually liberalise its
control over cross-border CNY 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

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CNY into or outside the PRC. In the event that the Issuer is not able to repatriate funds outside the
PRC in CNY, the Issuer will need to source CNY offshore to finance its obligations under the
Notes, and its ability to do so will be subject to the overall availability of CNY outside the PRC.
There is only limited availability of CNY outside the PRC, which may affect the liquidity of
the Notes
As a result of the restrictions by the PRC government on cross-border CNY fund flows, the
availability of CNY outside of the PRC is limited.
Although it is widely expected that the offshore CNY 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 CNY offshore. The limited
availability of CNY outside the PRC may affect the liquidity of the Notes. To the extent the Issuer
is required to source CNY in the offshore market to service the Notes, there is no assurance that
the Issuer will be able to source such CNY on satisfactory terms, if at all.
In limited circumstances set out in Condition 7(i), relating to the unavailability of CNY
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 these 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 CNY/U.S. dollar exchange rate for the purchase of U.S. dollars
with CNY in the over-the-counter CNY 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
CNY/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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