Obligation EBRD 3.01% ( XS1785345486 ) en PLN

EBRD

100 % ⇌

Royaume-Uni

XS1785345486 ( en PLN )

3.01% par an ( paiement semestriel )

12/03/2028

Prospectus brochure de l'obligation EBRD XS1785345486 en PLN 3.01%, échéance 12/03/2028

10 000 PLN

327 000 000 PLN

13/09/2025 ( Dans 68 jours )

La Banque européenne pour la reconstruction et le développement (BERD) est une institution financière internationale qui finance des projets d'investissement dans les pays d'Europe centrale et orientale, la région méditerranéenne du sud et l'Asie centrale, en se concentrant sur la transition vers une économie de marché et le développement durable.

L'Obligation émise par EBRD ( Royaume-Uni ) , en PLN, avec le code ISIN XS1785345486, paye un coupon de 3.01% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 12/03/2028

UK MiFIR product governance / 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 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, as amended ("UK MiFIR")
only; and (i ) 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.
PRICING SUPPLEMENT
24 November 2021
European Bank for Reconstruction and Development
PLN 10,000,000 3.010 per cent. Health Bonds due 13 March 2028 (the "Notes") (to be
consolidated and form a single series with the Issuer's PLN 317,000,000 3.010 per cent.
Health Bonds due 13 March 2028 issued on 13 March 2018) 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 Offering
Circular dated 22 July 2019 (together, the "Offering Circular"). This Pricing Supplement must be
read in conjunction with such Of ering Circular. Ful 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:
Polish Zloty ("PLN"), the lawful currency of the
Republic of Poland subject to the provisions set
out in the Annex hereto
2
Nominal Amount:
PLN 10,000,000
3
Type of Note:
Fixed Rate
4
Issue Date:
26 November 2021
1

5
Issue Price:
99.90 per cent. of the Nominal Amount plus 73
days' accrued interest calculated on the Nominal
Amount from (and including) 13 September 2021
to (but excluding) the Issue Date.
6
Maturity Date:
13 March 2028, subject to the provisions set out
in the Annex hereto
7
Fungible with existing Notes:
Yes. The Notes wil be consolidated and form a
single series with the Issuer's PLN 317,000,000
3.010 per cent. Health Bonds due 13 March 2028
issued on 13 March 2018 on the Issue Date.
FORM OF THE NOTES
8
Form of Note:
Registered
9
New Global Note:
No
10 Specified Denomination(s):
PLN 10,000
11 Exchange of Bearer Notes:
Not applicable
12 (a) Talons for future Coupons to Not applicable
be attached to definitive
Bearer Notes:

(b) Date(s) on which the Talons
Not applicable
mature:
13 (a) Depositary for and
Registered Global Note to be deposited with a
registered holder of
common depositary for Euroclear and
Registered Global Note:
Clearstream, Luxembourg and registered in the
name of Citivic Nominees Limited as nominee for
the common depositary

(b) Exchange of Registered
Registered Global Note wil only be exchangeable
Global Note:
for definitive Registered Notes upon 45 days'
written notice in the limited circumstances
described on page 42 of the Offering Circular
PROVISIONS RELATING TO INITIAL PAYMENT
14 Partly Paid Notes:
No
PROVISIONS RELATING TO INTEREST
15 Interest Commencement Date:
13 September 2021
Fixed Rate Notes:
16 (a) Fixed Rate(s) of Interest:
3.010 per cent. per annum.
For the avoidance of doubt, PLN 150.50 per
Specified Denomination (the "Fixed Interest
Amount") shal be payable on each Fixed Interest
Date, subject to the provisions set out in the
Annex hereto.
2

(b) Fixed Interest Date(s):
13 March and 13 September in each year, from
and including 13 March 2022 to and including the
Maturity Date, subject to the provisions set out in
the Annex hereto

(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 Convention

(g) Business Day definition if
Condition 4(a)(i i) applies (and for the avoidance
different from that in
of doubt, Warsaw shal be the principal financial
Condition 4(a)(i i):
centre). London and New York City shal be the
additional business centres.

(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
Condition 6(e) applies
the purpose of Condition 6(e) if
different 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 (c) Final Redemption Amount
100.00 per cent. per Specified Denomination,
for each Note (other than an
subject to the provisions set out in the Annex
Indexed or Formula Note
hereto
where the index or formula
applies to the redemption
amount):

(d) Final Redemption Amount
Not applicable
for each Indexed Note
where the Index or Formula
3

applies to the Final
Redemption Amount:
24 Instalment Note:
Not applicable
25 Early Redemption Amount for
Condition 5(d) applies, subject to the provisions
each Note payable on an event
set out in the Annex hereto
of default:
DISTRIBUTION, CLEARING AND SETTLEMENT PROVISIONS
26 Method of distribution:
Non-syndicated
27 If Syndicated, names and
Daiwa Capital Markets Europe Limited
addresses of Managers or, if
5 King Wil iam Street
Non-Syndicated name and
London EC4N 7AX
address of Dealer:
United Kingdom
28 Date of Syndication Agreement:
Not applicable
29 Stabilising Manager(s):
None
30 Additional sel ing restrictions:
Unless the prospectus for the Notes has been
approved by either the Polish competent authority
for the approval of prospectuses for the public
offering of securities in Poland or the admission of
securities to trading on an EU regulated market in
Poland (the "Polish FSA"), or the relevant
competent authority in another EU Member State
and the Polish FSA has received a certificate of
such approval with a copy of the prospectus and
Polish and/or English (at the sole discretion of the
issuer) translation of the prospectus and Polish
translation of its summary as required under the
Polish Act on Public Offering, Conditions
Governing the Introduction of Financial
Instruments to Organised Trading, and Public
Companies of 29 July 2005, as amended (the
"Act on Public Offering"), the Notes may not be
publicly offered in Poland or admitted to trading
on an EU regulated market in Poland. Pursuant to
the Act on Public Offering "public offering" means
communication in any form and by any means,
which is addressed to at least 150 persons, or to
an unspecified addressee, and which contains
sufficient information on the securities to be
offered and terms and conditions of their
acquisition, so as to enable an investor to decide
to acquire these securities". Each of the Issuer
and the Dealer has represented and agreed that
it wil not seek admission of any Notes to trading
on any EU regulated market in Poland nor offer
any Notes in Poland as part of its initial
distribution in the event that any such offer would
4

constitute a "public offering" in Poland as defined
above.
31 Details of additional/alternative
Not applicable
clearing system approved by the
Issuer and the Agent:
32 Intended to be held in a manner
No
which would al ow Eurosystem

eligibility:
33 Common Code:
178534548

ISIN Code:
XS1785345486

CUSIP Number:
Not applicable
34 Listing:
Application wil 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. Application wil
also be made by the Issuer (or on its behalf) for
the Notes to be displayed on the Luxembourg
Green Exchange (LGX).
35 In the case of Notes
Not applicable
denominated 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.
5

36 Additional Information:
The language set out under the heading "Use of
Proceeds" in the Offering Circular shal be
replaced for these Notes by the following:
The proceeds of the Note issuance wil be
included in the ordinary capital resources of the
Issuer and wil be used towards the Issuer's
health projects in accordance with and subject to
the following provisions:

An amount equivalent to the net proceeds of the
Notes wil be allocated within the Issuer's
Treasury liquidity pool to a portfolio that is
separately monitored by the Issuer. So long as
any of these Notes are outstanding, if the overall
balance of such portfolio exceeds the overall
amount of the Issuer's Health Project Portfolio (as
defined below), the remaining balance may only
be invested by the Issuer in certificates of
deposits, commercial paper, bank deposits,
repurchase transactions or other money-market
instruments, as determined by the Issuer.

The "Health 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 entire or
substantially the entire amount disbursed or
invested is directed to, as determined by the
Issuer, any of the following areas:

- the construction, expansion, refurbishment,
upgrading, equipping and/or operation of
hospitals, healthcare centres, diagnostic centres
and/or

- the manufacture of medical and diagnostic
equipment; improving the quality, accessibility
and affordability of medicines through the
upgrading of pharmaceutical facilities and
processes to increase production capacity and
process efficiency;

-
facilitating the development of new
pharmaceutical products; support of wholesale,
distribution and retail channels in respect of
pharmaceutical products; and

- ensuring good manufacturing practice in
pharmaceutical manufacturing.
6

The above examples are il ustrative only and no
assurance can be provided that investments in
projects with these specific characteristics wil be
made.
The provisions set out in the Annex shal apply to
the Terms and Conditions in accordance herewith
(i) Investment considerations:
Notes are not liquid instruments
The Notes are not actively traded in any financial
market and there may exist at times only limited
markets for the Notes resulting in low or non-
existent volumes of trading in the Notes and such
obligations, and therefore a lack of liquidity and
price volatility of the Notes and such obligations.
37 Total Commissions:
0.14% of the Nominal Amount

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 26 November 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".
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 admitted to trading on the
Regulated Market of the Luxembourg Stock
Exchange and listed on the Official List of the
Luxembourg Stock Exchange and application wil
also be made by the Issuer (or on its behalf) for the
Notes to be displayed on the Luxembourg Green
Exchange (LGX) with effect from 26 November 2021
or as soon as practicable thereafter. 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.

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 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
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

Save as discussed in "Subscription and Sale", 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 PLN 10,037,040) wil be included in
the ordinary capital resources of the Issuer and used
in its ordinary operations as described in the
provision above titled `Additional Information'.

(i )
Estimated net proceeds:
PLN 10,037,040

8

(i i)
Estimated total expenses:
EUR 1,400
5
YIELD

Indication of yield:
3.05 per cent. per annum

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
6
HISTORIC INTEREST RATES

Not applicable
7
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

ANNEX
Settlement Disruption Event and Fallback Provisions
All payments in respect of the Notes will be made in PLN, subject to the occurrence of a Settlement
Disruption Event and will in all cases be subject to any fiscal or other laws applicable thereto.
If the Calculation Agent determines (in its sole discretion acting in good faith and in a commercially
reasonable manner) that a Settlement Disruption Event has occurred or is subsisting during the
Determination Period:
A.
The Calculation Agent shall notify the Issuer and the Agent of its determination as soon as
practicable after making such determination (but in no event later than 8.00 a.m. London
time one Business Day after the last day of the Determination Period) whereupon the Agent
shall as soon as practicable thereafter (but in no event later than one Business Day after
receipt of the aforementioned notice from the Calculation Agent) notify the Noteholders
thereof (in accordance with Condition 13 of the Notes), and
B.
Noteholders will not be entitled to any amounts in respect of the Notes until the earlier to
occur of (i) the day falling two Business Days after the day on which the Issuer is notified by
the Calculation Agent that a Settlement Disruption Event no longer subsists and (ii) the
Postponed Fixed Interest Date, the Postponed Maturity Date or the Postponed Early
Redemption Date, as the case may be.
If a Settlement Disruption Event no longer subsists, the Calculation Agent shall notify the Issuer and
the Agent thereof as soon as practicable on or after the Business Day on which the Settlement
Disruption Event no longer subsists (but in no event later than one Business Day thereafter)
whereupon the Agent shall as soon as practicable thereafter (but in no event later than one Business
Day after receipt of the aforementioned notice from the Calculation Agent) notify the Noteholders
thereof (in accordance with Condition 13 of the Notes).
If any amount is to be paid on the Postponed Fixed Interest Date, Postponed Maturity Date or
Postponed Early Redemption Date (as the case may be), regardless of whether a Settlement
Disruption Event is still subsisting at such time, payment shall be made in United States Dollars
("USD") and shall be calculated by the Calculation Agent (and promptly notified to the Agent and the
Issuer (but in no event later than two Business Days before the Postponed Fixed Interest Date,
Postponed Maturity Date or Postponed Early Redemption Date (as the case may be)) in an amount
per Specified Denomination which shall be produced by the following provisions, such amount to be
rounded to the nearest whole cent (with 0.5 cent being rounded upwards):
[Relevant PLN Amount ÷ Exchange Rate]
For the avoidance of doubt, no additional amounts shall be payable by the Issuer in respect of any
delay in payment beyond the originally scheduled Fixed Interest Date, Maturity Date or, as the case
may be, Early Redemption Date (in each case, as adjusted, if appropriate, in accordance with the
Following Business Day Convention) to the Postponed Fixed Interest Date, Postponed Maturity Date
or Postponed Early Redemption Date (as appropriate) because of the operation of the provisions of
this Annex.
For the purposes of these provisions:
"Business Day" means 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, New York City and Warsaw;
"Calculation Agent" means Citibank N.A in accordance with the provisions of the Calculation
Agency Agreement entered between the Issuer and the Calculation Agent dated 20 February 2004
(as amended and/or supplemented from time to time). All references to the Calculation Agent shall
include any successor(s) to Citibank N.A as Calculation Agent in respect of the Notes;
"Determination Period" means (i) in relation to any Fixed Interest Date, the period which falls
between five and three Business Days (inclusive) preceding any relevant Fixed Interest Date, as
adjusted in accordance with the Following Business Day Convention; (ii) in relation to the Maturity
Date, the period which falls between five and three Business Days (inclusive) preceding the Maturity
Date, as adjusted in accordance with the Following Business Day Convention; and (iii) in relation to
10