Obligation IBRD-Global 8.25% ( XS1840619610 ) en BRL

Société émettrice IBRD-Global
Prix sur le marché 100 %  ⇌ 
Pays  Etas-Unis
Code ISIN  XS1840619610 ( en BRL )
Coupon 8.25% par an ( paiement annuel )
Echéance 22/06/2023 - Obligation échue



Prospectus brochure de l'obligation IBRD XS1840619610 en BRL 8.25%, échue


Montant Minimal 5 000 BRL
Montant de l'émission 250 000 000 BRL
Description détaillée 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 ( Etas-Unis ) , en BRL, avec le code ISIN XS1840619610, paye un coupon de 8.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 22/06/2023







Final Terms dated 29 April 2019

International Bank for Reconstruction and Development

Issue of BRL 75,000,000 8.25 per cent. Notes due 22 June 2023
payable in United States Dollars

(to be consolidated and form a single series with the existing
BRL 100,000,000 8.25 per cent. Notes due 22 June 2023 issued on 22 June 2018 and BRL
75,000,000 8.25 per cent. Notes due 22 June 2023 issued on 4 September 2018)

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.

MIFID II product governance / Eligible counterparties, professional investors and retail
investors target market ­ See Term 28 below

SUMMARY OF THE NOTES
1.
Issuer:
International Bank for Reconstruction and Development
("IBRD")
2.
(i)
Series Number:
100444

(ii)
Tranche Number:
3
3.
Specified Currency or Currencies
The lawful currency of the Federative Republic of Brazil
(Condition 1(d)):
("Brazilian Real" or "BRL"), provided that all payments
in respect of the Notes will be made in United States
Dollars ("USD")
4.
Aggregate Nominal Amount:


(i)
Series:
BRL 250,000,000

(ii)
Tranche:
BRL 75,000,000
5.
(i)
Issue Price:
105.50 per cent. of the Aggregate Nominal Amount of
this Tranche plus 314 days' accrued interest
(ii)
Net proceeds:
BRL 84,447,945.21 (equivalent to USD 21,255,460.66 at
the USD/BRL exchange rate of 3.9730)
6.
Specified Denominations
BRL 5,000

(Condition 1(b)):
7.
(i)
Issue Date:
2 May 2019

(ii)
Interest Commencement Date
22 June 2018


(Condition 5(l)):
8.
Maturity Date (Condition 6(a)):
22 June 2023

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9.
Interest Basis (Condition 5):
8.25 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:
8.25 per cent. per annum payable annually in arrear
(ii) Interest Payment Date(s):
22 June in each year, from and including 22 June 2019 to
and including the Maturity Date, not subject to
adjustment in accordance with a Business Day
Convention
(iii) Interest Period Date(s):
Each Interest Payment Date
(iv) Business Day Convention:
Not Applicable
(v) Fixed Coupon Amount(s):
The Fixed Coupon Amount for the relevant Interest
Period shall be BRL 412.50 per Specified Denomination,
payable in USD and determined by the Calculation Agent
by applying the following formula on the applicable BRL
Valuation Date:
BRL 412.50 divided by BRL Reference Rate
(as defined in Term 17 below) on such BRL
Valuation Date.
(vi) Broken Amount(s):
Not Applicable
(vii) Day Count Fraction
Actual/Actual (ICMA)
(Condition 5(l)):
(viii) Other terms relating to the
See Term 17 below
method of calculating interest for
Fixed Rate Notes:
PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of each
The Final Redemption Amount shall be BRL 5,000 per
Note (Condition 6):
Specified Denomination, payable in USD and determined
by the Calculation Agent by applying the following
formula on the BRL Valuation Date immediately prior to
the Maturity Date.
Specified Denomination divided by
BRL
Reference Rate (as defined below) on such BRL
Valuation Date.

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Where:
"BRL-PTAX Rate" (or "BRL09") means, in respect of
each relevant BRL Valuation Date, the closing
USD/BRL offered exchange rate for USD, expressed as
the amount of BRL per one USD, as reported by the
Banco Central do Brasil (www.bcb.gov.br; see "Cotações
e boletins"), or any succeeding rate source, by
approximately 1:15 p.m. São Paulo time on such BRL
Valuation Date and as published on Reuters Screen
"BRLUSDPTAX= CBBR" page (or such other page or
services as may replace that page to be used for the
purpose of obtaining the reference rate), provided that in
the event of any inconsistency between such rate on
Banco Central do Brasil's website and such rate on
Reuters Screen "BRLUSDPTAX= CBBR" Page, the
USD/BRL offered exchange rate on Banco Central do
Brasil's website shall prevail.
"BRL Reference Rate" means, in respect of a BRL
Valuation Date, the USD/BRL exchange rate, expressed
as the amount of BRL per one USD:
(a) as determined by the Calculation Agent on the
relevant BRL Valuation Date by reference to the
applicable BRL-PTAX Rate; or
(b) in the event of Price Source Disruption, as determined
by the Calculation Agent for the relevant BRL Valuation
Date by requesting five leading reference banks (selected
by the Calculation Agent at its sole discretion) in the U.S.
interbank market for their mid-market quotations of the
USD/BRL spot exchange rate at approximately 4:00 p.m.
New York time on such date. The highest and the lowest
of such quotations will be disregarded and the arithmetic
mean (rounded to the nearest four decimal places with
0.00005 being rounded upwards) of the remaining three
quotations will be the BRL Reference Rate, provided
that, if two or more such quotations are the highest
quotations, then only one of such highest quotations shall
be disregarded, and if two or more such quotations are
the lowest quotations then only one of such lowest
quotations shall be disregarded.
Provided that, if only four quotations are so provided,
then the BRL Reference Rate shall be the arithmetic
mean of such quotations without regard to the highest
and lowest values quoted, and provided further that, if
two or more such quotations are the highest quotations,
then only one of such highest quotations shall be
disregarded, and if two or more such quotations are the
lowest quotations then only one of such lowest
quotations shall be disregarded.
If fewer than four quotations but at least two quotations
can be obtained then the BRL Reference Rate shall be the
arithmetic mean (rounded to the nearest four decimal

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places with 0.00005 being rounded upwards) of the
quotations actually obtained by the Calculation Agent.
If only one quotation is available, the Calculation Agent
may determine that such quotation shall be the BRL
Reference Rate, and if no such quotation is available or if
the Calculation Agent determines in its sole discretion
that no suitable reference bank who is prepared to quote
is available, the BRL Reference Rate shall be determined
by the Calculation Agent acting in good faith and in a
commercially reasonable manner, having taken into
account relevant market practice.
Provided further that, if the BRL Valuation Date falls on
an Unscheduled Holiday, the BRL Reference Rate will
be determined by the Calculation Agent on such BRL
Valuation Date, acting in good faith and in a
commercially reasonable manner, having taken into
account relevant market practice.
"BRL Valuation Date" means the date that is five (5)
Business Days prior to the relevant Interest Payment
Date or the Maturity Date, as applicable (the "Scheduled
BRL Valuation Date"), provided that, if a Price Source
Disruption has occurred or exists on the Scheduled BRL
Valuation Date, the BRL Valuation Date will be the next
following Business Day, and provided further that, if the
Price Source Disruption continues to exist on such next
following Business Day, the BRL Valuation Date shall
be such Business Day.
If an Unscheduled Holiday occurs on a day that would
have been a Scheduled BRL Valuation Date but for the
occurrence of such Unscheduled Holiday, the BRL
Valuation Date will be the next following Business Day,
provided, however, if an Unscheduled Holiday occurs on
any day that would have been a BRL Valuation Date but
for the occurrence of such Unscheduled Holiday, other
than the Scheduled BRL Valuation Date, such
Unscheduled Holiday shall be the BRL Valuation Date.
If an Unscheduled Holiday occurs between a BRL
Valuation Date and the relevant Interest Payment Date,
the Maturity Date or the date upon which the Notes
become due and payable as provided in Condition 9, as
applicable, such BRL Valuation Date shall not be subject
to any postponement or adjustment.
"Business Day" means a day (other than a Saturday or
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 London, New York

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City and São Paulo.
"Calculation Agent" means Citibank, N.A., London
Branch, or its duly appointed successor.
"EMTA" means EMTA, Inc., the trade association for
the Emerging Markets, or any successor.
"EMTA BRL Exchange Rate Divergence Procedures"
means the "EMTA BRL Exchange Rate Divergence
Procedures" published by EMTA on 22 January 2018 (as
amended from time to time).
"Exchange Rate Divergence" means, upon notice to the
EMTA membership, that, in the reasonable and
independent judgment, as notified to EMTA in
accordance with the EMTA BRL Exchange Rate
Divergence Procedures, of not less than 7 unaffiliated
EMTA members that are recognized market makers
active in the USD/BRL foreign exchange market (no less
than 4 of which shall be active participants in the onshore
USD/BRL spot market), the BRL-PTAX Rate (or
BRL09) (following a split of the exchange rates in Brazil
or otherwise) no longer reflects the then-prevailing
USD/BRL spot rate for standard-size wholesale financial
transactions involving the exchange of BRL for USD
delivered outside of Brazil. For purpose hereof,
"unaffiliated EMTA members" means EMTA members
that are not within the same business group, under
common control, or are related corporate entities and
"EMTA members" are EMTA members in good
standing at the time of the submission of the notice.
"Price Source Disruption" means, as determined by the
Calculation Agent on the relevant BRL Valuation Date,
either:
(a) the BRL-PTAX Rate is not available; or
(b) there is an event of Exchange Rate Divergence.
"São Paulo Business Day" means a day (other than a
Saturday or 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 São Paulo.
"Unscheduled Holiday" means a day that is not a São
Paulo 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. local time in São Paulo two (2)
São Paulo Business Days prior to the relevant BRL

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Valuation Date.
18. Early Redemption Amount
The Final Redemption Amount per Specified
(Condition 6(c)):
Denomination as determined in accordance with Term 17
above plus accrued and unpaid interest, if any, as
determined in accordance with Term 16, except that the
BRL Reference Rate shall be determined by the
Calculation Agent on the day that is five (5) Business
Days prior to the day on which the Early Redemption
Amount shall be due and payable (an "Early
Redemption Valuation Date") and all the references to
"BRL Valuation Date" shall be deemed to be replaced by
"Early Redemption Valuation Date".
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 Centre(s) or other special
London, New York and São Paulo
provisions relating to payment dates
(Condition 7(h)):
22. Governing Law (Condition 14):
English Law
23. Other final terms:
The first sentence of Condition 7(a)(ii) is hereby replaced
by the following: "Interest (which for the purpose of this
Condition 7(a) shall include all Instalment Amounts other
than final Instalment Amounts) on Registered Notes shall
be paid to the person shown on the Register at the close
of business on the calendar day before the due date for
payment thereof (the "Record Date")."
24. 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 BRL and 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 BRL Valuation Date,
BRL has appreciated in value against USD, the payment
in USD will be higher. Conversely, a depreciation in
value of BRL 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

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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 (BRL).
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.
DISTRIBUTION
25. (i) If syndicated, names of
Not Applicable
Managers and underwriting
commitments:
(ii) Stabilizing Manager(s) (if any):
Not Applicable
26. If non-syndicated, name of Dealer:
J.P. Morgan Securities plc
27. Total commission and concession:
Not Applicable
28. Additional selling restrictions:
Federative Republic of Brazil

The Notes have not been and will not be registered with
the "Comissão de Valores Mobiliários" ­ the Brazilian
Securities and Exchange Commission ("CVM") and
accordingly, the Notes may not and will not be sold,
promised to be sold, offered, solicited, advertised and/or
marketed within the Federal Republic of Brazil, except in
circumstances that cannot be construed as a public
offering or unauthorised distribution of securities under
Brazilian laws and regulations. The Notes are not being
offered into the Federal Republic of Brazil. Documents
relating to an offering of the Notes may not be supplied
or distributed to the public in the Federal Republic of
Brazil nor be used in connection with any offer for
subscription or sale of the Notes to the public in the
Federal Republic of Brazil.

28.
MIFID II product governance /
Directive 2014/65/EU (as amended, "MiFID II")
Eligible counterparties, professional
product governance / Eligible counterparties,
investors and retail investors target
professional investors and retail investors target
market:
market ­ Solely for the purposes of the manufacturer's
product approval process, the target market assessment in

7


respect of the Notes has led to the conclusion that: (i) the
target market for the Notes is eligible counterparties,
professional clients and retail clients, each as defined in
MiFID II and (ii) all channels for distribution of the
Notes to eligible counterparties, professional clients and
retail 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 MiFID II 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, subject to
the distributor's suitability and appropriateness
obligations under MiFID II.
OPERATIONAL INFORMATION

29. ISIN Code:
XS1840619610
30.
Common Code:
184061961
31.
Delivery:
Delivery against payment
32.
Registrar and Transfer Agent
Citibank, N.A., London Branch

(if any):
33.
Intended to be held in a manner
No

which would allow Eurosystem

eligibility:

GENERAL INFORMATION

IBRD's most recent Information Statement was issued on [September 17, 2018].

USE OF PROCEEDS

Supporting sustainable development in IBRD's member countries.

The net proceeds from the sale of the Notes will be used by IBRD to finance sustainable
development projects and programs in IBRD's member countries (without being committed or
earmarked for lending to, or financing of, any particular projects or programs). IBRD's financing
is made available solely to middle-income and creditworthy lower-income member countries who
are working in partnership with IBRD to eliminate extreme poverty and boost shared prosperity,
so that they can achieve equitable and sustainable economic growth in their national economies
and find sustainable solutions to pressing regional and global economic and environmental
problems. Projects and programs supported by IBRD are designed to achieve a positive social
impact and undergo a rigorous review and internal approval process aimed at safeguarding
equitable and sustainable economic growth.

IBRD integrates five cross cutting themes into its lending activities helping its borrowing members
create sustainable development solutions: climate change; gender; jobs; public-private partnerships;
and fragility, conflict and violence.

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IBRD's administrative and operating expenses are covered entirely by IBRD's various sources of
revenue (net income) consisting primarily of interest margin, equity contribution and investment
income (as more fully described in the Information Statement).

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.

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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