Obligation EBRD 1% ( XS2250986465 ) en EUR

EBRD

100 % ⇌

Royaume-Uni

XS2250986465 ( en EUR )

1% par an ( paiement annuel )

06/11/2050

Prospectus brochure de l'obligation EBRD XS2250986465 en EUR 1%, échéance 06/11/2050

100 000 EUR

100 000 000 EUR

06/11/2025 ( Dans 123 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 EUR, avec le code ISIN XS2250986465, paye un coupon de 1% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 06/11/2050

MiFID II product governance / Professional investors and ECPs target market only:
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 and professional clients only, each as defined in Directive
2014/65/EU (as amended, "MiFID II"); 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 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.
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 MiFID II. Consequently, the Issuer does not qualify as an "investment
firm", "manufacturer" or "distributor" for the purposes of MiFID II.

4 November 2020

PRICING SUPPLEMENT
European Bank for Reconstruction and Development
EUR 100,000,000 1.00 per cent. Callable Fixed Rate Notes due 6 November 2050 (the
"Notes") 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 shall be deemed to be defined as such for the purposes of the Conditions
set forth in the Offering 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 Offering Circular. Full 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:
Euro ("EUR")
2
Nominal Amount:
EUR 100,000,000
3
Type of Note:
Fixed Rate
4
Issue Date:
6 November 2020
5
Issue Price:
100.00 per cent. of the Nominal Amount
6
Maturity Date:
6 November 2050, subject to the Redemption
at Issuer's option provisions below.
7
Fungible with existing Notes:
No

1

FORM OF THE NOTES

8
Form of Note:
Registered
9
New Global Note:
No
10 Specified Denomination(s):
EUR 100,000
11 Exchange of Bearer Notes:
Not Applicable
12 (a)
Talons for future Coupons
Not Applicable
to 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
will
only
be
Global Note:
exchangeable 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:
Issue Date
16 Fixed Rate Notes:
Applicable

(a)
Fixed Rate of Interest:
1.00 per cent. per annum, payable annually in
arrear on each Fixed Interest Date
(b)
Fixed Interest Dates:
6 November in each year, from and including 6
November 2021, up to and including the
Maturity Date, subject to the Redemption at the
Issuer's option provisions below and subject to
adjustment
for
payment
purposes
in
accordance with the Business Day Convention
specified below.
(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

2

(g)
Business Day definition if
Condition
4(a)(iii)
applies
and,
for
the
different from that in
avoidance of doubt, TARGET shall be the
Condition 4(a)(iii):
principal financial centre. London shall be an
additional business centre
(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 the
Condition 6(e) applies and, for the avoidance of
purpose of Condition 6(e) if different doubt, TARGET shall be the principal financial
to that set out in Condition 6:
centre. London shall be an additional business
centre
20 Dual Currency Notes:
Not Applicable
21 Physically Settled Notes:
Not Applicable
PROVISIONS REGARDING REDEMPTION/MATURITY
22 (a)
Redemption at Issuer's
Yes
option:
The Issuer has the right to redeem the Notes
(in whole but not in part) on an Optional
Redemption Date per Specified Denomination
(as defined below) at the Optional Redemption
Amount (as defined below) by giving notice to
the Agent of such redemption not less than five
(5) Business Days (as defined below) prior to
the relevant Optional Redemption Date.
The Agent shall give notice of such redemption
to the holders of the Notes as soon as
practicable, but in any event not later than two
(2) Business Days thereafter in accordance
with Condition 5(b) (except that the timing of
such notice as referred to therein shall be
amended as set out above).
Where:
"Business Day" means (i) a day on which the
TARGET System is open for settlement of
payments in euro and (ii) 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.
"Optional Redemption Amount" means in

3

respect of each Note, 100.00 per cent. per
Specified Denomination.
"Optional Redemption Date" means 6
November in each year, from and including 6
November 2021, up to and including 6
November 2049, subject to adjustment in
accordance with the Following Business Day
Convention.

(b)
Redemption at Noteholder's Not Applicable
option:
23 (a)
Final Redemption Amount
100.00 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 Morgan Stanley & Co. International plc
addresses of Managers or, if Non-
25 Cabot Square
Syndicated name and address of Canary Wharf
the Dealer:
London
E14 4QA
United Kingdom
28 Date of Syndication Agreement:
Not Applicable
29 Stabilising Manager(s):
Not Applicable
30 Additional selling restrictions:
Not Applicable
31 Details of additional/alternative
Euroclear and Clearstream, Luxembourg only
clearing system approved by the
Issuer and the Agent:
32 Intended to be held in a manner
No
which would allow Eurosystem
eligibility:
33 Common Code:
225098646

4

ISIN Code:
XS2250986465

CUSIP Number:
Not Applicable
34 Listing:
Application will be made by the Issuer (or on its
behalf) for the Notes to be admitted to the
Official List of the UK Financial Conduct
Authority and to trading on the Regulated
Market of the London Stock Exchange plc
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
will
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:
Not Applicable

This Pricing Supplement comprises the pricing supplement required for issue and admission
to trading on the London Stock Exchange plc's Regulated Market 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 6 November 2020 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 "MiFID II product governance /
Professional investors and ECPs target market only".

5

For and on behalf of
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT

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

Authorised signatory

6

PART B OTHER INFORMATION
1
LISTING
Application will be made by the Issuer (or on its

behalf) for the Notes to be admitted to the Official
List of the UK Financial Conduct Authority and to
trading on the Regulated Market of the London
Stock Exchange plc with effect from 6 November
2020 or as soon as practicable thereafter. No
assurance can be given that such listing and
admission to trading will be obtained on such date,
or, if obtained, that it will 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
exceptionally 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" in the Offering Circular, 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 EUR 100,000,000) will be
included in the ordinary capital resources of the
Issuer and used in its ordinary operations.

(ii)
Estimated net
EUR 100,000,000
proceeds:

(iii)
Estimated total
£10,000
expenses:
5
YIELD

Indication of yield:
1.00 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.

7