Obligation IBRD-Global 2.6% ( XS2366200850 ) en CNY

IBRD-Global

100 % ▼

Etats-unis

XS2366200850 ( en CNY )

2.6% par an ( paiement annuel )

19/07/2023 - Obligation échue

Prospectus brochure de l'obligation IBRD XS2366200850 en CNY 2.6%, échue

1 000 000 CNY

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 IBRD XS2366200850, émise aux États-Unis en CNY pour un montant total de 500 000 000, avec un coupon de 2,6% payable annuellement, et une taille minimale d'achat de 1 000 000, est arrivée à échéance le 19 juillet 2023 et a été remboursée à 100%.

Final Terms dated 14 July 2021

International Bank for Reconstruction and Development

Issue of CNY 500,000,000 2.55 per cent. Notes due 19 July 2023

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.
UK MiFIR product governance / Professional investors and ECPs only target market See
Term 28 below.
SUMMARY OF THE NOTES
1. Issuer:
International Bank for Reconstruction and Development
("IBRD")
2. (i) Series Number:
101382
(ii) Tranche Number:
1
3. Specified Currency or Currencies
Chinese Renminbi ("CNY")
(Condition 1(d)):
4. Aggregate Nominal Amount:

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

(ii) Net Proceeds:
CNY 500,000,000
6. Specified Denomination
CNY 1,000,000
(Condition 1(b)):
7. Issue Date:
19 July 2021
8. Maturity Date (Condition 6(a)):
19 July 2023
9. Interest Basis (Condition 5):
2.55 per cent. Fixed Rate
(further particulars specified in Term 16 below)
10. Redemption/Payment Basis
Redemption at par
(Condition 6):
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

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PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16. Fixed Rate Note Provisions
Applicable
(Condition 5(a)):
(i) Rate of Interest:
2.55 per cent. per annum payable annual y in arrear
(ii) Interest Payment Date(s):
19 July 2022 and 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) Day Count Fraction
ACT/365 (Fixed)
(Condition 5(l)):
(vi) Other terms relating to the
Not Applicable
method for calculating interest
for Fixed Rate Notes:
PROVISIONS RELATING TO REDEMPTION
17. Final Redemption Amount of each
CNY 1,000,000 per Specified Denomination
Note (Condition 6):
18. Early Redemption Amount
As set out in the Conditions
(Condition 6(c)):
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
Beijing, Hong Kong, London, New York City and
provisions relating to payment dates
Singapore
(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 shal
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")."
Condition 7(i) will be replaced by the following:
"Currency of Payment: If the Specified Currency is no
longer used by the government of the People's Republic of
China ("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. dol ars on the basis of the Spot Rate on
the second Business Day prior to such payment (the
"Determination Date"). Any payment made under such

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circumstances in U.S. dollars will constitute valid payment
and will not constitute a default in respect of this Note.
Whereby:
"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
Beijing, Hong Kong, London, New York City and
Singapore.
"Calculation Agent" means Citibank N.A., London
Branch, or its duly appointed successor.
"Spot Rate" means, in respect of the Determination Date,
the USD/CNY official fixing rate, expressed as the amount
of CNY per one USD, as reported by the Treasury Markets
Association, Hong Kong (www.tma.org.hk) as its
USD/CNY (HK) spot rate at approximately 11:30 a.m.,
Hong Kong time, on such Determination Date ("CNY
CNHHK" or "CNY03").
If it becomes impossible to obtain the USD/CNY official
fixing rate on the Determination Date as outlined in the
previous paragraph, the Spot Rate shall be the USD/CNY
official fixing rate for such Determination Date, expressed
as the amount of CNY per one USD, as authorized by the
People's Bank of China of the People's Republic of China
for reporting by the China Foreign Exchange Trade System
(CFETS) (www.chinamoney.com.cn) at approximately
9:15 a.m., Beijing time, on such Determination Date
("CNY SAEC" or "CNY01").
If it becomes impossible to obtain the USD/CNY official
fixing rate on the Determination Date as outlined in the
previous paragraphs, the Spot Rate shall be the USD/CNY
exchange rate for such Determination Date, expressed as
the amount of CNY per one USD, as published on the
website of the Singapore Foreign Exchange Market
Committee
("SFEMC")
(www.sfemc.org)
at
approximately 3:30 p.m., Singapore time, or as soon
thereafter as practicable, on such Determination Date. The
exchange rate will be calculated by SFEMC (or a service
provider SFEMC may select in its sole discretion) pursuant
to the SFEMC CNY Indicative Survey Rate Methodology
(which means a methodology, dated as of 1 December
2004, as amended from time to time, for a centralized
industry-wide survey of financial institutions that are
active participants in the USD/CNY markets for the
purpose of determining the SFEMC CNY Indicative
Survey Rate) ("SFEMC CNY INDICATIVE SURVEY
RATE" or "CNY02").
If it becomes impossible to obtain the USD/CNY official
fixing rate or exchange rate on the Determination Date as
outlined in the previous paragraphs, the Calculation Agent
will determine the Spot Rate for the Determination Date,
taking into consideration al available information that in
good faith it deems relevant.
If Annex A to the 1998 FX and Currency Option
Definitions published by the International Swaps and

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Derivatives Association, Inc., the Emerging Markets
Traders Association and the Foreign Exchange Committee
(the "FX Definitions") is amended such that CNY01,
CNY02 or CNY03 is replaced by a successor price source
for the USD/CNY exchange rate in such Annex A to the
FX Definitions (each, a "Successor Price Source
Definition"), the Spot Rate for the Determination Date
will be determined in accordance with the relevant
Successor Price Source Definition without changing the
order of the Spot Rate determination described above.
The Calculation Agent shall notify the Issuer as soon as
reasonably practicable that the Spot Rate is to be so
determined.
DISTRIBUTION
24. (i) If syndicated, names of
Not Applicable
Managers and underwriting
commitments:
(ii) Stabilizing Manager(s) (if any): Not Applicable
25. If non-syndicated, name of Dealer:
HSBC Bank plc
26. Total commission and concession:
Not Applicable
27. Additional selling restrictions:
People's Republic of China:
The Notes are not being offered or sold and may not be
offered or sold, directly or indirectly, in the PRC (for such
purposes, excluding Hong Kong Special Administrative
Region of the PRC and Macao Special Administrative
Region of the PRC and Taiwan, China).

Hong Kong Special Administrative Region of the PRC
("Hong Kong"):
(a) The Dealer has not offered or sold and will not offer
or sel 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 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 not issued or had in its possession for
the purposes of issue, and wil 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.

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28. UK MiFIR product governance /
Regulation (EU) No 600/2014 as it forms part of
Professional investors and ECPs only domestic law by virtue of the European Union
target market:
(Withdrawal) Act 2018 ("UK MiFIR") product
governance / Professional investors and ECPs only
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 only eligible
counterparties, as defined in the FCA Handbook Conduct
of Business Sourcebook ("COBS"), and professional
clients, as defined in UK MiFIR; and (ii) al 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.
IBRD does not fall under the scope of application of the
UK MiFIR package. Consequently, IBRD does not qualify
as an "investment firm", "manufacturer" or "distributor"
for the purposes of UK MiFIR.
For the purposes of this Term 28, the expression
"manufacturer" means the Dealer.
OPERATIONAL INFORMATION

29. ISIN Code:
XS2366200850
30. Common Code:
236620085
31. Delivery:
Delivery against payment
32. Registrar and Transfer Agent (if any) Citibank, N.A., London Branch
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 23, 2020.

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 Eligible Sustainable
Development Projects.
"Eligible Sustainable Development Projects" means projects, programs and activities in IBRD's
member countries designed to achieve positive social and environmental impacts and outcomes in
line with IBRD's twin goals of eliminating extreme poverty and promoting shared prosperity.
Eligible Sustainable Development Projects undergo a rigorous review and internal approval process
which integrates IBRD's sustainability policies and environmental and social requirements. IBRD's

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sustainable development bond framework ("SDBF"), as published from time to time, describes the
process for selecting, evaluating and reporting on Eligible Sustainable Development Projects and
contains descriptions and examples of such eligible projects.
The net proceeds from the sale of the Notes are not committed or earmarked for the lending to, or
financing of, any particular Eligible Sustainable Development Projects. Returns on Notes are not
linked to the performance of any particular Eligible Sustainable Development Projects. Prior to use,
the net proceeds from the sale of the Notes wil be invested by IBRD's Treasury in accordance with
IBRD's liquid asset management investment policies. IBRD's administrative and operating
expenses are covered entirely by IBRD's various sources of revenue (net income) consisting
primarily of net loan revenues and investment income (as more fully described in the Information
Statement). The SDBF and the information set forth therein are not a part of, or incorporated by
reference into, 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 wil 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 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 wil 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 imposed 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 al .
Noteholders may be exposed to exchange rate risks
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 U.S. Dollars and 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. For example, if, on the Determination Date, CNY has
appreciated in value against U.S. Dollars, the payment in U.S. Dollars wil be higher. Conversely,
a depreciation in value of CNY against U.S. Dollars will have the opposite impact.

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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 U.S. Dollar strengthens or
weakens against CNY.
In addition, the Noteholders whose financial activities are denominated principally in a
currency (the "Investor's Currency") other than CNY and/or U.S. Dollars 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
different from the Specified Currency" in the accompanying Prospectus.
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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