Obligation Eurobank Reconstruction Development 0.29% ( XS2387564722 ) en EUR

Société émettrice Eurobank Reconstruction Development
Prix sur le marché 100 %  ▲ 
Pays  Royaume-uni
Code ISIN  XS2387564722 ( en EUR )
Coupon 0.29% par an ( paiement annuel )
Echéance 23/09/2033 - Obligation échue



Prospectus brochure de l'obligation European Bank for Reconstruction and Development XS2387564722 en EUR 0.29%, échue


Montant Minimal 100 000 EUR
Montant de l'émission 50 000 000 EUR
Description détaillée La Banque européenne pour la reconstruction et le développement (BERD) est une banque multilatérale de développement qui finance des projets dans 38 pays d'Europe centrale et orientale, du Caucase, de l'Asie centrale et du bassin méditerranéen, en se concentrant sur la transition vers une économie de marché et le développement durable.

Le marché des capitaux a récemment enregistré la clôture du cycle de vie d'une émission obligataire significative, le titre de dette identifié par le code ISIN XS2387564722, qui a atteint sa date de maturité, fixée au 23 septembre 2033, et a été intégralement remboursé à son prix nominal de 100%. Ce titre était émis par la Banque Européenne pour la Reconstruction et le Développement (BERD), une institution financière internationale de premier plan dont le siège social est au Royaume-Uni. Fondée en 1991, la BERD a pour mission de favoriser la transition vers des économies de marché et de promouvoir le développement durable dans les pays de l'Europe centrale et orientale, de l'Asie centrale et du sud et de la région MENA, agissant comme un investisseur clé qui soutient les réformes structurelles et l'intégration économique; son statut d'émetteur de haute qualité et sa mission de développement confèrent à ses obligations une grande crédibilité et une perception de faible risque sur les marchés financiers internationaux. Libellée en Euro (EUR), cette obligation présentait un taux d'intérêt nominal annuel de 0,29%, avec une fréquence de paiement annuelle des coupons, reflétant le contexte de taux bas prévalant à l'époque de son émission. L'émission totale s'élevait à 50 000 000 EUR, et bien qu'elle offrît une certaine liquidité, son seuil d'accès minimal, fixé à 100 000 EUR par tranche, destinait principalement cette obligation aux investisseurs institutionnels ou professionnels. Le remboursement intégral du capital aux porteurs à son échéance marque la réussite de cette opération de financement et la fin de son parcours sur le marché.







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 only 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 ("UK MiFIR"); and (i ) 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 "UK
distributor") should take into consideration the manufacturer's target market assessment; however,
a UK 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
20 September 2021
European Bank for Reconstruction and Development
EUR 50,000,000 Fixed Rate Callable Notes due 23 September 2033 (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 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:
Euro ("EUR")
2
Nominal Amount:
EUR 50,000,000
3
Type of Note:
Fixed Rate
4
Issue Date:
23 September 2021
5
Issue Price:
100.00 per cent. of the Nominal Amount
6
Maturity Date:
23 September 2033, 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:
Bearer
9
New Global Note:
Yes
10 Specified Denomination:
EUR 100,000
11 Exchange of Bearer Notes:
Temporary Global Note exchangeable for
permanent Global Note on certification as to non-
US beneficial ownership on or after 40 days after
the Issue Date and thereafter permanent Global
Note exchangeable only upon an Exchange
Event
12 (a)
Talons for future Coupons to
No
be attached to definitive Bearer
Notes:

(b)
Date(s) on which the Talons
Not Applicable
mature:
13 (a)
Depositary for and registered
Not Applicable
holder of Registered Global
Note:

(b)
Exchange of Registered Global Not Applicable
Note:
PROVISIONS RELATING TO INITIAL PAYMENT
14 Partly Paid Notes:
No
PROVISIONS RELATING TO INTEREST
15 Interest Commencement Date:
23 September 2021

Fixed Rate Notes:

16 (a)
Fixed Rate of Interest:
0.290 per cent. per annum, payable semi-
annually in arrear.

(b)
Fixed Interest Dates:
23 March and 23 September in each calendar
year commencing and including 23 March 2022,
subject to the Redemption at Issuer's Option
provisions below and subject to adjustment 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
2




(g)
Business Day definition if
Condition 4(a)(i i) applies and, for the avoidance
different from that in Condition
of doubt, TARGET shal be the principal business
4(a)(i i):
centre. London shal 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 to doubt, TARGET shal be the principal business
that set out in Condition 6:
centre. London shal 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 Option: Yes
The Issuer has the right to redeem the Notes (in
whole but not in part) on an Optional Redemption
Date (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 shal be amended as set out above).

Where:
"Business Day" means (i) 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; and (i )
a day on which the TARGET System is open for
settlement of payments in Euro.
3



"Optional Redemption Amount" means in
respect of each Note, 100.00 per cent. per
Specified Denomination.
"Optional Redemption Date" means 23 March
and 23 September in each year, from, and
including 23 September 2022 up to, and including
23 March 2033, subject to adjustment in
accordance with the Fol owing Business Day
Convention.


(b)
Redemption at Noteholder's
No
option:
23 (a)
Final Redemption Amount per
100.00 per cent., subject to the Redemption at
Specified Denomination (other Issuer's Option provisions above.
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
Credit Suisse International
If Syndicated, names and addresses of

Managers or, if Non-Syndicated name
One Cabot Square
and address of the Dealer:
London E14 4QJ
United Kingdom
28 Date of Syndication Agreement:
Not Applicable
29 Stabilising Manager(s):
Not Applicable
30 Additional sel ing 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 which
Yes
would al ow Eurosystem eligibility:
Note that the designation "yes" simply means that
the Notes are intended upon issue to be
deposited with one of the International Central
Securities Depositories as common safekeeper
and does not necessarily mean that the Notes wil
4



be recognised as eligible col ateral for
Eurosystem monetary policy and intra-day credit
operations by the Eurosystem either upon issue
or at any or al times during their life. Such
recognition wil depend upon satisfaction of the
Eurosystem eligibility criteria.
33 Common Code:
238756472

ISIN Code:
XS2387564722

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 Of icial
List of the Luxembourg Stock Exchange and to
be admitted to trading on the Regulated Market
of the Luxembourg Stock Exchange
35 In the case of Notes denominated in
Not Applicable
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.
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 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 the European Bank
for Reconstruction and Development as from 23 September 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".

5



For and on behalf of
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT

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

Authorised signatory

.. . . . . . . . .. . . . . . . . .. . . . . . . . . . . .. . . . . .
CITIBANK, N.A.
(as Agent)
6




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 with
effect from 23 September 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
NOTIFICATION
Not Applicable
4
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

Save as discussed in the section headed "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.
5
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 50,000,000.00) wil be included in the
ordinary capital resources of the Issuer and used in its
ordinary operations.

(ii)
Estimated net proceeds:
EUR 50,000,000.00

(iii) Estimated total expenses:
EUR 8,000
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
7



8
PERFORMANCE OF RATES OF EXCHANGE AND EXPLANATION OF EFFECT ON
VALUE OF INVESTMENT
Not Applicable


8