Obligation IBRD-Global 2.3% ( XS2437747210 ) en CNY

Société émettrice IBRD-Global
Prix sur le marché refresh price now   100 %  ▲ 
Pays  Etas-Unis
Code ISIN  XS2437747210 ( en CNY )
Coupon 2.3% par an ( paiement annuel )
Echéance 18/01/2029



Prospectus brochure de l'obligation IBRD XS2437747210 en CNY 2.3%, échéance 18/01/2029


Montant Minimal 1 000 000 CNY
Montant de l'émission 150 000 000 CNY
Prochain Coupon 19/01/2026 ( Dans 79 jours )
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 CNY, avec le code ISIN XS2437747210, paye un coupon de 2.3% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 18/01/2029







Final Terms dated 25 January 2022

International Bank for Reconstruction and Development

Issue of CNY 150,000,000 2.25 per cent. Notes due 19 January 2029

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 September 24, 2021. This document constitutes the Final
Terms of the Notes described herein and must be read in conjunction with such Prospectus.

UK MiFIR product governance / Retail investors, professional investors and ECPs target market ­
See Term 29 below.
SUMMARY OF THE NOTES
1.
Issuer:
International Bank for Reconstruction and Development
("IBRD")
2.
(i)
Series Number:
101500
(ii)
Tranche Number:
1
3.
Specified Currency or Currencies
The lawful currency of The People's Republic of China, the
(Condition 1(d)):
Chinese Renminbi ("CNY")
4.
Aggregate Nominal Amount:

(i)
Series:
CNY 150,000,000
(ii)
Tranche:
CNY 150,000,000
5.
(i)
Issue Price:
100.321 per cent. of the Aggregate Nominal Amount

(ii)
Net Proceeds:
CNY 150,481,500
6.
Specified Denominations
CNY 1,000,000 and multiples thereof
(Condition 1(b)):
7.
Issue Date:
28 January 2022
8.
Maturity Date (Condition 6(a)):
19 January 2029
9.
Interest Basis (Condition 5):
2.25 per cent. Fixed Rate
(further particulars specified 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
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16.
Fixed Rate Note Provisions
Applicable
(Condition 5(a)):
(i)
Rate of Interest:
2.25 per cent. per annum payable annually in arrear


(ii)
Interest Payment Date(s):
19 January in each year, from and including 19 January 2023
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)
Day Count Fraction
Actual/365 (Fixed)
(Condition 5(l)):
(vi)
Other terms relating to the
Not Applicable
method of calculating
interest for Fixed Rate
Notes:
PROVISIONS RELATING TO REDEMPTION
17.
Final Redemption Amount of each
CNY 1,000,000 per minimum 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 / New
No
Safekeeping Structure:
21.
Financial Centre(s) or other special
Beijing, Hong Kong, London and New York City
provisions relating to payment
dates (Condition 7(h)):
22.
Governing law (Condition 14):
English
23.
Other final terms:
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. Dollars on
the basis of the Spot Rate on the second Valuation Business
Day prior to such payment (the "Determination Date").
Any payment made under such circumstances in U.S.
Dollars will constitute valid payment and will not constitute
a default in respect of this Note.
Whereby:
"Valuation 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 all 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 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.


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.
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 will
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 will
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 all.
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 will be higher.
Conversely, a depreciation in value of CNY against U.S.
Dollars will have the opposite impact.
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 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
Not Applicable
any):
26.
If non-syndicated, name of Dealer:
The Toronto-Dominion Bank
27.
Total commission and concession:
Not Applicable
28.
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
sell 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 will 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.


29.
UK MiFIR product governance /
Regulation (EU) No 600/2014 as it forms part of domestic
Retail investors, professional
law by virtue of the European Union (Withdrawal) Act
investors and ECPs target market:
2018 ("UK MiFIR") product governance / Retail
investors, 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
United Kingdom Financial Conduct Authority (the "FCA")
Handbook Conduct of Business Sourcebook ("COBS")),
professional clients (as defined in UK MiFIR) and retail
clients (as defined in point (8) of Article 2 of Regulation
(EU) No 2017/565 as it forms part of domestic law by virtue
of the European Union (Withdrawal) Act 2018); and (ii) all
channels for distribution of the Notes are appropriate. Any
person subsequently offering, selling or recommending the
Notes (a "distributor") should take into consideration the
manufacturer's target market assessment; however, each
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 Term 29, "manufacturer" means the
Dealer.
IBRD does not fall under the scope of application of UK
MiFIR. Consequently, IBRD does not qualify as an
"investment firm", "manufacturer" or "distributor" for the
purposes of UK MiFIR.
OPERATIONAL INFORMATION
30.
Legal Entity Identifier of the
ZTMSNXROF84AHWJNKQ93
Issuer:
31.
ISIN Code:
XS2437747210
32.
Common Code:
243774721
33.
Delivery:
Delivery versus payment
34.
Registrar and Transfer Agent (if
Citibank N.A., London Branch
any):
35.
Intended to be held in a manner
No. Whilst the designation is specified as "no" at the date of
which would allow Eurosystem
these Final Terms, should the Eurosystem eligibility criteria
eligibility:
be amended in the future such that the Notes are capable of
meeting them the Notes may then be deposited with one of
the ICSDs as common safekeeper and registered in the name
of a nominee of one of the ICSDs acting as common
safekeeper. Note that this does not necessarily mean that the
Notes will then be recognized as eligible collateral for
Eurosystem monetary policy and intra-day credit operations
by the Eurosystem at any time during their life. Such
recognition will depend upon the ECB being satisfied that
Eurosystem eligibility criteria have been met.




GENERAL INFORMATION
IBRD's most recent Information Statement was issued on 22 September 2021.

SPECIAL ACCOUNT
An amount equal to the net proceeds of the issue of the Notes will be credited to a special account that will
support IBRD's lending for Eligible Projects. So long as the Notes are outstanding and the special account
has a positive balance, periodically and at least at the end of every fiscal quarter, funds will be deducted
from the special account and added to IBRD's lending pool in an amount equal to all disbursements from
that pool made during such quarter in respect of Eligible Projects.

ELIGIBLE PROJECTS

"Eligible Projects" means all projects funded, in whole or in part, by IBRD that promote the transition to
low-carbon and climate resilient growth in the recipient country, as determined by IBRD. Eligible Projects
may include projects that target (a) mitigation of climate change including investments in low-carbon and
clean technology programs, such as energy efficiency and renewable energy programs and projects
("Mitigation Projects"), or (b) adaptation to climate change, including investments in climate-resilient
growth ("Adaptation Projects").

Mitigation Projects include, without limitation:

·
Rehabilitation of power plants and transmission facilities to reduce greenhouse gas emissions
·
Solar and wind installations
·
Funding for new technologies that permit significant reduction in green house gas emissions
·
Greater efficiency in transportation, including fuel switching and mass transport
·
Waste management (methane emission) and construction of energy-efficient buildings
·
Carbon reduction through reforestation and avoided deforestation

Adaptation Projects include, without limitation:

·
Protection against flooding (including reforestation and watershed management)
·
Food security improvement and stress-resilient agricultural systems which slow down deforestation
·
Sustainable forest management and avoided deforestation
The above examples of Mitigation Projects and Adaptation Projects are for illustrative purposes only and
no assurance can be provided that disbursements for projects with these specific characteristics will be
made by IBRD during the term of the Notes. Payment of principal and interest, if any, on the Notes will be
made from IBRD's general funds and will not be directly linked to the performance of any Eligible
Projects.
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




Document Outline