Obbligazione European Bank for Reconstruction and Development 0.197% ( XS2332551576 ) in EUR

European Bank for Reconstruction and Development

100 EUR ⇌

Regno Unito

XS2332551576 ( in EUR )

0.197% per anno ( pagato 1 volta l'anno)

21/04/2031 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione European Bank for Reconstruction and Development XS2332551576 in EUR 0.197%, scaduta

100 000 EUR

100 000 000 EUR

The Obbligazione issued by European Bank for Reconstruction and Development ( United Kingdom ) , in EUR, with the ISIN code XS2332551576, pays a coupon of 0.197% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 21/04/2031

MiFID II 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 eligible counterparties and professional clients only, each as defined in Directive
2014/65/EU (as amended, "MiFID II"); and (i ) al 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, 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.
UK MiFIR 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 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 ) 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 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.

19 April 2021

PRICING SUPPLEMENT

European Bank for Reconstruction and Development
EUR 100,000,000 0.197 per cent. Callable Fixed Rate Health Notes due 21 April
2031 (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
1

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, 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:
21 April 2021
5
Issue Price:
100.00 per cent.
6
Maturity Date:
21 April 2031, subject to the Redemption at
Issuer's option provisions below
7
Fungible with existing Notes:
Not Applicable.
FORM OF THE NOTES
8
Form of Note:
Bearer
9
New Global Note:
Yes
10
Specified Denomination(s):
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 (the "Exchange Date") and
thereafter permanent Global Note exchangeable
only upon an Exchange Event.
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
Not Applicable
registered holder of
Registered Global Note:

(b)
Exchange of Registered
Not Applicable
Global Note:
PROVISIONS RELATING TO INITIAL PAYMENT
14
Partly Paid Notes:
No
PROVISIONS RELATING TO INTEREST
15
Interest Commencement Date:
21 April 2021
2

16

Fixed Rate Notes:

(a)
Fixed Rate of Interest:
0.197 per cent. per annum payable semi-
annually in arrear, being EUR 98.5 per Specified
Denomination on each Fixed Interest Date.

(b)
Fixed Interest Dates:
21 April and 21 October in each year, from and
including 21 October 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:
Actual/Actual ICMA

(f)
Business Day Convention:
Following Business Day

(g)
Business Day definition if
Condition 4(a)(iii) applies (and for the avoidance
different from that in
of doubt, TARGET is the principal financial
Condition 4(a)(iii):
centre). London shall be the 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 subject to the provisions
purpose of Condition 6(e) if different set out in the Annex hereto (for the avoidance of
to that set out in Condition 6:
doubt, TARGET shall be the principal financial
centre. London shall be the additional business
centre).
20
Dual Currency Notes:
Not Applicable
21
Physically Settled Notes:
Not Applicable
3

PROVISIONS REGARDING REDEMPTION/MATURITY
22
(a)
Redemption at Issuer's
Yes.
option:
The Issuer has the right to redeem the Notes at
par (in whole, but not in part) on 21 October in
each year, from (and including) 21 October 2021
to (and including) 21 October 2030 (each an
"Optional Redemption Date"), subject to
adjustment in accordance with the Following
Business Day Convention, by giving notice to
the Agent of such redemption not less than ten
(10) Business Days 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).

(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
Deutsche Bank AG, London Branch
addresses of Managers or, if Non-
Syndicated name and address of
Winchester House
Dealer:
1 Great Winchester Street
London EC2N 2DB
United Kingdom
28
Date of Syndication Agreement:
Not Applicable
4

29
Stabilising Manager:
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
Yes
which would allow Eurosystem
Note that the designation "yes" simply means
eligibility:
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
will be recognised as eligible collateral for
Eurosystem monetary policy and intra-day credit
operations by the Eurosystem either upon issue
or at any or all times during their life. Such
recognition will depend upon satisfaction of the
Eurosystem eligibility criteria.
33
Common Code:
233255157

ISIN Code:
XS2332551576

CUSIP Number:
Not applicable
34
Listing:
Application will be made by the Issuer (or on its
behalf) for the Notes to be listed on the Official
List of the Luxembourg Stock Exchange and to
be admitted to trading on the Regulated Market
of the Luxembourg Stock Exchange (Bourse de
Luxembourg). The Issuer has also applied for
the Notes to be displayed on the Luxembourg
Green Exchange (LGX).
5

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
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:
The language set out under the heading "Use of
Proceeds" in the Offering Circular shal be
replaced for these Notes by the following:
"The net proceeds of the issuance of the Notes
wil be used towards the Issuer's environmental
projects in accordance with and subject to the
following provisions.
An amount equivalent to the net proceeds of the
Notes wil be al ocated within the Issuer's
Treasury liquidity pool to a portfolio that is
separately monitored by the Issuer. So long as
any of the Notes are outstanding, if the overall
balance of such portfolio exceeds the overall
amount of the Issuer's Health Project Portfolio
(as defined below), the remaining balance may
only be invested by the Issuer in certificates of
deposits, commercial paper, bank deposits,
repurchase transactions or other money-market
instruments, as determined by the Issuer.
The "Health Project Portfolio" shal mean, as
determined by the Issuer, the sum of all loans
and investments that are funded, in whole or in
part, by the Issuer and in respect of which the
entire or substantially the entire amount
disbursed or invested is directed to, as
determined by the Issuer, any of the following
areas:

the
construction,
expansion,
refurbishment,
upgrading,
equipping
6

and/or operation of hospitals, healthcare
centres, diagnostic centres;
the manufacture of medical and
diagnostic equipment; improving the
quality, accessibility and affordability of
medicines through the upgrading of
pharmaceutical facilities and processes to
increase production capacity and process
efficiency;
facilitating the development of new
pharmaceutical products; support of
wholesale, distribution and retail channels
in respect of pharmaceutical products;
and/or
ensuring good manufacturing practice in
pharmaceutical manufacturing.
The above examples are illustrative only and no
assurance can be provided that investments in
projects with these specific characteristics will be
made.
37
Total Commissions:
None

This Pricing Supplement comprises the pricing supplement required for issue and admission to
trading on the Luxembourg Stock Exchange's Regulated Market of the Notes described herein
pursuant to the Euro 45,000,000,000 Global Medium Term Note Programme for the issue of
notes of European Bank for Reconstruction and Development as from 21 April 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 "MiFID II product governance / Professional
investors and ECPs target market" and "UK MiFIR product governance / Professional investors
and ECPs target market only".

For and on behalf of
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT

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

Duly Authorised Officer

......................................................................
CITIBANK, N.A.
(as Agent)
7

PART B OTHER INFORMATION

1
LISTING
Application will be made by the Issuer (or on its
behalf) for the Notes to be listed on the Official List
of the Luxembourg Stock Exchange and to be
admitted to trading on the Regulated Market of the
Luxembourg
Stock
Exchange
(Bourse
de
Luxembourg) with effect from 21 April 2021 or as
soon as practicable thereafter. The Issuer has also
applied for the Notes to be displayed on the
Luxembourg Green Exchange (LGX).

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 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.
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 will be
used as described in the provisions above entitled
"Additional Information".

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

(iii) Estimated total
EUR 5,100.00
expenses:
5

YIELD

Indication of yield:
0.197 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

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
8
PERFORMANCE OF RATES OF EXCHANGE AND EXPLANATION OF EFFECT
ON VALUE OF INVESTMENT

Not Applicable

8