Obligation European Bank for Reconstruction and Development 0.1% ( XS2398388046 ) en USD

European Bank for Reconstruction and Development

100 % ▼

Royaume-Uni

XS2398388046 ( en USD )

0.1% par an ( paiement semestriel )

17/10/2031

Prospectus brochure de l'obligation European Bank for Reconstruction and Development XS2398388046 en USD 0.1%, échéance 17/10/2031

100 000 USD

10 000 000 USD

18/10/2024 ( Dans 21 jours )

L'Obligation émise par European Bank for Reconstruction and Development ( Royaume-Uni ) , en USD, avec le code ISIN XS2398388046, paye un coupon de 0.1% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 17/10/2031

UK MiFIR product governance / professional investors and ECPs target market only - Solely for the
purposes of the manufacturers 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 FCA Handbook Conduct of Business Sourcebook ("COBS"), and professional clients, as defined in
Regulation (EU) No 600/2014 as it forms part of "retained EU law", as defined in the European Union
(Withdrawal) Act 2018 ("EUWA") ("UK MiFIR"); and (ii) 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 manufacturers 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 manufacturers
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
14 October 2021

European Bank for Reconstruction and Development
USD 10,000,000 Inflation-Linked Green Transition Global Notes due 18 October 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 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:

United States Dollar ("USD")
2
Nominal Amount:

USD 10,000,000
3
Type of Note:

Indexed
4
Issue Date:

18 October 2021
5
Issue Price:

115.15 per cent.
6
Maturity Date:

18 October 2031
7
Fungible with existing Notes:

No

1

FORM OF THE NOTES
8
Form of Note:

Bearer
9
New Global Note:

No
10 Specified Denomination(s):

USD 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:

Issue Date
16 Fixed Rate Notes:

Not applicable
17 Zero Coupon Notes:

Not applicable
Floating Rate Notes and Indexed Notes:

Applicable. See the provisions set out in Annex A hereto.
18 (a) Manner in which Rate of Other, see Paragraph 23 below and Annex A hereto.

Interest is to be determined:

(b)
Margin(s):

Not applicable

(c)
Minimum Rate of Interest (if Not applicable

any):

(d)
Maximum Rate of Interest (if Not applicable

any):

(e)
Floating Day Count Fraction:

See Paragraph 23(g) below

19 If ISDA Determination:

(a)
Floating Rate Option:

Not applicable

(b)
Designated Maturity:

Not applicable

(c)
Reset Date:

Not applicable

(d)
ISDA Definitions:

Not applicable

2

20 If Screen Rate Determination:

(a)
Reference Rate:

Not applicable

(b)
Relevant Screen Page:

Not applicable

(c)
Interest Determination Date:

Not applicable

21 If Indexed:

See Paragraph 23 below
22 If Rate of Interest not to be Not applicable
determined by ISDA or Screen Rate
Determination or by reference to an
Index or Formula:
23 General Provisions for Floating Rate
Note and Indexed Note:

(a)
Specified Period (or, in the Interest Payment Dates shall be 18 April and 18 October

case of Notes where the
of each year from and including 18 April 2022 to and
Interest Payment Date(s) are
including the Maturity Date, subject to adjustment in
fixed, the Interest Payment
accordance with the Modified Following Business Day
Date(s)):
Convention for the purposes of payment only. No
adjustment will be made to any Interest Period
notwithstanding any adjustment to any Interest Payment
Date.

(b)
Business Day Convention:

Modified Following Business Day Convention

(c)
Business Day definition if Condition 4(b)(i) applies. The additional business centre

different from that in Condition
is London.
4(b)(i):

(d)
Calculation of interest to be No

adjusted in accordance with
Business Day Convention
specified above:

(e)
Terms relating to calculation of In respect of each Interest Period, the Interest Amount

Interest Amount:
for the purposes of Condition 4(d) payable per Specified
Denomination shall be determined by the Calculation
Agent on the Determination Date (as defined below) by
applying the Rate of Interest for such Interest Period to
the Specified Denomination and multiplying the product
by the Day Count Fraction (such amount to be rounded
to the nearest whole cent, with 0.5 cent being rounded
upwards), subject to the provisions set out in Annex A
hereto.
As soon as possible on or after a Determination Date (but
in no event later than the second Business Day
immediately preceding the relevant Interest Payment
Date), the Calculation Agent shall notify the Agent and
the Issuer of the Interest Amount per Specified
Denomination.

(f)
Interest Period:

In respect of an Interest Payment Date, the period from

3

and including the previously scheduled Interest Payment
Date, as applicable, to but excluding the next scheduled
Interest Payment Date, with the final Interest Period
ending on but excluding the Maturity Date. The first
Interest Period shall begin on, and include, the Issue
Date.

(g)
Day Count Fraction:

Actual/Actual - ICMA

(h)
Determination Date:

In respect of an Interest Payment Date, the day that is

five (5) Calculation Business Days prior to such Interest
Payment Date (subject to Paragraph 23(m) below).

(i)
Calculation Business Days:

Each day on which commercial banks and foreign

exchange markets settle payments and are open for
general business in London and New York City.

(j)
Rate of Interest:

As set out in Annex A hereto

(k)
Party
responsible
for JPMorgan Chase Bank, N.A. (the "Calculation Agent")

calculation of the Interest
shall be responsible for those duties and functions
Amount:
specified herein in accordance with the provisions of the
calculation agency agreement entered into between the
Issuer and the Calculation Agent dated 9 February 2007,
as amended and/or supplemented from time to time (the
"Calculation Agency Agreement"). All references to
the Calculation Agent shall include any successor or
successors to JPMorgan Chase Bank, N.A. as
Calculation Agent in respect of the Notes. All references
to the Calculation Agent shall include any successor or
successors to JPMorgan Chase Bank, N.A. as
Calculation Agent in respect of the Notes.
The determination by the Calculation Agent of any
amount or of any state of affairs, circumstance, event or
other matter, or the formation of any opinion or the
exercise of any discretion required or permitted to be
determined, formed or exercised by the Calculation
Agent under the Notes and pursuant to the Calculation
Agency Agreement shall (in the absence of manifest
error) be final and binding on all parties (including, but
not limited to, the Issuer and the Noteholders) and shall
be made in its sole discretion in good faith and in a
commercially reasonable manner in accordance with the
Calculation Agency Agreement. In performing its duties
under the Notes, the Calculation Agent shall act in
accordance with the Calculation Agency Agreement.

(l)
Party responsible for making The Calculation Agent is responsible for determining the

any determinations ancillary to
Interest Amount applicable to each Interest Period.
or in connection with the
calculation of the Interest
Amount, including Rate of
4

Interest (if applicable):

(m) Additional provisions relating See Annex A hereto

to the calculation of Interest

Amount:

(n)
Any amendment to the Not applicable

definition in Condition 4(b)(iii)
of Euro-zone:
PROVISIONS REGARDING PAYMENTS/DELIVERIES
24 Definition of "Payment Day" for the Condition 6(e) applies
purpose of Condition 6(e) if
different to that set out in
Condition 6:
25 Dual Currency Notes:

Not Applicable
26 Physically Settled Notes:

Not Applicable
PROVISIONS REGARDING REDEMPTION/MATURITY
27 (a) Redemption at Issuer's option:

No

(b)
Redemption at Noteholder's No

option:
28 (a) Final Redemption Amount per Not Applicable

Specified Denomination (other
than an Indexed or Formula
Note where the index or
formula applies to the
redemption amount):

(b)
Final Redemption Amount for The Final Redemption Amount payable in respect of

each Indexed Note where the
each Specified Denomination will be calculated by the
Index or Formula applies to the
Calculation Agent on the Determination Date
Final Redemption Amount:
immediately preceding the Maturity Date in accordance
with the following formula (subject to the provisions set
out in Annex A hereto):
[100%+ [(0-100%),0%] 100,000

such amount to be rounded to the nearest whole cent,
with 0.5 cent being rounded upwards.
Where:
"CPI0" means 273.31229032; and

"CPI" means, as defined in Annex A hereto, the
Inflation Index level as calculated by the Calculation
Agent in respect of the Maturity Date.
29 Instalment Note:

Not Applicable
30 Early Redemption Amount for each Condition 5(d) applies. The Final Redemption Amount
Note payable on an event of default:
per Specified Denomination as determined in accordance
5

with Paragraph 28(b) above, plus accrued and unpaid
interest, as determined in accordance with Paragraph 23
(and subject to the provisions set out in Annex A hereto),
except that: (i) the level of the Inflation Index shall be
determined by the Calculation Agent on the day that is
five (5) Calculation Business Days prior to the Early
Redemption
Date
(the
"Early
Redemption
Determination Date") and all references to
"Determination Date" shall be deemed to be replaced
with "Early Redemption Determination Date" and all
references to "Maturity Date" shall be deemed to be
replaced with "Early Redemption Date".
DISTRIBUTION, CLEARING AND SETTLEMENT PROVISIONS
31 Method of distribution:

Non-syndicated
32 If Syndicated, names and addresses Morgan Stanley & Co. International plc
of Managers or, if Non
25 Cabot Square
-Syndicated
Canary Wharf
name and address of Dealer:

London
E14 4QA
33 Date of Syndication Agreement:

Not Applicable
34 Stabilising Manager(s):

Not Applicable
35 Additional selling restrictions:

Not Applicable
36 Details of additional/alternative Not Applicable
clearing system approved by the
Issuer and the Agent:
37 Intended to be held in a manner No
which would allow Eurosystem

eligibility:
38 Common Code:

239838804

ISIN Code:

XS2398388046

CUSIP Number:

Not Applicable
39 Listing:

Application will be made by the Issuer (or on its behalf)
for the Notes to be (i) admitted to the Official List of the
UK Financial Conduct Authority and to trading on the
Regulated Market of the London Stock Exchange plc and
(ii) admitted to 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). However, there can be no
assurance that such listing or admission to trading will be
successful, or if successful, will continue for the term of
the Notes. The Issuer has also applied for the Notes to be
displayed on the Luxembourg Green Exchange (LGX)
and the London Stock Exchange plc's Sustainable Bond
Market (SBM).
6

40 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
Note
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.
41 Additional Information:

An investment in the Notes is subject to the risks
described below, as well as the risks described under
"Risk Factors" in the Offering Circular
An investment in the Notes is subject to the risks
described below, as well as the risks described under
"Risk Factors" in the Offering Circular. The Notes are a
riskier investment than ordinary fixed rate notes or
floating rate notes. Investors should carefully consider
whether the Notes are suited to their particular
circumstances. Accordingly, prospective investors should
consult their financial and legal advisers as to the risks
entailed by an investment in the Notes and the suitability
of the Notes in light of their particular circumstances.
Suitability of investment
An investment in the Notes is only suitable for investors
who have the requisite knowledge and experience in
financial and business matters to evaluate the
information contained in the Offering Circular and this
Pricing Supplement, who have made their own
independent decision to invest in the Notes and as to
whether the Notes are appropriate for them, and who are
capable of bearing the economic risk of an investment in
the Notes.
Historical performance of the Inflation Index is not
indicative of future performance
The future performance of the Inflation Index cannot be
predicted based on its historical performance. The Issuer
7

cannot guarantee the level of the Inflation Index on any
of the Determination Dates.
The Rate of Interest on the Notes may not reflect the
actual levels of inflation affecting investors.
The Inflation Index is just one measure of inflation and
may not reflect the actual levels of inflation affecting
investors. Accordingly, an investment in the Notes may
not fully offset any inflation actually experienced by
investors.
The language set out under the heading "Use of
Proceeds" in the Offering Circular shall be replaced
for these Notes by the following:
The net proceeds of the issuance of the Notes will 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
will be allocated 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 Green Transition 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 "Green Transition Project Portfolio" shall 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 amount disbursed or
invested is directed at, as determined by the Issuer, green
transition through financing or refinancing projects that
are intended to enable significant improvements towards
decarbonisation and/or improved resource efficiency in
key sectors of the economy. While a minimum of 50 per
cent of the loan or investment must be specifically
designated to ensuring the green transition of the asset or
project, the requirement to ensure improved climate
governance of the related organisation or company in
consistency with the transition objectives allows the
entire amount of any such EBRD's loans to be included
in the Green Transition Portfolio.
Examples of projects in the Green Transition Portfolio
include, without limitation, financings of:

Investments in decarbonisation and resource

8

efficiency including circular economy products
in manufacturing, which may include:
o
chemical production

o
cement production

o
steel production

Investments in food production which may

include:
o
Improving
resource
efficiency
in

agribusiness
o
Promoting sustainable land use

Investments in activities that enable green

transition, which may include:
o
electricity grids

o
supply chains

o
low
carbon
transport
(including

infrastructure)
o
green logistics

o
ICT solutions

Investments in construction and renovation of

buildings
The above examples are illustrative only and no
assurance can be provided that investments in projects
with these specific characteristics will be made.
42 Total Commissions:

Not Applicable

This Pricing Supplement comprises the pricing supplement required for issue and admission to trading on
the Regulated Market of (i) the London Stock Exchange plc and (ii) the Luxembourg Stock Exchange 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 after the Issue Date as may be agreed between the
Dealer and the Issuer.
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 only".

9

For and on behalf of
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT

By:
Authorised signatory

10