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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, N.W.
Washington, D.C. 20549
REPORT OF
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
In respect of its
U.S. Dollar 50,000,000 6% Callable Notes of 1998, due April 7, 2003
Filed pursuant to Rule 3 of Regulation BW
Dated: March 23, 1998
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The following information regarding the U.S. Dollar 50,000,000 6% Callable
Notes of 1998, due April 7, 2003 (the "Notes") of the International Bank for
Reconstruction and Development is being filed pursuant to Rule 3 of Regulation
BW. As authorized by Rule 4 of Regulation BW, certain information is provided
in the form of a Prospectus for the Bank's Global Debt Issuance Facility (the
"Prospectus"), the most recent version of which (dated October 7, 1997) is
already on file with the Securities and Exchange Commission, and in the form of
an Information Statement (the "Information Statement"), the most recent version
of which (dated September 15, 1997) is already on file with the Securities and
Exchange Commission.
Item 1. Description of Obligations
(a) U.S. Dollar 50,000,000 6% Callable Notes of 1998, due April 7,
2003.
(b) 6%. Interest payment dates: April 7 and October 7.
(c) Maturing April 7, 2003. The maturity of the Notes may be
accelerated if the Bank shall default in the payment of the
principal of, or interest on, or in the performance of any
covenant in respect of a purchase fund or a sinking fund for any
bonds, notes (including the Notes) or similar obligations which
have been issued, assumed or guaranteed by the Bank, such default
shall continue for a period of 90 days, a holder notifies the
Bank that it elects to declare the principal of Notes held by it
to be due and payable, and all such defaults have not been cured
by 30 days after such notice has been delivered. Any such notice
shall be accompanied by appropriate proof that the notifying
party is a Noteholder.
(d) The Notes are callable by the Bank on April 7, 2000 with five
business days' notice.
(e) Bank's standard negative pledge clause (see Condition 4 on page
22 of the Prospectus).
(f) Not applicable.
(g) No provisions have been made for the amendment or modification of
the terms of the obligations by the holders thereof or otherwise.
(h) See Prospectus, pages 6-10.
(i) Federal Reserve Bank of New York, 33 Liberty Street, New York,
New York.
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Item 2. Distribution of Obligations
The Bank will enter into a Terms Agreement with Chase Securities Inc. as
Manager (the "Manager"), pursuant to which the Bank will agree to issue, and the
Manager will agree to purchase, a principal amount of the Notes aggregating USD
50,000,000 at 100%, less commissions of 0.20%. The Notes are offered for sale
subject to issuance and acceptance by the Manager and subject to prior sale. It
is expected that delivery of the Notes will be made on or about April 7, 1998.
The Terms Agreement will provide that the obligations of the Manager are
subject to certain conditions, including the continued accuracy of the Bank's
representations and warranties set forth in the Bank's Standard Provisions
relating to the issuance of notes under the Global Debt Issuance Facility (the
"Standard Provisions"), the most recent version of which (dated as of October 7,
1997) is already on file with the Securities and Exchange Commission.
The Manager proposes to offer all the Notes to the public at the public
offering price of 100%. The Manager may offer Notes to or through selected
dealers at a price which represents a concession of 0.15% of the principal
amount under the public offering price.
Item 3. Distribution Spread
<TABLE>
<CAPTION>
Price to Selling Discounts Proceeds to
Public and Commissions (1) the Bank (2)
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<S> <C> <C>
Per Unit: 100% 0.20% 99.80%
Total: USD 50,000,000 USD 100,000 USD 49,900,000
</TABLE>
Item 4. Discounts and Commissions to Sub-Underwriters and Dealers
None
Item 5. Other Expenses of Distribution
Not yet known.
Item 6. Application of Proceeds
The net proceeds will be used in the general operations of the Bank.
Item 7. Exhibits
None.
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(1) See Item 2 for information about concessions.
(2) Without deducting expenses of the Bank, which are not yet known.
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