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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.$10,000,000 7.03 per cent. Callable Notes of 1999,
due November 9, 2006
Filed pursuant to Rule 3 of Regulation BW
Dated: October 26, 1999
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The following information regarding the U.S.$10,000,000 7.03 per cent.
Callable Notes of 1999, due November 9, 2006 (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 (the "Prospectus") for the Bank's Global
Debt Issuance Facility (the "Facility"), 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 16, 1999) is already on file with
the Securities and Exchange Commission.
Item 1. DESCRIPTION OF OBLIGATIONS
(a) U.S.$10,000,000 7.03 per cent. Callable Notes of 1999, due
November 9, 2006.
(b) The interest rate shall be 7.03 per cent., payable monthly.
(c) Maturing November 9, 2006. 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) Notes are callable by the Bank at par on November 9, 2000 and
semi-annually thereafter with 10 New York business day's 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 10045.
Item 2. DISTRIBUTION OF OBLIGATIONS
The Bank will enter into a Terms Agreement with Merrill Lynch as
Manager (the "Manager"), pursuant to which the Bank will agree to issue, and the
Manager will agree to
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purchase, a principal amount of the Notes aggregating US$10,000,000 at 100%,
less commissions of 1.00% of par. The Notes will be 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 November 9, 1999.
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 is expected to offer the Notes to the public at 100%.
Item 3. DISTRIBUTION SPREAD
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<CAPTION>
Price to Selling Discounts Proceeds to the
Public and Commissions Bank(1)
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<S> <C> <C>
Per Unit: 100% 1.00% 99.00%
Total: USD 10,000,000 USD 100,000 USD 9,900,000
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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) Without deducting expenses of the Bank, which are not yet known.
