Rule 424(b)(3)
Registration No. 333-40669
PRICING SUPPLEMENT NO. 31
TO PROSPECTUS DATED December 10, 1997
(As supplemented December 12, 1997)
INTERNATIONAL BUSINESS MACHINES CORPORATION
MEDIUM-TERM NOTES
(Fixed Rate Note)
(Due from one year to 30 years from date of issue )
Designation: Fixed Rate Original Issue Date:
Medium-Term Notes Due January 22, 1999
January 22, 2009
Principal Amount: $25,000,000 Maturity Date:
January 22, 2009
Issue Price (as a percentage of Regular Record Dates:
Principal Amount): 99.778% Fifteenth calendar day, whether
or not a Business Day prior to
the corresponding Interest
Payment Date.
Interest Rate: 5.39%
Interest Payment Dates:
Semiannually, on the twenty
second of January and July,
commencing July 22, 1999.
Commission or Discount (as a
percentage of Principal Amount):0.222%
CUSIP: 459 20Q BY9 Redemption Provisions: None
Form: [X] Book-Entry
[ ] Certificated
INTRODUCTION
This is a Pricing Supplement. It describes the Fixed Rate Notes being
issued under the Medium Note Program of International Business Machines
Corporation. This document adds to, or 'supplements' the description
of the Notes referred to in the accompanying Prospectus Supplement and
Prospectus. It does so by providing specific pricing and other information
about the Notes issued in this particular transaction. This Pricing
Supplement also amends the Prospectus Supplement and Prospectus to the extent
that the description of the Notes in this Pricing Supplement is different
from the terms which are set forth in the Prospectus Supplement and
Prospectus.
INTEREST
Interest on the Notes will be calculated based on a year of 360 days
consisting of 12 months of 30 days each.
If any payment of principal or interest is due on a day that is not
a Business Day, that payment may be made on the next day which is a
Business Day. No additional interest will accrue as a result of the delay in
payment. For purposes of this offering, the term "Business Day" means each
day on which commercial banks and foreign exchange markets settle payments
in The City of New York. We have capitalized a number of terms in this
document. If you do not see a definition for those terms in this document,
those terms will have the meanings which we have already given to them in
the Prospectus Supplement and the Prospectus.
REDEMPTION
The Notes are not redeemable by the Company.
PLAN OF DISTRIBUTION
Notes in the total Principal Amount of $25,000,000 will be sold
to Donaldson, Lufkin & Jenrette, Inc. at the issue price set forth
at the top of this Pricing Supplement. They in turn will resell
these Notes to investors at varying prices, which prices are subject
to prevailing market conditions at the time of resale.
Dated: January 19, 1999
