New Issue: IBRD prices $10 million step-up notes due 2016 via Incapital

By Angela McDaniels

Tacoma, Wash., Sept. 29 - The International Bank for Reconstruction and Development priced $10 million of step-up notes due Sept. 30, 2016, according to a distribution report filed with the Securities and Exchange Commission.

Incapital LLC is the manager.

The initial interest rate is 0.5%. It will set up by 25 bps every six months during the first three years of the life of the notes, reaching 2% on Sept. 30, 2014. It will then step up to 2.5% on March 30, 2015, to 3% on Sept. 30, 2015 and to 4% on March 30, 2016. Interest is payable semiannually.

The payout at maturity will be par.

The notes are callable at par once a quarter.

Issuer:	International Bank for Reconstruction and Development
Issue:	Callable step-up fixed-rate notes
Amount:	$10 million
Maturity:	Sept. 30, 2016
Coupon:	0.5% for first interest period, 0.75% for second interest period, 1% for third interest period, 1.25% for fourth interest period,1.5% for fifth interest period, 1.75% for sixth interest period, 2% for seventh interest period, 2.5% for eighth interest period, 3% for ninth interest period, 4% for 10th interest period; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on March 30, June 30, Sept. 30 and Dec. 30 of each year
Pricing date:	Sept. 27
Settlement date:	Sept. 30
Underwriter:	Incapital LLC
Fees:	None
Cusip:	45905UJL9

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