[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109688-en":3,"doc-seo-109688-105":31,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109688,1374391975076,"Riley","https://ap-avatar.wpscdn.com/avatar/14000253ca4ec9f6853?x-image-process=image/resize,m_fixed,w_180,h_180&k=1783305029341752051",8,"Research & Report","IBRD Lending Rates and Spreads Applicable on or after January 1, 2021","Quarterly update memorandum detailing IBRD lending rates and spreads under standard loan pricing for the period January 1, 2021 to March 31, 2021. Reports changes to variable spreads for the IBRD Flexible Loan effective in early 2021, notes fixed spread levels for IFL, and explains pricing constraints driven by market transition to alternative reference rates. Summarizes background loan products, reference rate definitions by currency, and the suspension of fixed-spread offering effective April 1, 2021.","Public Disclosure Authorized Public Disclosure Authorized  \nFrom: The President January 28, 2021  \nMemorandum  \nSubject: IBRD Lending Rates and Spreads Applicable on or after January 1, 2021 Rate Update Summary  \nThis memorandum provides the quarterly update of IBRD’s lending rates and spreads pursuant to the standard loan pricing as defined in the Bank Policy and Directive “Financial Terms and Conditions of Bank Financing”. 1 The Variable Spreads applicable to the IBRD Flexible Loan (IFL) effective between January 1, 2021 and March 31, 2021 increased by two basis points (See Table 1) . The current level of Fixed Spreads applicable to IFL is unchanged and has been in effect since July 15, 2020 (See Table 2) .  \nAs the market undergoes fundamental changes due to transitions to alternative reference rates, it is not possible to robustly project IBRD’s funding spread to the market reference rate over the lifetime of loans, which is required for the pricing of fixed spread loans (FSLs) . On January 26, 2021, Executive Directors approved the suspension of the offering of the Fixed-Spread IFL and related spread-fixing conversion feature, effective from April 1, 2021.2 3  \nI. Background  \nIBRD promotes poverty reduction and supports sustainable economic and institutional development of member countries by providing financing and related operational assistance through its three main financing instruments – Investment Project Financing (IPF), Development Policy Financing (DPF), and Program-forResults (PfR) .  \nIBRD currently offers financing of these instruments through one loan product, the IFL, to eligible members.4, 5 IFL is made available with a wide choice of financial terms that are tailored to the needs of the financing or the member country’s overall debt management strategy. The standard financing terms of IFL can be categorized as:  \n(i)  IFL Variable Spread, featuring variable spreads over the Reference Rate, and  \n1 Policy “Financial Terms and Conditions of Bank Financing,” July 15, 2020, and Directive “Financial Terms and Conditions of Bank Financing,” July 15, 2020.  \n2 R2020-0243/2: “Proposal to Suspend the Offering of Fixed Spread Loans and Spread-Fixing Conversions in the Context of LIBOR Transition”, December 21, 2020.  \n3 Management recommends that the proposed suspension of the fixed-spread terms not apply to operations that meet both of the following conditions: (i) the Invitation to Negotiate is issued on or before the date this proposal is approved by the Board; and (ii) the Executive Directors approve the loan on or before June 30, 2021.  \n4 Aside from IFLs, there are a few historic currency pool-based products, which have been discontinued but require rate resetting in IBRD’s portfolio. The only outstanding currency pool loans (CPL) with variable rate terms are the loans to Zimbabwe, which are currently in non-accrual status. There are also IFL and CPL loans whose rates are fixed for the life of the loan through conversion and hedging.  \n5 In addition, IBRD offers other financial products, including conversions and hedging products, guarantees, and disaster risk financing.  \n(ii)  IFL Fixed Spread, featuring fixed spreads over the Reference Rate.  \nThe Reference Rate varies by currency and currently is 6-month LIBOR for USD, JPY and GBP and 6-month EURIBOR for EUR, subject to a replacement in certain circumstances, including the outcome of the current Interbank Offered Rates (IBOR) reform.6, 7  \nThis memorandum summarizes the lending rates and spreads currently applicable to IBRD loans with rate setting between January 1, 2021 and March 31, 2021. 8, 9  \nII. IBRD Flexible Loan Rates and Spreads  \nIBRD differentiates its loan pricing based on national income and other factors of each Borrower (see Annex 2) through the maturity premium. 10 Borrowers are classified into four pricing groups, whose applicable maturity premium is differentiated by exemptions, discounts or surcharges specific to each pricing group. The","cbCaitgFdO6FbzwG","https://ap.wps.com/l/cbCaitgFdO6FbzwG","pdf",708185,2,1,12,"English","en",105,"# Rate Update Summary\n# Background\n# IBRD Flexible Loan Rates and Spreads\n## Loan products and pricing categories\n## Maturity premium and country groups\n## IFL variable and fixed spread structures","[{\"question\":\"What time period does the memorandum cover for IBRD lending rates and spreads?\",\"answer\":\"It covers lending rates and spreads applicable for rate setting between January 1, 2021 and March 31, 2021.\"},{\"question\":\"How did IBRD’s variable spreads for the IFL change during the covered period?\",\"answer\":\"The variable spreads applicable to the IBRD Flexible Loan effective between January 1, 2021 and March 31, 2021 increased by two basis points.\"},{\"question\":\"Why was the fixed-spread IFL offering suspended starting April 1, 2021?\",\"answer\":\"Market changes tied to transitions to alternative reference rates made it not possible to robustly project IBRD’s funding spread for pricing fixed-spread loans, leading Executive Directors to suspend the offering effective April 1, 2021.\"}]","IBRD Lending Rates and Spreads Applicable on or after January 1, 2021 | 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time period does the memorandum cover for IBRD lending rates and spreads?","Question",{"text":76,"@type":77},"It covers lending rates and spreads applicable for rate setting between January 1, 2021 and March 31, 2021.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"How did IBRD’s variable spreads for the IFL change during the covered period?",{"text":81,"@type":77},"The variable spreads applicable to the IBRD Flexible Loan effective between January 1, 2021 and March 31, 2021 increased by two basis points.",{"name":83,"@type":74,"acceptedAnswer":84},"Why was the fixed-spread IFL offering suspended starting April 1, 2021?",{"text":85,"@type":77},"Market changes tied to transitions to alternative reference rates made it not possible to robustly project IBRD’s funding spread for pricing fixed-spread loans, leading Executive Directors to suspend the offering effective April 1, 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