[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109651-en":3,"doc-seo-109651-105":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},109651,7971461740909,"Levi","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","IBRD Lending Rates and Spreads Applicable on or after October 1, 2020 - Rate Update Summary","Quarterly update memo detailing IBRD lending rates and spreads for loans with rate setting dates between October 1, 2020 and December 31, 2020. It explains variable and fixed spreads under the IBRD Flexible Loan (IFL), including how reference rates vary by currency and may be replaced due to the IBOR reform. The memo also covers pricing differentiation by national income via maturity premium schedules, plus changes to the Single Borrower Limit (SBL) surcharge thresholds and surcharge application rules.","Public Disclosure Authorized Public Disclosure Authorized  \nFrom: The President October 29, 2020  \nMemorandum  \nSubject: IBRD Lending Rates and Spreads Applicable on or after October 1, 2020  \nRate 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 October 1, 2020 and December 31, 2020 remain at the same level as the previous quarter (See Table 1) . The current level of Fixed Spreads applicable to IFL is also unchanged and has been in effect since July 15, 2020 (See Table 2) .  \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.2, 3 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  \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.4, 5  \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 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.  \n3 In addition, IBRD offers other financial products, including conversions and hedging products, guarantees, and disaster risk financing.  \n4 “Proposed Modifications to the IBRD and IDA General Conditions to add flexibility in reference rate replacement provisions,” R2018-0235, October 18, 2018.  \n5 The Executive Directors have approved the initiative of the omnibus amendment process with borrowers to revise the reference rate replacement provisions for loan and financing agreements governed by the pre-2018 General  \nThis memorandum summarizes the lending rates and spreads currently applicable to IBRD loans with rate setting between October 1, 2020 and December 31, 2020.6, 7  \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. 8 Borrowers are classified into four pricing groups, whose applicable maturity premium is differentiated by exemptions, discounts or surcharges specific to each pricing group. The classification of the member countries by pricing group is updated annually and becomes effective on July 1 of each year (see Annex 2 for FY21 Country Groups for IBRD Pricing) .  \nThe maturity premium schedule applies uniformly to both IFL Variable Spread and IFL Fixed Spread terms and offers Borrowers the flexibility to choose a desired maturity at the differentiated pricing level.9 Tables 1 and 2 provide the details of the pricing group-specific maturity premium schedules. The details of rate structure and current pricing ofIFLs are ","cbCaifDsBmShRnrS","https://ap.wps.com/l/cbCaifDsBmShRnrS","pdf",695934,3,1,12,"English","en",105,"# Rate Update Summary\n# Background\n# IBRD Flexible Loan Rates and Spreads","[{\"question\":\"What time period does this memorandum cover for IBRD rate setting?\",\"answer\":\"It covers lending rates and spreads applicable to IBRD loans with rate setting between October 1, 2020 and December 31, 2020.\"},{\"question\":\"How are IFL spreads structured in this update?\",\"answer\":\"The update distinguishes IFL Variable Spreads and IFL Fixed Spreads, both expressed as spreads over the applicable Reference Rate.\"},{\"question\":\"What changed regarding the IBRD Single Borrower Limit (SBL) surcharge?\",\"answer\":\"The surcharge approach was modified to use two surcharge thresholds by income group (above-GDI and below-GDI), and the 50 bp surcharge applies when exposure exceeds the applicable threshold on incremental exposure beyond it.\"}]","IBRD Lending Rates and Spreads Applicable on or after October 1, 2020 - 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