Filed Pursuant to Rule 433

Registration Number 333-190160


2.625% Notes Due 2022

International Business Machines Corporation
July 29, 2015
Pricing Term Sheet




International Business Machines Corporation

Issuer Ratings*


Aa3/AA-/A+ (Moody’s/S&P/Fitch)



SEC Registered



Registered Form

Trade Date


July 29, 2015

Settlement Date


August 5, 2015 (T+5)



Application will be made to list the Notes on the New York Stock Exchange

Active Bookrunners


Barclays Bank PLC
BNP Paribas
Deutsche Bank AG, London Branch
HSBC Bank plc

Passive Bookrunners


Lloyds Bank plc
Société Générale

Principal Amount





August 5, 2022

Interest Payment Date


August 5 of each year

First Payment Date


August 5, 2016

Benchmark Gilt


4.000% due March 7, 2022

Benchmark Gilt Yield


1.662% (semi-annual)

Spread to Benchmark Gilt


100 bps

Yield to Maturity


2.662% (semi-annual)



2.625%, accruing from August 5, 2015

Make-Whole Call


15 bps spread to reference Gilt

Price to Public



Underwriting Discount



Price to Issuer



Day Count


Actual / Actual (ICMA)

Minimum Denomination


£100,000 and integral multiples of £1,000 in excess thereof

CUSIP / ISIN / Common Code


459200 JB8 / XS1271665280 / 127166528


*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.


The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.  You may get these documents for free by visiting EDGAR on the SEC Web site at  Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Bank PLC at (888) 603-5847, BNP Paribas at (800) 854-5674, Deutsche Bank AG, London Branch at (800) 503-4611 or HSBC Bank plc, toll free at 1-866-811-8049.


This pricing term sheet supplements the preliminary form of prospectus supplement issued by International Business Machines Corporation on July 29, 2015 relating to its Prospectus dated July 26, 2013.