Filed Pursuant to Rule 433

Registration Number 333-190160


International Business Machines Corporation
November 4, 2015
Pricing Term Sheet


2.875% Notes due 2022




International Business Machines Corporation




Expected Issuer Ratings*


Aa3/AA-/A+ (Moody’s/S&P/Fitch)






SEC Registered




Trade Date


November 4, 2015




Settlement Date


November 9, 2015 (T+3)




Joint Book-Running Managers


Goldman, Sachs & Co., RBC Capital Markets, LLC, Santander Investment Securities Inc., U.S. Bancorp Investments, Inc.






ING Financial Markets LLC, SMBC Nikko Securities America, Inc.












November 9, 2022




Interest Payment Dates


May 9 and November 9




First Interest Payment Date


May 9, 2016










Benchmark Treasury


1.875% due October 31, 2022




Benchmark Treasury Yield






Spread to Benchmark Treasury


T + 95 bps




Yield to Maturity






Make-Whole Call


T + 15 bps




Par Call


Not Applicable




Price to Public






Underwriting Discount






Day Count






Minimum Denomination


$100,000 and multiples of $1,000






459200 JC6








*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 Goldman, Sachs & Co. toll-free at (866) 471-2526, RBC Capital Markets, LLC toll-free at (866) 375-6829, Santander Investment Securities Inc. toll-free at (855) 403-3636 or U.S. Bancorp Investments, Inc. toll-free at (877) 558-2607.


This pricing term sheet supplements the preliminary form of prospectus supplement issued by International Business Machines Corporation on November 4, 2015 relating to its prospectus dated July 26, 2013.