FWP 1 a10-21406_3fwp.htm FWP


Filed Pursuant to Rule 433

Registration Number 333-168333


2.000% Notes Due 2016
International Business Machines Corporation
December 6, 2010
Pricing Term Sheet




International Business Machines Corporation

Expected Issuer Ratings


Aa3/A+/A+ (Moody’s/S&P/Fitch)



SEC Registered

Trade Date


December 6, 2010

Settlement Date


December 9, 2010






January 5, 2016

Interest Payment Dates


July 5 and January 5

First Payment Date


July 5, 2011

Benchmark Treasury


1.375% due November 30, 2015

Benchmark Treasury Yield



Spread to Benchmark Treasury


T + 55 bps

Yield to Maturity






Make-Whole Call


T + 15 bps

Price to Public



Underwriting Discount



Price to Issuer



Day Count



Minimum Denomination


$100,000 and multiples of $1,000



Credit Suisse Securities (USA) LLC

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Morgan Stanley & Co. Incorporated



CastleOak Securities, L.P.

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Lebenthal & Co., LLC

Mizuho Securities USA Inc.



459200 GU9

ISIN/Common Code




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 www.sec.gov.  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 Credit Suisse Securities (USA) LLC toll free at 800-221-1037, Deutsche Bank Securities Inc. toll free at 800-503-4611, Merrill Lynch, Pierce, Fenner & Smith Incorporated toll free at 800-294-1322, or Morgan Stanley & Co. Incorporated toll free at 866-718-1649.


This pricing term sheet supplements the preliminary form of prospectus supplement issued by International Business Machines Corporation on December 6, 2010 relating to its Prospectus dated July 27, 2010.