Currently [dcl.init.ref] states as follows:

In all cases except the last (i.e., implicitly converting the initializer expression to the referenced type), the reference is said to \defn{bind directly} to the initializer expression.

In the discussion of issue #1750, Richard Smith says that he thinks that this refers to both sub-bullets of the last bullet. Based on the history of [dcl.init.ref] starting from CWG issue 1604, I agree. But this really isn't clear in the current text. Only the second sub-bullet of the last bullet explicitly specifies that an implicit conversion to the referenced type occurs. The first sub-bullet, I think, does something a bit different: it builds what could be thought of as an implicit conversion sequence from the initializer expression to the referenced type, but it doesn't actually say to do an implicit conversion.