Inter-American Development Bank Issue of Debt (7540R)
03 3월 2023 - 4:00PM
UK Regulatory
TIDM42BI
RNS Number : 7540R
Inter-American Development Bank
03 March 2023
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 862
U.S.$50,000,000 Multi Callable 5.080 percent Notes due March 2,
2028 (the "Notes")
Issue Price: 100.00 percent
No application has been made to list the Notes on any stock
exchange.
BNP Paribas
The date of this Pricing Supplement is February 27, 2023.
Terms used herein shall be deemed to be defined as such for the
purposes of the Terms and Conditions (the "Conditions") set forth
in the Prospectus dated July 28, 2020 (the "Prospectus") (which for
the avoidance of doubt does not constitute a prospectus for the
purposes of Part VI of the United Kingdom ("UK") Financial Services
and Markets Act 2000 or a base prospectus for the purposes of
Regulation (EU) 2017/1129 (as amended, the "Prospectus Regulation")
or the Prospectus Regulation as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("EUWA")). This
Pricing Supplement must be read in conjunction with the Prospectus.
This document is issued to give details of an issue by the
Inter-American Development Bank (the "Bank") under its Global Debt
Program and to provide information supplemental to the Prospectus.
Complete information in respect of the Bank and this offer of the
Notes is only available on the basis of the combination of this
Pricing Supplement and the Prospectus.
MiFID II product governance / Professional investors and ECPs
target market - See "General Information-Additional Information
Regarding the Notes-Matters relating to MiFID II" below.
Terms and Conditions
The following items under this heading "Terms and Conditions"
are the particular terms which relate to the issue the subject of
this Pricing Supplement. Together with the applicable Conditions
(as defined above), which are expressly incorporated hereto, these
are the only terms that form part of the form of Notes for such
issue .
1. Series No.: 862
2. Aggregate Principal Amount: U.S.$50,000,000
3. Issue Price: U.S.$50,000,000, which is 100.00
percent of the Aggregate Principal
Amount
4. Issue Date: March 2, 2023
5. Form of Notes Registered only, as further provided
(Condition 1(a)): in paragraph 8 of "Other Relevant
Terms" below.
6. New Global Note: No
7. Authorized Denomination(s)
(Condition 1(b)): U.S.$1,000,000
8. Specified Currency
(Condition 1(d)): United States Dollars (U.S.$)
being the lawful currency of
the United States of America
9. Specified Principal Payment
Currency
(Conditions 1(d) and 7(h)): U.S.$
10. Specified Interest Payment
Currency U.S.$
(Conditions 1(d) and 7(h)):
11. Maturity Date
(Condition 6(a); Fixed
Interest Rate and Zero Coupon): March 2, 2028
12. Interest Basis
(Condition 5): Fixed Interest Rate (Condition
5(I))
13. Interest Commencement Date
(Condition 5(III)): Issue Date (March 2, 2023)
14. Fixed Interest Rate (Condition
5(I)):
(a) Interest Rate: 5.080 percent per annum
(b) Fixed Rate Interest Annually in arrear on March 2
Payment Date(s): in each year, commencing on March
2, 2024, up to and including
the Maturity Date.
Each Fixed Rate Interest Payment
Date is subject to the Business
Day Convention, but with no adjustment
to the amount of interest otherwise
calculated.
(c) Business Day Convention: Following Business Day Convention
(d) Fixed Rate Day Count
Fraction(s): 30/360
15. Relevant Financial Center: New York
16. Relevant Business Days: London, New York
17. Issuer's Optional Redemption
(Condition 6(e)): Yes, in whole but not in part
(a) Notice Period: No less than ten (10) Relevant
Business Days prior to the Optional
Redemption Date
(b) Amount: 100.00 percent per Authorized
Denomination
(c) Date(s): March 2 in each year, commencing
on March 2, 2025, up to and including
March 2, 2027
(d) Early Redemption Amount 100.00 percent of the Aggregate
Bank: Principal Amount
18. Redemption at the Option
of the Noteholders (Condition No
6(f)):
19. Governing Law: New York
Other Relevant Terms
1. Listing: None
2. Details of Clearance System
Approved by the Bank and
the
Global Agent and Clearance Euroclear Bank SA/NV and Clearstream
and Banking S.A.
Settlement Procedures:
3. Syndicated: No
4. Commissions and Concessions: No commissions or concessions
are payable in respect of the
Notes. An affiliate of the Dealer
has arranged a swap with the
Bank in connection with this
transaction and will receive
amounts thereunder that may comprise
compensation.
5. Estimated Total Expenses: The Dealer has agreed to pay
for all material expenses related
to the issuance of the Notes.
6. Codes:
(a) ISIN: XS2591126219
(b) Common Code: 259112621
7. Identity of Dealer: BNP Paribas
8. Provision for Registered
Notes:
(a) Individual Definitive
Registered Notes Available No
on Issue Date:
(b) DTC Global Note(s): No
(c) Other Registered Global Yes, issued in accordance with
Notes: the Amended and Restated Global
Agency Agreement, dated as of
July 28, 2020, between the Bank,
Citibank, N.A., London Branch
as Global Agent, and the other
parties thereto.
9. Intended to be held in a
manner which would allow
Eurosystem eligibility: Not Applicable
10. Selling Restrictions:
(a) United States:
Under the provisions of Section
11(a) of the Inter-American Development
Bank Act, the Notes are exempted
securities within the meaning
of Section 3(a)(2) of the U.S.
Securities Act of 1933, as amended,
and Section 3(a)(12) of the U.S.
Securities Exchange Act of 1934,
as amended.
(b) United Kingdom: The Dealer represents and agrees
that (a) it has only communicated
or caused to be communicated
and will only communicate or
cause to be communicated an invitation
or inducement to engage in investment
activity (within the meaning
of Section 21 of the Financial
Services and Markets Act 2000
(the "FSMA")) received by it
in connection with the issue
or sale of the Notes in circumstances
in which Section 21(1) of the
FSMA does not apply to the Bank,
and (b) it has complied and will
comply with all applicable provisions
of the FSMA with respect to anything
done by it in relation to such
Notes in, from or otherwise involving
the UK.
(c) Singapore: In the case of the Notes being
offered into Singapore in a primary
or subsequent distribution, and
solely for the purposes of its
obligations pursuant to Section
309B of the Securities and Futures
Act (Chapter 289) of Singapore
(the "SFA"), the Issuer has determined,
and hereby notifies all relevant
persons (as defined in Section
309A of the SFA) that the Notes
are "prescribed capital markets
products" (as defined in the
Securities and Futures (Capital
Markets Products) Regulations
2018 of Singapore) and Excluded
Investment Products (as defined
in MAS Notice SFA 04-N12: Notice
on the Sale of Investment Products
and MAS Notice FAA-N16: Notice
on Recommendations on Investment
Products).
(d) General: No action has been or will be
taken by the Issuer that would
permit a public offering of the
Notes, or possession or distribution
of any offering material relating
to the Notes in any jurisdiction
where action for that purpose
is required. Accordingly, the
Dealer agrees that it will observe
all applicable provisions of
law in each jurisdiction in or
from which it may offer or sell
Notes or distribute any offering
material.
General Information
Additional Information Regarding the Notes
1. Matters relating to MiFID II
The Bank does not fall under the scope of application of the
MiFID II regime. Consequently, the Bank does not qualify as an
"investment firm", "manufacturer" or "distributor" for the purposes
of MiFID II.
MiFID II product governance / Professional investors and ECPs
target market - Solely for the purposes of the EU manufacturer's
product approval process, the target market assessment in respect
of the Notes has led to the conclusion that: (i) the target market
for the Notes is eligible counterparties and professional clients,
each as defined in MiFID II; and (ii) all channels for distribution
of the Notes are appropriate. Any person subsequently offering,
selling or recommending the Notes (a "distributor") should take
into consideration the EU manufacturer's target market assessment;
however, a distributor subject to MiFID II is responsible for
undertaking its own target market assessment in respect of the
Notes (by either adopting or refining the EU manufacturer's target
market assessment) and determining appropriate distribution
channels.
For the purposes of this provision, the expression "EU
manufacturer" means the Dealer, and the expression "MiFID II" means
Directive 2014/65/EU, as amended.
INTER-AMERICAN DEVELOPMENT BANK
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