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Inter 2042 | LSE:42BI | London | Medium Term Loan |
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TIDM42BI
RNS Number : 7361Z
Inter-American Development Bank
21 September 2015
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No.: 528
U.S.$100,000,000 Floating Rate Notes due September 18, 2018
Issue Price: 100.00 percent
Application has been made for the Notes to be admitted to the
Official List of the United Kingdom Listing Authority and
to trading on the London Stock Exchange plc's
Regulated Market
HSBC
The date of this Pricing Supplement is September 15, 2015
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 January 8, 2001 (the "Prospectus") (which for the avoidance of doubt does not constitute a prospectus for the purposes of Part VI of the United Kingdom Financial Services and Markets Act 2000 or a base prospectus for the purposes of Directive 2003/71/EC of the European Parliament and of the Council). 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.
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. These are the only terms which form part of the form of Notes for such issue.
1. Series No.: 528 2. Aggregate Principal Amount: U.S.$100,000,000 3. Issue Price: U.S.$100,000,000 which is 100.00 percent of the Aggregate Principal Amount 4. Issue Date: September 18, 2015 5. Form of Notes (Condition 1(a)): Registered only, as further provided in paragraph 9 of "Other Relevant Terms" below 6. Authorized Denomination(s) (Condition 1(b)): U.S.$100,000 and integral multiples thereof 7. Specified Currency (Condition 1(d)): United States Dollars (U.S.$) being the lawful currency of the United States of America 8. Specified Principal Payment Currency (Conditions 1(d) and 7(h)): U.S.$ 9. Specified Interest Payment Currency (Conditions 1(d) and 7(h)): U.S.$ 10. Maturity Date (Condition 6(a); Fixed Interest Rate): September 18, 2018 11. Interest Basis (Condition 5): Variable Interest Rate (Condition 5(II)) 12. Interest Commencement Date (Condition 5(III)): Issue Date (September 18, 2015) 13. Variable Interest Rate (Condition 5(II)): (a) Calculation Amount Not Applicable (if different than Principal Amount of the Note): (b) Business Day Convention: Modified Following Business Day Convention (c) Specified Interest Not Applicable Period: (d) Interest Payment Date: Quarterly in arrear on March 18, June 18, September 18 and December 18 in each year, commencing on December 18, 2015, up to and including the Maturity Date. Each Interest Payment Date is subject to adjustment in accordance with the Modified Following Business Day Convention. (e) Reference Rate: 3-Month USD-LIBOR-BBA "3-Month USD-LIBOR-BBA" means the rate for deposits in USD for a period of 3 months which appears on Reuters Screen LIBOR01 (or such other page that may replace that page on that service or a successor service) as of the Relevant Time on the Interest Determination Date; "Relevant Time" means 11:00 a.m., London time; "Interest Determination Date" means the second London Banking Day prior to the first day of the relevant Interest Period; and "London Banking Day" means a day on which commercial banks are open for general business, including dealings in foreign exchange and foreign currency deposits, in London. If such rate does not appear on Reuters Screen LIBOR01 (or such other page that may replace that page on that service or a successor service) at the Relevant Time on the Interest Determination Date, then the rate for 3-Month USD-LIBOR-BBA shall be determined on the basis of the rates at which deposits in USD are offered at the Relevant Time on the Interest Determination Date by five major banks in the London interbank market (the "Reference Banks") as selected by the Calculation Agent, to prime banks in the London interbank market for a period of 3 months commencing on the first day of the relevant Interest Period and in an amount that is representative for a single transaction in the London interbank market at the Relevant Time. The Calculation Agent will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for 3-Month USD-LIBOR-BBA shall be the arithmetic mean of such quotations. If fewer than two quotations are provided as requested, the rate for 3-Month USD-LIBOR-BBA shall be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Calculation Agent, at approximately 11:00 a.m., New York City time, on the first day of the relevant Interest Period for loans in USD to leading European banks for a period of 3 months commencing on the first day of the relevant Interest Period and in an amount that is representative for a single transaction in the London interbank market at such time. If no quotation is available or if the Calculation Agent determines in its sole discretion that there is no suitable
(MORE TO FOLLOW) Dow Jones Newswires
September 22, 2015 02:00 ET (06:00 GMT)
bank that is prepared to provide the quotes, the Calculation Agent will determine the rate for 3-Month USD-LIBOR-BBA for the Interest Determination Date in question in a manner that it deems commercially reasonable by reference to such additional resources as it deems appropriate. (f) Primary Source for Interest Rate Quotations for Reference Rate: Reuters (g) Calculation Agent: See "8. Identity of Calculation Agent" under "Other Relevant Terms" 14. Other Variable Interest Rate Terms (Conditions 5(II) and (III)): (a) Spread: plus (+) 0.01 percent (b) Variable Rate Day Count Fraction if not actual/360: Act/360, adjusted (c) Relevant Banking Center: London and New York 15. Relevant Financial Center: London and New York 16. Relevant Business Day(s): London and New York 17. Issuer's Optional Redemption (Condition 6(e)): No 18. Redemption at the Option of the Noteholders (Condition No 6(f)): 19. Governing Law: New York 20. 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 it has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 with respect to anything done by it in relation to such Notes in, from or otherwise involving the United Kingdom. (c) 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. Other Relevant Terms 1. Listing: Application has been made for the Notes to be admitted to the Official List of the United Kingdom Listing Authority and to trading on the London Stock Exchange plc's Regulated Market. 2. Details of Clearance System Depository Trust Company (DTC); Approved by the Bank and Euroclear Bank SA/NV; Clearstream the Global Agent and Clearance Banking, société and Settlement Procedures: anonyme 3. Syndicated: No 4. Commissions and Concessions: No commissions or concessions are payable in respect of the Notes. 5. Estimated Total Expenses: None. The Dealer has agreed to pay for all expenses related to the issuance of the Notes. 6. Codes: (a) CUSIP 45818WBF2 (b) Common Code: 129349654 (c) ISIN: US45818WBF23 7. Identity of Dealer: HSBC Bank plc 8. Identity of Calculation The Global Agent, Citibank, Agent: N.A., London branch, will act as the Calculation Agent. All determinations of the Calculation Agent shall (in the absence of manifest error) be final and binding on all parties (including, but not limited to, the Bank and the Noteholders) and shall be made in its sole discretion in good faith and in a commercially reasonable manner in accordance with a calculation agent agreement between the Bank and the Calculation Agent. 9. Provision for Registered Notes: (a) Individual Definitive Registered Notes Available on Issue Date: No (b) DTC Global Note(s): Yes, issued in accordance with the Global Agency Agreement, dated January 8, 2001, as amended, among the Bank, Citibank, N.A. as Global Agent, and the other parties thereto. (c) Other Registered Global No Notes:
General Information
Additional Information regarding the Notes
1. The EU has adopted Council Directive 2003/48/EC on the taxation of savings income (the "Savings Directive"). The Savings Directive requires EU Member States to provide to the tax authorities of other EU Member States details of payments of interest and other similar income paid by a person established within its jurisdiction to (or secured by such a person for the benefit of) an individual resident, or to (or secured for) certain other types of entity established, in that other EU Member State, except that Austria will instead impose a withholding system for a transitional period (subject to a procedure whereby, on meeting certain conditions, the beneficial owner of the interest or other income may request that no tax be withheld) unless during such period it elects otherwise.
A number of non-EU countries and territories, including Switzerland, have adopted similar measures.
The Bank undertakes that it will ensure that it maintains a paying agent in a country which is an EU Member State that will not be obliged to withhold or deduct tax pursuant to the Savings Directive.
The Council of the European Union has adopted a Directive (the "Amending Savings Directive") which would, when implemented, amend and broaden the scope of the requirements of the Savings Directive described above, including by expanding the range of payments covered by the Savings Directive, in particular to include additional types of income payable on securities, and by expanding the circumstances in which payments must be reported or paid subject to withholding. The Amending Savings Directive requires EU Member States to adopt national legislation necessary to comply with it by January 1, 2016, which legislation must apply from January 1, 2017.
(MORE TO FOLLOW) Dow Jones Newswires
September 22, 2015 02:00 ET (06:00 GMT)
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