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| Name | Symbol | Market | Type |
|---|---|---|---|
| Inter 2042 | LSE:42BI | London | Medium Term Loan |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
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From Jul 2019 to Jul 2024
TIDM42BI
RNS Number : 7374Z
Inter-American Development Bank
21 September 2015
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 526
COP 14,400,000,000 5.00 percent Notes due September 21, 2020
payable in United States Dollars
Issue Price: 100.00 percent
No application has been made to list the Notes on any stock exchange.
Citigroup Global Markets Limited
The date of this Pricing Supplement is as of September 16, 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.
Hot Features
Premium
1. Series No.: 526
2. Aggregate Principal Amount: COP 14,400,000,000
3. Issue Price: COP 14,400,000,000, which is
100.00 percent of the Aggregate
Principal Amount
The Issue Price will be payable
in USD in the amount of USD
4,625,762.93 at the agreed COP
Rate of 3,113.00 COP per one
USD.
4. Issue Date: September 21, 2015
5. Form of Notes
(Condition 1(a)): Registered only, as further
provided in paragraph 9(c) of
"Other Relevant Terms" below.
6. Authorized Denomination(s)
(Condition 1(b)): COP 100,000,000 and integral
multiples thereof
7. Specified Currency
(Condition 1(d)): The lawful currency of the
Republic of Colombia ("Colombian
Pesos" or "COP"), provided that
all payments in respect of the
Notes will be made in United
States Dollars ("USD")
8. Specified Principal Payment
Currency
(Conditions 1(d) and 7(h)): USD
9. Specified Interest Payment
Currency USD
(Conditions 1(d) and 7(h)):
10. Maturity Date
(Condition 6(a); Fixed September 21, 2020.
Interest Rate):
11. Interest Basis
(Condition 5): Fixed Interest Rate (Condition
5(I))
12. Interest Commencement Date
(Condition 5(III)): Issue Date (September 21, 2015)
13. Fixed Interest Rate (Condition Condition 5(I) as amended and
5(I)): supplemented below, shall apply
to the Notes. The bases of the
calculation of the Interest
Amount, Interest Payment Dates
and default interest are as
set out below.
(a) Interest Rate: 5.00 percent per annum
(b) Business Day Convention: Modified Following Business
Day Convention
(c) Fixed Rate Interest
Payment Date(s): Annually on each September 21,
commencing on September 21,
2016 and ending on, and including,
the Maturity Date.
(d) Interest Period: Each period from and including
each Interest Payment Date to
but excluding the next following
Interest Payment Date, provided
that the initial Interest Period
will commence on and include
the Interest Commencement Date,
and the final Interest Period
will end on but exclude the
Maturity Date.
For the purposes of the calculation
of the Interest Amount payable
for any Interest Period, there
shall be no adjustment pursuant
to the Business Day Convention
specified above.
(e) Fixed Rate Day Count
Fraction(s): Actual/365 (Fixed)
(f) Calculation of Interest As soon as practicable and in
Amount: accordance with the procedure
specified herein, the Calculation
Agent will determine the COP/USD
Exchange Rate (as defined below)
and calculate the amount of
interest payable (the "Interest
Amount") with respect to each
minimum Authorized Denomination
for the relevant Interest Period.
The Interest Amount with respect
to any Interest Period shall
be a USD amount calculated using
the COP/USD Exchange Rate determined
as of the relevant Valuation
Date (as defined below) as follows:
5.00% times the minimum Authorized
Denomination
times
the Fixed Rate Day Count Fraction
divided by
the COP/USD Exchange Rate
(and rounding, if necessary,
the entire resulting figure
to the nearest two decimal places,
with USD 0.005 being rounded
upwards).
The "COP/USD Exchange Rate"
means the rate determined by
the Calculation Agent that is
equal to the COP/USD exchange
rate ("COP TRM (COP02)"), expressed
as the amount of COP per one
USD, for settlement on the same
day, reported by the Colombian
Banking Superintendency (www.banrep.gov.co)
as the "Tasa Representativa
del Mercado (TRM)" (also referred
to as the "Tasa de Cierre Representativa
del Mercado (TCRM)") by no later
than 10:30 a.m., Bogotá
time, on the first Relevant
Business Day following the related
Valuation Date (such date, subject
to adjustment as described below).
The "Valuation Date" means the
date that is two Relevant Business
Days prior to the applicable
(MORE TO FOLLOW) Dow Jones Newswires
September 22, 2015 02:00 ET (06:00 GMT)
Interest Payment Date or Maturity
Date. The Valuation Date shall
be subject to adjustment as
follows: if the scheduled date
of the Valuation Date is not
a Relevant Business Day, then
the Valuation Date will be the
first preceding day that is
a Relevant Business Day.
Fallback Provisions:
In the event that the COP TRM
(COP02) is not reported by the
Colombian Banking Superintendency
as the "Tasa Representativa
del Mercado (TRM)" (or the "Tasa
de Cierre Representativa del
Mercado (TCRM)") on the first
Relevant Business Day following
a Valuation Date, then the COP/USD
Exchange Rate for such Valuation
Date shall be determined by
the Calculation Agent in good
faith.
(g) Calculation Agent: See "8. Identity of Calculation
Agent" under "Other Relevant
Terms"
(h) Notification: If the Interest Amount payable
on any Fixed Rate Interest Payment
Date or the Redemption Amount,
as the case may be, is calculated
in any manner other than by
utilizing the COP TRM (COP02)
reported by the Colombian Banking
Superintendency as the "Tasa
Representativa del Mercado (TRM)"
(or the "Tasa de Cierre Representativa
del Mercado (TCRM)"), the Global
Agent on behalf of the Bank
shall give notice as soon as
reasonably practicable to the
Noteholders in accordance with
Condition 14 (Notices).
14. Relevant Financial Center: New York, London and Bogotá
15. Relevant Business Day: New York, London and Bogotá
16. Redemption Amount (Condition
6(a)): The Redemption Amount with respect
to each minimum Authorized Denomination
will be a USD amount calculated
by the Calculation Agent as
of the Valuation Date with respect
to the Maturity Date as follows:
minimum Authorized Denomination
divided by
the COP/USD Exchange Rate
(and rounding, if necessary,
the entire resulting figure
to the nearest 2 decimal places,
with USD 0.005 being rounded
upwards).
Payment of the Redemption Amount
will occur on the scheduled
Maturity Date.
17. Issuer's Optional Redemption
(Condition 6(e)): No
18. Redemption at the Option
of the Noteholders (Condition No
6(f)):
19. Early Redemption Amount
(including accrued interest, In the event the Notes become
if applicable) (Condition due and payable as provided
9): in Condition 9 (Default), the
Early Redemption Amount with
respect to each minimum Authorized
Denomination will be a USD amount
equal to the Redemption Amount
that is determined in accordance
with "16. Redemption Amount"
plus accrued and unpaid interest,
if any, as determined in accordance
with "13. Fixed Interest Rate
(Condition 5(I))"; provided,
that for purposes of such determination,
the "Valuation Date" shall be
the date that is two Relevant
Business Days prior to the date
upon which the Notes become
due and payable as provided
in Condition 9 (Default).
20. Governing Law: New York
21. 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 the Notes in, from or otherwise
involving the United Kingdom.
(c) Colombia: This Pricing Supplement does
not constitute and may not be
used for, or in connection with,
a public offering as defined
in the laws of the Republic
of Colombia and shall be valid
in Colombia only to the extent
permitted by Colombian law.
Therefore, the Notes will not
be marketed, offered, sold or
distributed in Colombia or to
Colombian residents except in
circumstances which do not constitute
a public offering. Any promotional
or advertisement activity shall
comply with the requirements
set out by Colombian law. The
Notes have not been registered
in the Republic of Colombia
and may only be exchanged in
the territory of the Republic
of Colombia to the extent permitted
by applicable law. The information
contained in this Pricing Supplement
is provided for assistance purposes
only and no representation or
warranty is made as to the accuracy
or completeness of the information
(MORE TO FOLLOW) Dow Jones Newswires
September 22, 2015 02:00 ET (06:00 GMT)
contained herein.
(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.
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 Luxembourg
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: None. The Dealer has agreed
to pay for all material expenses
related to the issuance of the
Notes.
6. Codes:
(a) Common Code: 129071648
(b) ISIN: XS1290716486
7. Identity of Dealer: Citigroup Global Markets Limited
8. Identity of Calculation Citibank, N.A., New York
Agent: In relation to the Valuation
Date, as soon as is reasonably
practicable after the determination
of the COP/USD Exchange Rate
in relation thereto, on the
date on which the relevant COP/USD
Exchange Rate is to be determined
(or, if such date is not a Relevant
Business Day, then on the next
succeeding Relevant Business
Day), the Calculation Agent
shall notify the Issuer and
the Global Agent of the COP/USD
Exchange Rate, and the Interest
Amount, and the Redemption Amount
or Early Redemption Amount,
as the case may be, in relation
thereto.
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 No
on Issue Date:
(b) DTC Global Note(s): No
(c) Other Registered Global Yes, issued in accordance with
Notes: the Global Agency Agreement,
dated January 8, 2001, among
the Bank, Citibank, N.A., as
Global Agent, and the other
parties thereto.
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.
The Council of the European Union has also adopted a Directive (the "Amending Cooperation Directive") amending Council Directive 2011/16/EU on administrative cooperation in the field of taxation so as to introduce an extended automatic exchange of information regime in accordance with the Global Standard released by the OECD Council in July 2014. The Amending Cooperation Directive requires EU Member States to adopt national legislation necessary to comply with it by December 31, 2015, which legislation must apply from January 1, 2016 (January 1, 2017 in the case of Austria). The Amending Cooperation Directive is generally broader in scope than the Savings Directive, although it does not impose withholding taxes, and provides that to the extent there is overlap of scope, the Amending Cooperation Directive prevails. The European Commission has therefore published a proposal for a Council Directive repealing the Savings Directive from January 1, 2016 (January 1, 2017 in the case of Austria) (in each case subject to transitional arrangements). The proposal also provides that, if it is adopted, EU Member States will not be required to implement the Amending Savings Directive. Information reporting and exchange will however still be required under Council Directive 2011/16/EU (as amended).
2. United States Federal Tax Matters
The following supplements the discussion under the "Tax Matters" section of the Prospectus regarding the U.S. federal income tax treatment of the Notes, and is subject to the limitations and exceptions set forth therein. Any tax disclosure in the Prospectus or this pricing supplement is of a general nature only, is not exhaustive of all possible tax considerations and is not intended to be, and should not be construed to be, legal, business or tax advice to any particular prospective investor. Each prospective investor should consult its own tax advisor as to the particular tax consequences to it of the acquisition, ownership, and disposition of the Notes, including the effects of applicable U.S. federal, state, and local tax laws and non-U.S. tax laws and possible changes in tax laws.
(MORE TO FOLLOW) Dow Jones Newswires
September 22, 2015 02:00 ET (06:00 GMT)
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