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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
From Jul 2019 to Jul 2024
TIDM42BI
RNS Number : 3087B
Inter-American Development Bank
05 October 2015
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 525
INR 260,000,000 5.25 per cent. Notes due September 28, 2018 (the "Notes")
payable in Japanese Yen
Issue Price: 100 percent
No application has been made to list the Notes on any stock exchange.
J.P. Morgan Securities plc
The date of this Pricing Supplement is September 23, 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.: 525
2. Aggregate Principal Amount: INR 260,000,000
3. Issue Price: 100 per cent. of the Aggregate
Principal Amount
The Issue Price will be payable
in Japanese Yen ("JPY"), being
the lawful currency of Japan, in
the amount of JPY 481,780,000 at
the agreed rate of JPY 1.853 per
one INR.
4. Issue Date: September 28, 2015
5. Form of Notes Bearer only. The Notes will initially
(Condition 1(a)): be represented by a temporary global
note in bearer form (the "Temporary
Bearer Global Note"). Interests
in the Temporary Bearer Global
Note will, not earlier than the
Exchange Date, be exchangeable
for interests in a permanent global
note in bearer form (the "Permanent
Bearer Global Note"). Interests
in the Permanent Bearer Global
Note will be exchangeable for definitive
Notes in bearer form ("Definitive
Bearer Notes") with all Coupons,
if any, in respect of interest
attached, in the following circumstances:
(i) if the Permanent Bearer Global
Note is held on behalf of a clearing
system and such clearing system
is closed for business for a continuous
period of fourteen (14) days (other
than by reason of holidays, statutory
or otherwise) or announces its
intention to permanently cease
business or does in fact do so,
by any such holder giving written
notice to the Global Agent; and
(ii) at the option of any such
holder upon not less than sixty
(60) days written notice to the
Bank and the Global Agent from
Euroclear and Clearstream, Luxembourg
on behalf of such holder; provided
that no such exchanges will be
made by the Global Agent, and no
Noteholder may require such an
exchange, during a period of fifteen
(15) days ending on the due date
for any payment of principal on
the Notes.
6. Authorized Denomination(s) INR 100,000
(Condition 1(b)):
7. Specified Currency Indian Rupee ("INR") being the
(Condition 1(d)): lawful currency of India; provided
that all payments in respect of
the Notes will be made in JPY.
8. Specified Principal Payment JPY
Currency
(Conditions 1(d) and 7(h)):
9. Specified Interest Payment JPY
Currency
(Conditions 1(d) and 7(h)):
10. Maturity Date September 28, 2018
(Condition 6(a); Fixed The Maturity Date is subject to
Interest Rate): adjustment in accordance with the
Modified Following Business Day
Convention with no adjustment to
the amount of interest otherwise
calculated.
11. Interest Basis Fixed Interest Rate (Condition
(Condition 5): 5(I))
12. Interest Commencement Date September 29, 2015
(Condition 5(III)):
13. Fixed Interest Rate (Condition
5(I)): 5.25 percent per annum
(a) Interest Rate:
(b) Fixed Rate Interest Semi-annually in arrears on March
Payment Date(s): 28 and September 28 of each year,
commencing on March 28, 2016 and
ending on the Maturity Date.
An amount of INR 2,625.00 per Authorized
Denomination is payable on each
Fixed Rate Interest Payment Date
(except for the first Fixed Rate
Interest Payment Date) and INR
2,610.42 per Authorized Denomination
("Initial Broken Amount') is payable
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on the first Fixed Rate Interest
Payment Date, provided that such
amount shall be payable in JPY
by applying the following formula:
INR 2,625.00 multiplied by INR
Rate,
and, in respect of the Initial
Broken Amount,
INR 2,610.42 multiplied by INR
Rate,
provided that, such resultant amount
shall be rounded to the nearest
whole JPY (with JPY0.5 being rounded
upwards).
Each Fixed Rate Interest Payment
Date is subject to adjustment in
accordance with the Modified Following
Business Day Convention with no
adjustment to the amount of interest
otherwise calculated.
Where:
"INR Rate" means, in respect of
an INR Valuation Date, the INR/JPY
exchange rate, expressed as the
amount of JPY per one INR, which
is calculated by the Calculation
Agent in accordance with the following
formula and rounded to the nearest
three decimal places with 0.0005
being rounded up:
100 divided by INR RBIC Rate.
"INR RBIC Rate" means, in respect
of an INR Valuation Date, the JPY/INR
spot rate, expressed as the amount
of INR per one hundred JPY, as
observed on Thompson Reuters Screen
"RBIC" or any substitute or successor
page, at approximately 1:30 p.m.
(India Standard Time), or as soon
thereafter as practicable.
In the event that no such quotation
appears on the Thompson Reuters
Screen "RBIC" page (or its successor
page for the purpose of displaying
such rate), the INR Rate shall
be determined by the Calculation
Agent by requesting quotations
for midrate of INR/JPY foreign
exchange rate at or about 1:30
p.m. India Standard time on the
first (1st) Business Day following
the relevant INR Valuation Date
from the Reference Dealers.
If five or four quotations are
provided as requested, the INR
Rate will be the arithmetic mean
(rounded to the nearest three decimal
places with 0.0005 being rounded
upwards) of the remaining three
or two such quotations, as the
case may be, for such rate provided
by the Reference Dealers, after
disregarding the highest such quotation
and the lowest such quotation (provided
that, if two or more such quotations
are the highest such quotations,
then only one of such quotations
shall be disregarded, and if two
or more such quotations are the
lowest quotations, then only one
of such lowest quotations will
be disregarded).
If only three or two such quotations
are provided as requested, the
INR Rate shall be determined as
described above except that the
highest and lowest quotations will
not be disregarded.
If none or only one of the Reference
Dealers provides such quotation,
the INR Rate will be determined
by the Calculation Agent in its
sole discretion, acting in good
faith and in a commercially reasonable
manner.
"INR Valuation Date" means the
day that is five (5) Relevant Business
Days prior to the relevant Fixed
Rate Interest Payment Date or the
Maturity Date, as applicable.
"Reference Dealers" means five
banks active in the INR/JPY currency
and foreign exchange market, as
applicable, as selected by the
Calculation Agent in its sole discretion,
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acting in good faith and in a commercially
reasonable manner.
(c) Fixed Rate Day Count
Fraction(s): 30/360
14. Relevant Financial Center: Tokyo, London, New York and Mumbai
15. Relevant Business Days: Tokyo, London, New York and Mumbai
16. Redemption Amount (Condition INR 100,000 per Authorized Denomination,
6(a)): payable in JPY and determined as
follows on the INR Valuation Date
immediately prior to the Maturity
Date:
INR 100,000 multiplied by INR Rate,
provided that, the resultant amount
shall be rounded to the nearest
whole JPY (with JPY0.5 being rounded
upwards).
17. Issuer's Optional Redemption No
(Condition 6(e)):
18. Redemption at the Option No
of the Noteholders (Condition
6(f)):
19. Early Redemption Amount In the event of any Notes becoming
(including accrued interest, due and payable prior to the Maturity
if applicable) (Condition Date in accordance with Condition
9): 9, the Early Redemption Amount
of each such Note shall be a JPY
amount equal to the Redemption
Amount that is determined in accordance
with "16. Redemption Amount (Condition
6(a))" plus accrued and unpaid
interest, if any, as determined
in accordance with "13. Fixed Interest
Rate (Condition 5(I))"; provided
that, for the purpose of determining
the JPY amount, the INR Valuation
Date shall mean the day that is
five (5) Relevant Business Days
prior to the day on which the Early
Redemption Amount shall be due
and payable as provided in Condition
9.
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.
Notes in bearer form are subject
to U.S. tax law requirements and
may not be offered, sold or delivered
within the United States or its
possessions or to U.S. persons,
except in certain transactions
permitted by U.S. tax regulations.
(b) United Kingdom:
The Dealer agrees that it has complied
and will comply with all applicable
provisions of the Financial Services
and Markets Act of 2000 with respect
to anything done by it in relation
to the Notes in, from or otherwise
involving the United Kingdom.
(c) India:
The Dealer has acknowledged that,
it will not offer or sell any Notes
in India at any time. The Notes
have not been approved by the Securities
and Exchange Board of India, Reserve
Bank of India or any other regulatory
authority of India, nor have the
foregoing authorities approved
this Pricing Supplement or confirmed
the accuracy or determined the
adequacy of the information contained
in this Pricing Supplement. This
Pricing Supplement has not been
and will not be registered as a
prospectus or a statement in lieu
of prospectus with the Registrar
of Companies in India.
(d) Japan:
The Dealer represents that it is
purchasing the Notes as principal
and has agreed that in connection
with the initial offering of Notes,
it has not offered or sold and
will not directly or indirectly
offer or sell any Notes in Japan
or to, or for the benefit of, any
resident of Japan (including any
Japanese corporation or any other
entity organized under the laws
of Japan), or to others for re-offering
or resale, directly or indirectly,
in Japan or to, or for the benefit
of, any resident of Japan (except
in compliance with the Financial
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Instruments and Exchange Law of
Japan (Law no. 25 of 1948, as amended)
and all other applicable laws and
regulations of Japan), and furthermore
undertakes that any securities
dealer to whom it sells any Notes
will agree that it is purchasing
the Notes as principal and that
it will not offer or sell any notes,
directly or indirectly, in Japan
or to or for the benefit of any
resident of Japan (except as aforesaid).
(e) General:
No action has been or will be taken
by the Bank 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 Euroclear Bank S.A./N.V. and/or
Approved by the Bank and Clearstream Banking, Luxembourg
the
Global Agent and Clearance
and
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: 128179640
(b) ISIN: XS1281796406
7. Identity of Dealer: J.P. Morgan Securities plc
8. Identity of Calculation JPMorgan Chase Bank, N.A.
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 commercially reasonable
manner in accordance with the calculation
agent agreement between the Bank
and the Calculation Agent.
9. Provisions for Bearer Notes:
(a) Exchange Date: Not earlier than 40 (forty) days
after the Issue Date.
(b) Permanent Global Note: Yes
(c) Definitive Bearer Notes: No, except in the limited circumstances
described under "Form of Notes"
herein and in the Prospectus.
(d) Individual Definitive No
Registered Notes:
(e) Registered Global notes: No
10. Additional Risk Factors: There are various risks associated
with the Notes including, but not
limited to, exchange rate risk,
price risk and liquidity risk.
Investors should consult with their
own financial, legal, and accounting
advisors about the risks associated
with an investment in these Notes,
the appropriate tools to analyze
that investment, and the suitability
of the investment in each investor's
particular circumstances. Holders
of the Notes should also consult
with their professional tax advisors
regarding tax laws applicable to
them and, in particular, with respect
to tax laws relating to debt securities
in bearer form.
The Bank may hedge its obligations
under the Notes by entering into
a swap transaction with the Dealer
or one of its affiliates as swap
counterparty. Assuming no change
in market conditions or any other
relevant factors, the price, if
any, at which the Dealer or another
purchaser might be willing to purchase
Notes in a secondary market transaction
is expected to be lower, and could
be substantially lower, than the
original issue price of the Notes.
This is due to a number of factors,
including that (i) the potential
profit to the secondary market
purchaser of the Notes may be incorporated
into any offered price and (ii)
the cost of funding used to value
the Notes in the secondary market
is expected to be higher than our
actual cost of funding incurred
in connection with the issuance
of the Notes. In addition, the
original issue price of the Notes
included, and secondary market
prices are likely to exclude, the
projected profit that our swap
counterparty or its affiliates
may realize in connection with
this swap. Further, as a result
of dealer discounts, mark-ups or
other transaction costs, any of
which may be significant, the original
issue price may differ from values
determined by pricing models used
by our swap counterparty or other
potential purchasers of the Notes
in secondary market transactions.
General Information
Additional Information regarding the Notes
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