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Name | Symbol | Market | Type |
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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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0.00 | 0.00% | 0 | - |
TIDM42BI
RNS Number : 2977E
Inter-American Development Bank
02 November 2015
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 534
BRL 55,650,000 11.02 percent Notes due October 25, 2018 (the "Notes")
Payable in Japanese Yen
Issue Price: 99.970 percent
No application has been made to list the Notes on any stock exchange.
Nomura International plc
The date of this Pricing Supplement is October 20, 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.: 534 2. Aggregate Principal Amount: BRL 55,650,000 3. Issue Price: BRL 55,633,305, which is 99.970 percent of the Aggregate Principal Amount The Issue Price will be payable in JPY in the amount of JPY 1,695,146,803 at the agreed rate of JPY 30.47 per one BRL. 4. Issue Date: October 27, 2015 5. Form of Notes (Condition 1(a)): Bearer only. The Notes will initially 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"), 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) (Condition 1(b)): BRL 10,000 7. Specified Currency (Condition 1(d)): Brazilian Real ("BRL") (the lawful currency of the Federative Republic of Brazil); provided that all payments in respect of the Notes will be made in Japanese Yen ("JPY") 8. Specified Principal Payment Currency (Conditions 1(d) and 7(h)): JPY 9. Specified Interest Payment Currency JPY (Conditions 1(d) and 7(h)): 10. Maturity Date (Condition 6(a); Fixed October 25, 2018 Interest Rate): The Maturity Date is subject to adjustment in accordance with the Modified Following Business Day Convention with no adjustment to the amount of interest otherwise calculated. 11. Interest Basis (Condition 5): Fixed Interest Rate (Condition 5(I)) 12. Interest Commencement Date (Condition 5(III)): Issue Date (October 27, 2015) 13. Fixed Interest Rate (Condition 5(I)): (a) Interest Rate: 11.02 percent per annum (b) Fixed Rate Interest Semi-annually on April 25 and Payment Date(s): October 25 in each year, commencing on April 25, 2016 and ending on the Maturity Date. There will be short first Interest Period from and including the Issue Date to but excluding April 25, 2016. 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. Calculation of Interest Amount As soon as practicable and in accordance with the procedures specified herein, the Calculation Agent (as defined below) will determine the Reference Rate (as defined below) and calculate the amount of interest payable (the "Interest Amount") with respect to each Authorized Denomination
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for the relevant Interest Period. The Interest Amount with respect to the Interest Period from and including the Interest Commencement Date to but excluding April 25, 2016, shall be a JPY amount calculated on the relevant FX Fixing Date (as defined below) as follows: BRL 544.88 multiplied by the Reference Rate (rounding, if necessary, the entire resulting figure to the nearest whole JPY, with JPY 0.5 being rounded upwards). The Interest Amount with respect to each subsequent Interest Period shall be a JPY amount calculated on the relevant FX Fixing Date (as defined below) as follows: BRL 551.00 multiplied by the Reference Rate (rounding, if necessary, the entire resulting figure to the nearest whole JPY, with JPY 0.5 being rounded upwards). Where: "BRL09" means the BRL/USD offered rate (expressed as the number of BRL per one USD) for settlement in two São Paulo and New York Business Days, as reported by the Banco Central do Brasil (www.bcb.gov.br; see "Cotações e boletins") or any succeeding rate source on the relevant FX Fixing Date and as published on Bloomberg Page <BZFXPTAX index>, or such other page or services that may replace any such page for the purpose of displaying the reference BRL/USD foreign exchange rate. "BRL12" means the BRL/USD specified foreign exchange rate (expressed as the number of BRL per one USD) for settlement in two São Paulo and New York Business Days as published on EMTA's website (www.emta.org) or such replacement service on the relevant FX Fixing Date. BRL12 is the "BRL Methodology Survey Rate" that is calculated by EMTA (or a service provider EMTA may select in its sole discretion) pursuant to the EMTA BRL Industry Survey Methodology (which means a methodology, dated as of March 1, 2004, as amended from time to time, for a centralized industry-wide survey of financial institutions in Brazil that are active participants in the BRL/USD spot rate markets for the purpose of determining BRL12). "Business Day" means a day (other than a Saturday or a Sunday) on which commercial banks and foreign exchange markets settle payments in London, New York City, São Paulo and Tokyo. "Calculation Agent" means Standard Chartered Bank. 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. "FX Fixing Date" means the date that is ten (10) Business Days prior to the applicable Fixed Rate Interest Payment Date or the Maturity Date, subject to no adjustment pursuant to any Business Day Convention in either case; provided, that irrespective of whether there is an Unscheduled Holiday between the FX Fixing Date and the relevant date of payment, such FX Fixing Date shall not be subject to adjustment. "Price Materiality Event" means, with respect to an FX Fixing Date, an event where (i) BRL09 differs by more than three (3) percent from BRL12 or (ii) there are insufficient responses to the EMTA BRL Industry Survey. "Price Source Disruption Event" means an event where it is impossible to obtain a Reference Rate by reference to the PTAX Rate on the relevant FX Fixing Date. "PTAX Rate" means, with respect to an FX Fixing Date, the BRL/JPY foreign exchange rate (expressed as the number of BRL per one JPY) as reported by the Banco Central do Brasil (www.bcb.gov.br
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; see "Cotações e boletins") or any succeeding rate source, and as published on Bloomberg Page <BZFXJPY index> or such other page or services that may replace any such page for the purpose of displaying the reference BRL/JPY foreign exchange rate. "Reference Rate" means, with respect to an FX Fixing Date, the reciprocal number (expressed as the number of JPY per one BRL) of the ask side of the PTAX Rate (as defined above) (such reciprocal number being rounded to the nearest two decimal places with 0.005 being rounded upwards), at approximately 1:15 p.m. São Paulo time on such FX Fixing Date. If any Price Source Disruption Event or Price Materiality Event occurs, then the Calculation Agent shall determine the Reference Rate as a cross currency exchange rate by dividing the USD/JPY FX Rate by BRL12 (each as defined above and below) (such rate being rounded to the nearest two decimal places with 0.005 being rounded upwards); provided, that if BRL12 and/or the USD/JPY FX Rate is/are unavailable on the relevant FX Fixing Date, including the case in which the FX Fixing Date falls on an Unscheduled Holiday, then the Calculation Agent will determine the Reference Rate on such FX Fixing Date in its sole discretion, acting in good faith and in a commercially reasonable manner, having taken into account relevant market practice. "São Paulo and New York Business Day" means a day (other than a Saturday or a Sunday) on which commercial banks and foreign exchange markets settle payments in São Paulo and New York. "São Paulo Business Day" means a day (other than a Saturday or a Sunday) on which commercial banks and foreign exchange markets settle payments in São Paulo. "Unscheduled Holiday" means a day that is not a São Paulo Business Day and the market was not aware of such fact (by means of a public announcement or by reference to other publicly available information) until a time later than 9:00 a.m. local time on the day which is two São Paulo Business Days prior to the relevant FX Fixing Date. "USD/JPY FX Rate" means the USD/JPY bid exchange rate (expressed as the number of JPY per one USD) as published on the Reuters Screen Page "JPNW", or its successor page for the purpose of displaying such rate, as of 4:00 p.m. New York time on the relevant FX Fixing Date. (c) Fixed Rate Day Count Fraction(s): 30/360 14. Relevant Financial Center: London, New York, São Paulo and Tokyo 15. Relevant Business Days: London, New York, São Paulo and Tokyo 16. Redemption Amount (Condition 6(a)): The Redemption Amount with respect to each Authorized Denomination will be a JPY amount calculated by the Calculation Agent on the FX Fixing Date with respect to the Maturity Date as follows: BRL 10,000 multiplied by the Reference Rate (and rounding, if necessary, the entire resulting figure to the nearest whole JPY, with JPY 0.5 being rounded upwards). 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, if applicable) (Condition In the event the Notes become 9): due and payable as provided in Condition 9 (Default), the Early Redemption Amount with respect to each Authorized Denomination will 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 purposes of such determination, the "FX Fixing Date" shall be the date fixed by the Calculation Agent. 20. Governing Law: New York 21. Selling Restrictions: (a) United States:
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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 circumstances 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 2000 with respect to anything done by it in relation to such Notes in, from or otherwise involving the United Kingdom. (c) Federative Republic of Brazil: The Dealer has represented and agreed that it has not offered or sold and will not offer or sell any Notes in Brazil. The Notes have not been and will not be registered with the Brazilian Securities and Exchange Commission (Commissão de Valores Mobililiarios, the "CVM"). (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 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 Approved by the Bank and the Euroclear Bank SA/NV and/or Global Agent and Clearance Clearstream Banking, Luxembourg and Settlement Procedures: 3. Syndicated: No 4. Commissions and Concessions: 1.80 percent of the Aggregate Principal Amount 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: 130349323 (b) ISIN: XS1303493230 7. Identity of Dealer: Nomura International plc 8. Provisions for Bearer Notes: (a) Exchange Date: Not earlier than December 7, 2015, which is the date that is 41 (forty-one) 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 Registered Notes: No (e) Registered Global Notes: No
General Information
Additional Information regarding the Notes
1. The language set out under the heading "Use of Proceeds" in the Prospectus shall be deleted in its entirety and replaced by the following:
"An amount equal to the net proceeds of the issue of the Notes (which proceeds may be converted into other currencies) shall be recorded by IADB in a separate sub-account supporting Eligible Projects. These proceeds will be invested in accordance with the IADB's conservative liquidity investment guidelines until used to support the IADB's financing of Eligible Projects. So long as the Notes are outstanding and the account has a positive balance, the Bank shall direct an amount equal to such net proceeds to its lending projects within the fields of Education, Youth, and Employment, subject to and in accordance with the IADB's policies.
Although Eligible Projects funded by the net proceeds shall be reported on the IADB website on an annual basis, funds shall be reduced from the account on a semi-annual basis by amounts matching the disbursements made during such semi-annual period in respect of Eligible Projects.
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