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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 : 3777G
Inter-American Development Bank
19 November 2015
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No.: 523
Tranche No.: 2
U.S.$100,000,000 Floating Rate Notes due July 15, 2020 (the "Notes") as from November 13, 2015 to be consolidated and form a single series with the Bank's U.S.$500,000,000 Floating Rate Notes due July 15, 2020, issued August 7, 2015 (the "Series 523 Tranche 1 Notes")
Issue Price: 99.261 percent plus 29 days' accrued interest
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
Credit Suisse
The date of this Pricing Supplement is November 10, 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
Series No.: 523
1. Tranche No.: 2
2. Aggregate Principal Amount: U.S.$100,000,000
As from the Issue Date, the Notes
will be consolidated and form a
single series with the Series 523
Tranche 1 Notes.
3. Issue Price: U.S.$99,287,623.61, which amount
represents the sum of (a) 99.261
percent of the Aggregate Principal
Amount plus (b) the amount of U.S.$26,623.61
representing 29 days' accrued interest,
inclusive.
4. Issue Date: November 13, 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.$1,000 and integral multiples
thereof
7. Specified Currency
(Condition 1(d)): United States Dollars (U.S.$)
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): July 15, 2020
11. Interest Basis
(Condition 5): Variable Interest Rate (Condition
5(II))
12. Interest Commencement Date
(Condition 5(III)): October 15, 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 January
15, April 15, July 15 and October
15 in each year, commencing on
October 15, 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
(MORE TO FOLLOW) Dow Jones Newswires
November 20, 2015 02:00 ET (07:00 GMT)
if the Calculation Agent determines
in its sole discretion that there
is no suitable 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 anonyme
and Settlement Procedures:
3. Syndicated: No
4. Commissions and Concessions: None
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: 45818WBE5
(b) Common Code: 127216371
(c) ISIN: US45818WBE57
7. Identity of Dealer: Credit Suisse Securities (Europe)
Limited
8. Identity of Calculation The Global Agent, Citibank, N.A.,
Agent: 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.
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
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