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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 : 5856I
Inter-American Development Bank
09 December 2015
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 532
INR 4,720,000,000 5.40 per cent. Notes due November 27, 2017 (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 November 24, 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.: 532
2. Aggregate Principal INR 4,720,000,000
Amount:
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 8,566,800,000
at the agreed rate of
JPY 1.815 per one INR.
4. Issue Date: November 27, 2015
5. Form of Notes Bearer only. The Notes
(Condition 1(a)): 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") 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
(Condition 1(d)): the lawful currency of
India; provided that all
payments in respect of
the Notes will be made
in JPY.
8. Specified Principal JPY
Payment Currency
(Conditions 1(d)
and 7(h)):
9. Specified Interest JPY
Payment Currency
(Conditions 1(d)
and 7(h)):
10. Maturity Date November 27, 2017
(Condition 6(a); The Maturity Date is subject
Fixed Interest Rate): to 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 November 27, 2015
Date
(Condition 5(III)):
13. Fixed Interest Rate
(Condition 5(I)): 5.40 percent per annum
(a) Interest Rate:
(b) Fixed Rate Interest Semi-annually in arrears
Payment Date(s): on May 27 and November
27 of each year, commencing
on May 27, 2016 and ending
on the Maturity Date.
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December 10, 2015 02:00 ET (07:00 GMT)
An amount of INR 2,700.00
per Authorized Denomination
is payable on each Fixed
Rate Interest Payment
Date, provided that such
amount shall be payable
in JPY by applying the
following formula:
INR 2,700.00 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
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December 10, 2015 02:00 ET (07:00 GMT)
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,
acting in good faith and
in a commercially reasonable
manner.
(c) Fixed Rate Day
Count Fraction(s): 30/360
14. Relevant Financial Tokyo, London, New York
Center: and Mumbai
15. Relevant Business Tokyo, London, New York
Days: and Mumbai
16. Redemption Amount INR 100,000 per Authorized
(Condition 6(a)): Denomination, 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 No
Redemption (Condition
6(e)):
18. Redemption at the No
Option of the Noteholders
(Condition 6(f)):
19. Early Redemption In the event of any Notes
Amount (including becoming due and payable
accrued interest, prior to the Maturity
if applicable) (Condition Date in accordance with
9): Condition 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
(MORE TO FOLLOW) Dow Jones Newswires
December 10, 2015 02:00 ET (07:00 GMT)
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 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 Euroclear Bank S.A./N.V.
System Approved by and/or Clearstream Banking,
the Bank and the Luxembourg
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: 131005318
(b) ISIN: XS1310053183
7. Identity of Dealer: J.P. Morgan Securities
plc
8. Identity of Calculation JPMorgan Chase Bank,
Agent: N.A.
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 Yes
Note:
(c) Definitive Bearer No, except in the limited
Notes: circumstances described
under "Form of Notes"
herein and in the Prospectus.
(d) Individual Definitive No
Registered Notes:
(e) Registered Global No
notes:
10. Additional Risk Factors: As set forth in the Additional
Investment Considerations
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.
(MORE TO FOLLOW) Dow Jones Newswires
December 10, 2015 02:00 ET (07:00 GMT)
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