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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 : 5857I
Inter-American Development Bank
09 December 2015
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 533
MXN 114,000,000 3.84 per cent. Notes due November 27, 2019 (the "Notes")
Issue Price: 100.00 percent
No application has been made to list the Notes on any stock exchange.
BNP PARIBAS
The date of this Pricing Supplement is as of 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 ("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.: 533
2. Aggregate Principal MXN 114,000,000
Amount:
3. Issue Price: 100.00 per cent. of the
Aggregate Principal Amount
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 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) MXN 10,000
(Condition 1(b)):
7. Specified Currency Mexican Peso ("MXN") (the
(Condition 1(d)): lawful currency of the
United Mexican States)
8. Specified Principal MXN
Payment Currency
(Conditions 1(d)
and 7(h)):
9. Specified Interest MXN
Payment Currency
(Conditions 1(d)
and 7(h)):
10. Maturity Date November 27, 2019
(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)): 3.84 per cent. per annum
(a) Interest Rate:
(b) Fixed Rate Interest Semi-annually on May 27
Payment Date(s): and November 27 in each
year, commencing on May
27, 2016 and ending on
the Maturity Date.
An amount of MXN 192 per
Authorized Denomination
is payable on each Fixed
Rate Interest Payment Date.
Each Fixed Rate Interest
Payment Date is subject
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December 10, 2015 02:00 ET (07:00 GMT)
to adjustment in accordance
with the Modified Following
Business Day Convention
with no adjustment to the
amount of interest otherwise
calculated.
(c) Fixed Rate Day
Count Fraction(s): 30/360
14. Relevant Financial Mexico City
Center:
15. Relevant Business Tokyo, London, New York
Days: and Mexico City
16. Redemption Amount MXN 10,000 per Authorized
(Condition 6(a)): Denomination
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 Date
if applicable) (Condition in accordance with Condition
9): 9, the Early Redemption
Amount of each such Notes
shall be 100 percent of
the Aggregate Principal
Amount of such Notes plus
any accrued but unpaid
interest thereon.
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 has agreed 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) Mexico:
The Dealer has agreed that
it will not offer the Notes
publicly in Mexico and
will not distribute any
offering materials in Mexico.
The Notes have not been
and will not be registered
with the National Registry
of Securities and may not
be publicly offered in
Mexico.
(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
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December 10, 2015 02:00 ET (07:00 GMT)
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.
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: 131049854
(b) ISIN: XS1310498545
7. Identity of Dealer: BNP Paribas
8. Identity of Calculation BNP PARIBAS
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. 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 circumstances
Notes: 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: 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.
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
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December 10, 2015 02:00 ET (07:00 GMT)
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.
The Notes offered by this
Pricing Supplement are
complex financial instruments
and may not be suitable
for certain investors.
Investors intending to
purchase the Notes should
consult with their tax
and financial advisors
to ensure that the intended
purchase meets the investment
objective before making
such purchase.
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 Income Tax Matters
United States Internal Revenue Service Circular 230 Notice: To ensure compliance with Internal Revenue Service Circular 230, prospective investors are hereby notified that: (a) any discussion of U.S. federal tax issues contained or referred to in this Pricing Supplement, the Prospectus or any other document referred to herein is not intended or written to be used, and cannot be used, by prospective investors for the purpose of avoiding penalties that may be imposed on them under the United States Internal Revenue Code; (b) such discussions are written for use in connection with the promotion or marketing of the transactions or matters addressed herein; and (c) prospective investors should seek advice based on their particular circumstances from an independent tax advisor.
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.
Due to a change in law since the date of the Prospectus, the second paragraph of "-Payments of Interest" under the United States Holders section should be read as follows: "Interest paid by the Bank on the Notes constitutes income from sources outside the United States and will, depending on the circumstances, be "passive" or "general" income for purposes of computing the foreign tax credit."
Information with Respect to Foreign Financial Assets. Owners of "specified foreign financial assets" with an aggregate value in excess of $50,000 (and in some circumstances, a higher threshold) may be required to file an information report with respect to such assets with their tax returns. "Specified foreign financial assets" may include financial accounts maintained by foreign financial institutions (which may include the Notes), as well as the following, but only if they are not held in accounts maintained by financial institutions: (i) stocks and securities issued by non-United States persons, (ii) financial instruments and contracts held for investment that have non-United States issuers or counterparties, and (iii) interests in foreign entities. Holders are urged to consult their tax advisors regarding the application of this reporting obligation to their ownership of the Notes.
Medicare Tax. For taxable years beginning after December 31, 2012, a U.S. holder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, will be subject to a 3.8% tax (the "Medicare tax") on the lesser of (1) the U.S. holder's "net investment income" for the relevant taxable year and (2) the excess of the U.S. holder's modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals will be between $125,000 and $250,000, depending on the individual's circumstances). A holder's net investment income will generally include its gross interest income and its net gains from the disposition of Notes, unless such interest payments or net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). If you are a U.S. holder that is an individual, estate or trust, you are urged to consult your tax advisors regarding the applicability of the
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