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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 : 8718J
Inter-American Development Bank
04 April 2018
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No.: 624
Tranche No. 3
U.S.$100,000,000 Floating Rate Notes due October 9, 2020 (the "Notes") as from April 3, 2018 to be consolidated and form a single series with the Bank's U.S.$300,000,000 Floating Rate Notes due October 9, 2020, issued on October 12, 2017 (the "Series 624 Tranche 1 Notes") and the Bank's U.S.$100,000,000 Floating Rate Notes due October 9, 2020, issued on February 22, 2018 (the "Series 624 Tranche 2 Notes")
Issue Price: 99.875 percent plus 25 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
BofA Merrill Lynch
The date of this Pricing Supplement is March 29, 2018.
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.
MIFID II product governance / Retail investors, professional investors and ECPs target market - See "General Information-Additional Information Regarding the Notes-Matters relating to MiFID II" below.
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.: 624
Tranche No.: 3
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 624 Tranche 1 Notes and
the Series 624 Tranche 2 Notes.
3. Issue Price: U.S.$99,994,000 which amount
represents the sum of (a) 99.875
percent of the Aggregate Principal
Amount plus (b) the amount of
U.S.$119,000.00 representing
25 days' accrued interest, inclusive.
4. Issue Date: April 3, 2018
5. Form of Notes
(Condition 1(a)): Registered only, as further
provided in paragraph 9 of "Other
Relevant Terms" below
6. Authorized Denomination(s) U.S.$1,000 and integral multiples
thereof
(Condition 1(b)):
7. Specified Currency United States Dollars (U.S.$
(Condition 1(d)): or USD) being the lawful currency
of the United States of America
8. Specified Principal Payment USD
Currency
(Conditions 1(d) and 7(h)):
9. Specified Interest Payment USD
Currency
(Conditions 1(d) and 7(h)):
10. Maturity Date October 9, 2020
(Condition 6(a)):
11. Interest Basis Variable Interest Rate (Condition
(Condition 5): 5(II))
12. Interest Commencement Date March 9, 2018
(Condition 5(III)):
13. Variable Interest Rate (Condition
5(II)):
(a) Calculation Amount (if different Not Applicable
than Principal Amount of the
Note):
(b) Business Day Convention: Modified Following Business
Day Convention
(c) Specified Interest Period: Not Applicable
(d) Interest Payment Date: Monthly in arrear on the 9th
day of each month, commencing
on April 9, 2018, 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: 1-Month USD-LIBOR-BBA.
"1-Month USD-LIBOR-BBA" means
the rate for deposits in USD
for a period of 1 month 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 1-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 1 month
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 1-Month
USD-LIBOR-BBA shall be the arithmetic
mean of such quotations. If
fewer than two quotations are
provided as requested, the rate
for 1-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 1 month 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 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 1-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 Reuters
Rate Quotations for Reference
Rate:
(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: Not Applicable
(b) Variable Rate Day Count Act/360, adjusted
Fraction if not actual/360:
(c) Relevant Banking Center: London and New York
15. Relevant Financial Center: London and New York
16. Relevant Business Day: London and New York
17. Issuer's Optional Redemption No
(Condition 6(e)):
18. Redemption at the Option No
of the Noteholders (Condition
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.
21. Amendment to Condition 7(a)(i): Condition 7(a)(i) is hereby
amended by deleting the first
sentence thereof and replacing
it with the following: "Payments
of principal and interest in
respect of Registered Notes
shall be made to the person
shown on the Register at the
close of business on the business
day before the due date for
payment thereof (the "Record
Date")."
22. Amendment to Condition 7(h): The following shall apply to
Notes any payments in respect
of which are payable in a Specified
Currency other than United States
Dollars:
Condition 7(h) is hereby amended
by deleting the words "the noon
buying rate in U.S. dollars
in the City of New York for
cable transfers for such Specified
Currency as published by the
Federal Reserve Bank of New
York on the second Business
Day prior to such payment or,
if such rate is not available
on such second Business Day,
on the basis of the rate most
recently available prior to
such second Business Day" and
replacing them with the words
"a U.S. dollar/Specified Currency
exchange rate determined by
the Calculation Agent as of
the second Business Day prior
to such payment, or, if the
Calculation Agent determines
that no such exchange rate is
available as of such second
Business Day, on the basis of
the exchange rate most recently
available prior to such second
Business Day. In making such
determinations, the Calculation
Agent shall act in good faith
and in a commercially reasonable
manner having taken into account
all available information that
it shall deem relevant".
If applicable and so appointed,
and unless otherwise defined
herein, the "Calculation Agent"
referred to in amended Condition
7(h) shall be the Global Agent
under the Bank's Global Debt
Program - namely, Citibank,
N.A., London Branch, or its
duly authorized successor.
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 the Euroclear Bank S.A./N.V.; Clearstream
Global Agent and Clearance and Banking, société anonyme
Settlement Procedures:
3. Syndicated: No
4. Commissions and Concessions: No commissions or concession
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) CUSIP 45818WBT2
(b) Common Code: 169702004
(c) ISIN: US45818WBT27
7. Identity of Dealer: Merrill Lynch International
8. Identity of Calculation Agent: The Global Agent, Citibank,
N.A., 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. Provisions for Registered
Notes:
(a) Individual Definitive Registered No
Notes Available on Issue Date:
(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. Matters relating to MiFID II
The Bank does not fall under the scope of application of the MiFID II regime. Consequently, the Bank does not qualify as an "investment firm", "manufacturer" or "distributor" for the purposes of MiFID II.
MIFID II product governance / Retail investors, professional investors and ECPs target market - Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties, professional clients and retail clients, each as defined in MiFID II; and (ii) all channels for distribution of the Notes are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels.
For the purposes of this provision, the expression MiFID II means Directive 2014/65/EU, as amended.
2. United States Federal Income Tax Matters
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 updated to read as follows: "Interest paid by the Bank on the Notes constitutes income from sources outside the United States and will generally be "passive" income for purposes of computing the foreign tax credit."
The Notes should be treated as variable rate debt instruments that are issued with a de minimis amount of discount. A United States holder will generally be taxed on interest on the Notes as ordinary income at the time such holder receives the interest or when it accrues, depending on the holder's method of accounting for tax purposes. However, the portion of the first interest payment on the Notes that represents a return of the 25 days of accrued interest that a United States holder paid as part of the Issue Price of the Notes will not be treated as an interest payment for United States federal income tax purposes, and will accordingly not be includible in income. Upon the sale, exchange, repurchase or maturity of the Notes, a United States holder should generally recognize gain or loss equal to the difference between the amount realized by such holder, excluding any amounts attributable to accrued but unpaid interest (which will be treated as interest payments), and such holder's tax basis in the Notes. Such gain or loss generally should be capital gain or loss and should be treated as long-term capital gain or loss to the extent the United States holder has held the Notes for more than one year. Long-term capital gain of individual taxpayers may be eligible for reduced rates of taxation. The deductibility of capital loss is subject to significant limitations.
The Notes will be issued with a de minimis amount of discount. While a United States holder is generally not required to include such discount in income prior to the sale or maturity of the Notes, under recently enacted legislation, United States holders that maintain certain types of financial statements and that are subject to the accrual method of tax accounting may be required to include the discount on the Notes in income no later than the time upon which they include such amounts in income on their financial statements. United States holders that maintain financial statements should consult their tax advisors regarding the tax consequences to them of this legislation.
Information with Respect to Foreign Financial Assets. Owners of "specified foreign financial assets" with an aggregate value in excess of U.S.$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, as well as the following, but only if they are held for investment and not held in accounts maintained by financial institutions: (i) stocks and securities issued by non-United States persons, (ii) financial instruments and contracts 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 requirement to their ownership of the Notes.
Medicare Tax. A United States 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, is subject to a 3.8% tax (the "Medicare tax") on the lesser of (1) the United States holder's "net investment income" (or "undistributed net investment income" in the case of an estate or trust) for the relevant taxable year and (2) the excess of the United States holder's modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals is between U.S.$125,000 and U.S.$250,000, depending on the individual's circumstances). A holder's net investment income will generally include its interest income and its net gains from the disposition of Notes, unless such interest income 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). United States holders that are individuals, estates or trusts are urged to consult their tax advisors regarding the applicability of the Medicare tax to their income and gains in respect of their investment in the Notes.
INTER-AMERICAN DEVELOPMENT BANK
By:_________________________________
Name: Gustavo Alberto De Rosa Title: Chief Financial Officer and
General Manager, Finance Department
This information is provided by RNS
The company news service from the London Stock Exchange
END
IODUSABRWRASRAR
(END) Dow Jones Newswires
April 04, 2018 13:12 ET (17:12 GMT)
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