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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 : 8721J
Inter-American Development Bank
04 April 2018
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No.: 567
Tranche No.: 12
U.S.$100,000,000 Floating Rate Notes due July 15, 2021 (the "Notes") as from April 3, 2018 to be consolidated and form a single series with the Bank's U.S.$500,000,000 Floating Rate Notes due July 15, 2021, issued on July 21, 2016 (the "Series 567 Tranche 1 Notes"), the Bank's U.S.$100,000,000 Floating Rate Notes due July 15, 2021, issued on August 30, 2016 (the "Series 567 Tranche 2 Notes"), the Bank's U.S.$100,000,000 Floating Rate Notes due July 15, 2021, issued on September 30, 2016 (the "Series 567 Tranche 3 Notes"), the Bank's U.S.$100,000,000 Floating Rate Notes due July 15, 2021, issued on October 11, 2016 (the "Series 567 Tranche 4 Notes"), the Bank's U.S.$100,000,000 Floating Rate Notes due July 15, 2021, issued on October 19, 2016 (the "Series 567 Tranche 5 Notes"), the Bank's U.S.$100,000,000 Floating Rate Notes due July 15, 2021, issued on October 26, 2016 (the "Series 567 Tranche 6 Notes"), the Bank's U.S.$100,000,000 Floating Rate Notes due July 15, 2021, issued on February 9, 2017 (the "Series 567 Tranche 7 Notes"), the Bank's U.S.$100,000,000 Floating Rate Notes due July 15, 2021, issued on February 24, 2017 (the "Series 567 Tranche 8 Notes"), the Bank's U.S.$150,000,000 Floating Rate Notes due July 15, 2021, issued on January 12, 2018 (the "Series 567 Tranche 9 Notes"), the Bank's U.S.$100,000,000 Floating Rate Notes due July 15, 2021, issued on January 24, 2018 (the "Series 567 Tranche 10 Notes") and the Bank's U.S.$100,000,000 Floating Rate Notes due July 15, 2021, issued on February 14, 2018 (the "Series 567 Tranche 11 Notes")
Issue Price: 100.718 percent plus 77 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
Goldman Sachs International
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.: 567
Tranche No.: 12
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 567
Tranche 1 Notes, the Series 567
Tranche 2 Notes, the Series 567
Tranche 3 Notes, the Series 567
Tranche 4 Notes, the Series 567
Tranche 5 Notes, the Series 567
Tranche 6 Notes, the Series 567
Tranche 7 Notes, the Series 567
Tranche 8 Notes, the Series 567
Tranche 9 Notes, the Series 567
Tranche 10 Notes and the Series
567 Tranche 11 Notes.
3. Issue Price: U.S.$101,129,000.00 which amount
represents the sum of (a) 100.718
percent of the Aggregate Principal
Amount plus (b) the amount of U.S.$411,000.00
representing 77 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)
(Condition 1(b)): U.S.$1,000 and integral multiples
thereof
7. Specified Currency
(Condition 1(d)): United States Dollars (U.S.$ or
USD) being the lawful currency
of the United States of America
8. Specified Principal Payment
Currency
(Conditions 1(d) and 7(h)): USD
9. Specified Interest Payment
Currency
(Conditions 1(d) and 7(h)): USD
10. Maturity Date
(Condition 6(a)): July 15, 2021
11. Interest Basis
(Condition 5): Variable Interest Rate (Condition
5(II))
12. Interest Commencement Date
(Condition 5(III)): January 16, 2018
13. Variable Interest Rate (Condition
5(II)):
(a) Calculation Amount (if different
than Principal Amount of the Not Applicable
Note):
(b) Business Day Convention: Modified Following Business Day
Convention
(c) Specified Interest Period: Not Applicable
(d) Interest Payment Date: Quarterly in arrear on January
15, April 15, July 15, and October
15, commencing on April 15, 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: 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
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 Reuters
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: plus (+) 0.20 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: 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
Approved by the Bank and the
Global Agent and Clearance and
Settlement Procedures: Depository Trust Company (DTC);
Euroclear Bank S.A./N.V.; Clearstream
Banking, société anonyme
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) CUSIP: 45818WBM7
(b) Common Code: 145669855
(c) ISIN: US45818WBM73
7. Identity of Dealer: Goldman Sachs 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
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. 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 without original issue discount. Subject to the discussion in the following paragraph regarding amortizable bond premium, 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 77 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.
Because the purchase price of the Notes exceeds the principal amount of the Notes, a United States holder may elect to treat the excess (after excluding the portion of the purchase price attributable to accrued interest) as amortizable bond premium. A United States holder that makes this election would reduce the amount required to be included in such holder's income each year with respect to interest on the Notes by the amount of amortizable bond premium allocable to that year, based on the Note's yield to maturity. If a United States holder makes an election to amortize bond premium, the election would apply to all debt instruments, other than debt instruments the interest on which is excludible from gross income, that the United States holder holds at the beginning of the first taxable year to which the election applies or that such holder thereafter acquires, and the United States holder may not revoke the election without the consent of the Internal Revenue Service.
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
IODUSABRWVASRAR
(END) Dow Jones Newswires
April 04, 2018 13:17 ET (17:17 GMT)
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