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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 : 8206M
Inter-American Development Bank
01 May 2018
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No.: 624
Tranche No. 5
U.S.$150,000,000 Floating Rate Notes due October 9, 2020 (the "Notes") as from April 27, 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"), 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"), the Bank's U.S.$100,000,000 Floating Rate Notes due October 9, 2020, issued on April 3, 2018 (the "Series 624 Tranche 3 Notes") and the Bank's U.S.$100,000,000 Floating Rate Notes due October 9, 2020, issued on April 12, 2018 (the "Series 624 Tranche 4 Notes")
Issue Price: 99.883 percent plus 18 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 April 24, 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.: 5
2. Aggregate Principal Amount: U.S.$150,000,000
As from the Issue Date, the Notes
will be consolidated and form a
single series with the Series 624
Tranche 1 Notes, the Series 624
Tranche 2 Notes, the Series 624
Tranche 3 Notes and the Series
624 Tranche 4 Notes.
3. Issue Price: U.S.$149,967,000 which amount represents
the sum of (a) 99.883 percent of
the Aggregate Principal Amount
plus (b) the amount of U.S.$142,500.00
representing 18 days' accrued interest,
inclusive.
4. Issue Date: April 27, 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)): October 9, 2020
11. Interest Basis
(Condition 5): Variable Interest Rate (Condition
5(II))
12. Interest Commencement Date
(Condition 5(III)): April 9, 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: Monthly in arrear on the 9th day
of each month, commencing on May
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
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: Not Applicable
(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.
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
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 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 18 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: F. Ramon Ruiz Garcia Title: Division Chief, Treasury - Treasurer
This information is provided by RNS
The company news service from the London Stock Exchange
END
IODUAUARWSAVRUR
(END) Dow Jones Newswires
May 02, 2018 02:00 ET (06:00 GMT)
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