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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 : 2177Y
Inter-American Development Bank
17 August 2018
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 453
Tranche No.: 5
MXN 140,000,000 0.50 per cent. Deep Discount Notes due September 5, 2023 (the "Notes") as from August 17, 2018 to be consolidated and form a single series with the Bank's MXN 600,000,000 0.50 per cent. Deep Discount Notes due September 5, 2023 issued on September 3, 2013 (the "Series 453 Tranche 1 Notes"), the Bank's MXN 600,000,000 0.50 per cent. Deep Discount Notes due September 5, 2023 issued on October 21, 2013 (the "Series 453 Tranche 2 Notes"), the Bank's MXN 100,000,000 0.50 per cent. Deep Discount Notes due September 5, 2023 issued on May 7, 2014 (the "Series 453 Tranche 3 Notes") and the Bank's MXN 200,000,000 0.50 per cent. Deep Discount Notes due September 5, 2023 issued on June 20, 2014 (the "Series 453 Tranche 4 Notes").
Issue Price: 73.68 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 as of August 14, 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.
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.: 453
Tranche No.: 5
2. Aggregate Principal Amount: MXN 140,000,000
As from the Issue Date, the Notes
will be consolidated and form a
single series with the Series 453
Tranche 2 Notes, the Series 453
Tranche 3 Notes and the Series 453
Tranche 4 Notes.
3. Issue Price: 73.68 per cent. of the Aggregate
Principal Amount plus 162 days'
accrued interest in the amount of
MXN 315,000
4. Issue Date: August 17, 2018
5. Form of Notes Registered only, as further provided
(Condition 1(a)): in Paragraph 9(c) of "Other Relevant
Terms" below.
6. Authorized Denomination(s) MXN 10,000
(Condition 1(b)):
7. Specified Currency Mexican Peso ("MXN") (the lawful
(Condition 1(d)): currency of the United Mexican States)
8. Specified Principal Payment MXN
Currency
(Conditions 1(d) and 7(h)):
9. Specified Interest Payment MXN
Currency
(Conditions 1(d) and 7(h)):
10. Maturity Date September 5, 2023
(Condition 6(a); Fixed The Maturity Date is subject to
Interest Rate): 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 5(I))
(Condition 5):
12. Interest Commencement Date March 5, 2018
(Condition 5(III)):
13. Fixed Interest Rate (Condition
5(I)): 0.50 per cent. per annum
(a) Interest Rate:
(b) Fixed Rate Interest Semi-annually on March 5 and September
Payment Date(s): 5 in each year, commencing on September
5, 2018 and ending on the Maturity
Date.
An amount of MXN 25.00 per Authorized
Denomination is payable on each
Fixed Rate Interest Payment Date.
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.
(c) Fixed Rate Day Count
Fraction(s): 30/360
14. Relevant Financial Center: Mexico City
15. Relevant Business Days: London, New York and Mexico City
16. Redemption Amount (Condition MXN 10,000 per Authorized Denomination
6(a)):
17. Issuer's Optional Redemption No
(Condition 6(e)):
18. Redemption at the Option No
of the Noteholders (Condition
6(f)):
19. Early Redemption Amount In the event of any Notes becoming
(including accrued interest, due and payable prior to the Maturity
if applicable) (Condition Date in accordance with Condition
9): 9, the Early Redemption Amount of
each such Note shall be the Amortized
Face Amount of such Note as calculated
and defined in Condition 6(c), where
the Reference Price is MXN 6,250
per Authorized Denomination and
the Amortization Yield is 4.8095
per cent., compounded on an annual
basis, plus any accrued but unpaid
interest thereon; provided that
any reference to the "Issue Date"
in Condition 6(c) shall be deemed
to be replaced by "September 3,
2013". Where such calculation is
to be made for a period of less
than one year, it shall be made
on the basis of the Fixed Rate Day
Count Fraction specified herein.
If, upon the presentation of any
Note on or after (1) the date upon
which such Note becomes due and
payable as provided in Condition
9 (the "Early Redemption Date")
or (2) the Maturity Date, as the
case may be, payment of any amounts
due thereunder is improperly withheld
or refused, interest shall accrue,
as the case may be, (on the same
basis as that referred to in Condition
5(I)) thereon from and including
the Early Redemption Date or the
Maturity Date to but excluding the
date on which payment is made at
a rate per annum equal to the Amortization
Yield plus the Fixed Interest Rate
specified in 13 above.
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.
(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 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 System Euroclear Bank S.A./N.V. and/or
Approved by the Bank and Clearstream, Luxembourg
the
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: 096589611
(b) ISIN: XS0965896110
7. Identity of Dealer: J.P. Morgan Securities plc
8. Identity of Calculation JPMorgan Chase Bank, N.A.
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 No
Registered Notes Available
on Issue Date:
(b) DTC Global Note(s): No
(c) Other Registered Global Yes, issued in accordance with the
Notes: Global Agency Agreement, dated January
8, 2001, as amended, among the Bank,
Citibank, N.A. as Global Agent,
and the other parties thereto.
10. Additional Risk Factors: As set forth in the Additional Investment
Considerations
Additional Information Regarding the Notes
Additional Investment Considerations:
There are significant risks associated with the Notes, including but not limited to exchange rate risk, price risk and liquidity risk. Investors should consult their own financial, legal, accounting and tax 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 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.
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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IODUBRBRWVAWAAR
(END) Dow Jones Newswires
August 17, 2018 13:08 ET (17:08 GMT)
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