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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 : 7673U
Inter-American Development Bank
26 November 2019
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No.: 736
HKD 300,000,000 1.82 percent Notes due November 25, 2022 ("the Notes")
Issue Price: 100.00 percent
Application has been made for the Notes to be admitted to the
Official List of the Financial Conduct Authority and
to trading on the London Stock Exchange plc's
Regulated Market
Deutsche Bank
The date of this Pricing Supplement is November 21, 2019.
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 Regulation (EU) 2017/1129). 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.: 736
2. Aggregate Principal Amount: HKD 300,000,000
3. Issue Price: HKD 300,000,000 which is 100.00 percent
of the Aggregate Principal Amount
4. Issue Date: November 26, 2019
5. Form of Notes
(Condition 1(a)): Bearer only.
The Notes 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"), 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)
(Condition 1(b)): HKD 1,000,000 and integral multiples
thereof
7. Specified Currency
(Condition 1(d)): Hong Kong Dollar ("HKD")
8. Specified Principal Payment
Currency
(Conditions 1(d) and 7(h)): HKD
9. Specified Interest Payment
Currency HKD
(Conditions 1(d) and 7(h)):
10. Maturity Date
(Condition 6(a); Fixed November 25, 2022
Interest Rate):
11. Interest Basis
(Condition 5): Fixed Interest Rate (Condition 5(I))
12. Interest Commencement Date
(Condition 5(III)): Issue Date (November 26, 2019)
13. Fixed Interest Rate (Condition
5(I)):
(a) Interest Rate: 1.82 percent per annum
(b) Business Day Convention Modified Following Business Day Convention
(c) Fixed Rate Interest
Payment Date(s): Annually in arrear on November 25
of each year, commencing on November
25, 2020 and ending on the Maturity
Date.
There will be a short first Interest
Period from and including the Issue
Date to but excluding November 25,
2020.
Each Interest Payment Date is subject
to adjustment in accordance with
the Modified Following Business Day
Convention.
(d) Fixed Rate Day Count
Fraction(s): Actual/365 (Fixed)
14. Relevant Financial Center: Hong Kong, New York and London
15. Relevant Business Days: Hong Kong, New York and London
16. Issuer's Optional Redemption
(Condition 6(e)): No
17. Redemption at the Option
of the Noteholders (Condition No
6(f)):
18. Governing Law: New York
19. 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
circumstances permitted by U.S. tax
regulations.
(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) Hong Kong: (a) The Dealer has not offered or
sold and will not offer or sell in
Hong Kong, by means of any document,
any Notes other than (i) to "professional
investors" as defined in the Securities
and Futures Ordinance (Cap. 571)
of Hong Kong and any rules made under
that Ordinance; or (ii) in other
circumstances which do not result
in the document being a "prospectus"
as defined in the Companies (Winding
Up and Miscellaneous Provisions)
Ordinance (Cap. 32) of Hong Kong
or which do not constitute an offer
to the public within the meaning
of that Ordinance; and
(b) The Dealer has not issued or
had in its possession for the purposes
of issue, and will not issue or have
in its possession for the purposes
of issue, whether in Hong Kong or
elsewhere, any advertisement, invitation
or document relating to the Notes,
which is directed at, or the contents
of which are likely to be accessed
or read by, the public of Hong Kong
(except if permitted to do so under
the securities laws of Hong Kong)
other than with respect to the Notes
which are or are intended to be disposed
of only to persons outside Hong Kong
or only to "professional investors"
as defined in the Securities and
Futures Ordinance (Cap. 571 of Hong
Kong) and any rules made under that
Ordinance.
(d) 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.
20. 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")."
21. 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 Financial Conduct Authority
and to trading on the London Stock
Exchange plc's Regulated Market with
effect from the Issue Date.
2. Details of Clearance System
Approved by the Bank and
the
Global Agent and Clearance Euroclear Bank SA/NV and Clearstream
and Banking S.A.
Settlement Procedures:
3. Syndicated: No
4. Commissions and Concessions: 0.029% of the Aggregate Principal
Amount (HKD 87,000)
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 (b) ISIN: 208100793
XS2081007937
7. Identity of Dealer: Deutsche Bank AG, London Branch
8. Provisions for Bearer Notes:
(a) Exchange Date: Not earlier than January 6, 2020,
which is the date that is 41 (forty-one)
days after the Issue Date.
(b) Permanent Global Note: Yes
(c) Definitive Bearer Notes: No, except in the limited circumstances
described under "Form of Notes" herein
and in the Prospectus
(d) Individual Definitive
Registered Notes: No
(e) Registered Global Notes: No
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.
INTER-AMERICAN DEVELOPMENT BANK
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
IODUNOARKNAAUUA
(END) Dow Jones Newswires
November 27, 2019 02:00 ET (07:00 GMT)
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