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42BI Inter 2042

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Name Symbol Market Type
Inter 2042 LSE:42BI London Medium Term Loan
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  0.00 0.00% 0 -

Inter-American Development Bank Issue of Debt (2911O)

29/05/2020 7:00am

UK Regulatory


Inter 2042 (LSE:42BI)
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From Jul 2019 to Jul 2024

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TIDM42BI

RNS Number : 2911O

Inter-American Development Bank

28 May 2020

PRICING SUPPLEMENT

Inter-American Development Bank

Global Debt Program

Series No: 750

BRL 32,000,000 2.78 percent Notes due May 25, 2023 (the "Notes")

Payable in Japanese Yen

Issue Price: 99.99 percent

No application has been made to list the Notes on any stock exchange.

Nomura International plc

The date of this Pricing Supplement is May 19, 2020

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 r egarding 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.

 
 1.    Series No.:                                    750 
 2.    Aggregate Principal Amount:                    BRL 32,000,000 
 3.    Issue Price:                                   BRL 31,996,800, which is 99.99 percent 
                                                       of the Aggregate Principal Amount 
                                                       The Issue Price will be payable 
                                                       in JPY in the amount of JPY 593,729,421 
                                                       at the agreed rate of JPY 18.5559 
                                                       per one BRL. 
 4.    Issue Date:                                    May 28, 2020 
 5.    Form of Notes                                  Bearer only. 
        (Condition 1(a)):                              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)                     BRL 10,000 
         (Condition 1(b)): 
 7.    Specified Currency                             Brazilian Real ("BRL") (the lawful 
        (Condition 1(d)):                              currency of the Federative Republic 
                                                       of Brazil); provided that all payments 
                                                       in respect of the Notes will be 
                                                       made in Japanese Yen ("JPY") 
 8.    Specified Principal Payment                    JPY 
        Currency 
        (Conditions 1(d) and 
        7(h)): 
 9.    Specified Interest Payment                     JPY 
        Currency 
        (Conditions 1(d) and 
        7(h)): 
 10.   Maturity Date                                  May 25 , 2023 
        (Condition 6(a); Fixed 
        Interest Rate):                                The Maturity Date is subject to 
                                                       adjustment in accordance with the 
                                                       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                          Issue Date (May 28, 2020) 
        Date 
        (Condition 5(III)): 
 13.   Fixed Interest Rate (Condition 
        5(I)): 
              (a) Interest Rate:                      2.78 percent per annum 
              (b) Fixed Rate Interest                 Semi-annually on May 25 and November 
               Payment Date(s):                        25 in 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 Fixed Rate Interest Payment 
                                                       Date is subject to adjustment in 
                                                       accordance with the Following Business 
                                                       Day Convention with no adjustment 
                                                       to the amount of interest otherwise 
                                                       calculated. 
 
                                                       Calculation of Interest Amount 
                                                       As soon as practicable and in accordance 
                                                       with the procedures specified herein, 
                                                       the Calculation Agent (as defined 
                                                       below) will determine the Reference 
                                                       Rate (as defined below) and calculate 
                                                       the amount of interest payable (the 
                                                       "Interest Amount") with respect 
                                                       to each Authorized Denomination 
                                                       for the relevant Interest Period. 
                                                       The Interest Amount with respect 
                                                       to the Interest Period from and 
                                                       including the Interest Commencement 
                                                       Date to but excluding November 25, 
                                                       2020, shall be a JPY amount calculated 
                                                       on the relevant Rate Fixing Date 
                                                       (as defined below) as follows: 
                                                       BRL 136.68 multiplied by the Reference 
                                                       Rate 
                                                       (rounding down , if necessary, the 
                                                       entire resulting figure to the nearest 
                                                       lower whole JPY). 
                                                       The Interest Amount with respect 
                                                       to each subsequent Interest Period 
                                                       shall be a JPY amount calculated 
                                                       on the relevant Rate Fixing Date 
                                                       (as defined below) as follows: 
                                                       BRL 139.00 multiplied by the Reference 
                                                       Rate 
                                                       (rounding down , if necessary, the 
                                                       entire resulting figure to the nearest 
                                                       lower whole JPY). 
                                                       Where: 
                                                       "Business Day" means a day (other 
                                                       than a Saturday or a Sunday) on 
                                                       which commercial banks and foreign 
                                                       exchange markets settle payments 
                                                       in London, New York City, São 
                                                       Paulo and Tokyo. 
                                                       "Calculation Agent" means Citibank, 
                                                       N.A., New York . 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. 
                                                       " EMTA " means EMTA, Inc., the trade 
                                                       association for the Emerging Markets, 
                                                       or any successor. 
                                                       "EMTA BRL Exchange Rate Divergence 
                                                       Procedures" means the "EMTA BRL 
                                                       Exchange Rate Divergence Procedures" 
                                                       published by EMTA on 22 January, 
                                                       2018 (as amended from time to time) 
                                                       . 
                                                       "Exchange Rate Divergence" means, 
                                                       with respect to the USD/BRL PTAX 
                                                       Rate, and upon notice to the EMTA 
                                                       membership, that, in the reasonable 
                                                       and independent judgement, as notified 
                                                       to EMTA in accordance with the EMTA 
                                                       BRL Exchange Rate Divergence Procedures, 
                                                       of not less than 7 unaffiliated 
                                                       EMTA members that are recognized 
                                                       market makers active in the USD/BRL 
                                                       foreign exchange market (no less 
                                                       than 4 of which shall be active 
                                                       participants in the onshore USD/BRL 
                                                       spot market), the USD/BRL PTAX Rate 
                                                       (following a split of the exchange 
                                                       rates in Brazil or otherwise) no 
                                                       longer reflects the then-prevailing 
                                                       USD/BRL spot rate for standard-size 
                                                       wholesale financial transactions 
                                                       involving the exchange of BRL for 
                                                       USD delivered outside of Brazil. 
                                                       "PTAX Rate" means, with respect 
                                                       to a Rate Fixing Date, the JPY/BRL 
                                                       foreign exchange rate, expressed 
                                                       as the amount of BRL per one JPY 
                                                       as reported by Banco Central do 
                                                       Brasil (www.bcb.gov.br; see "Cotações 
                                                       e boletins"), or any succeeding 
                                                       rate source, and as published on 
                                                       Refinitiv Screen "BRLJPYPTAX=CBBR" 
                                                       Page (or such other page or services 
                                                       as may replace that page to be used 
                                                       for the purpose of obtaining the 
                                                       offered rate for the JPY/BRL exchange 
                                                       rate), provided that in the event 
                                                       of any inconsistency between the 
                                                       rate on Banco Central do Brasil's 
                                                       website and the rate on Refinitiv 
                                                       Page, the rate on Banco Central 
                                                       do Brasil's website shall prevail. 
                                                       "Rate Fixing Date" means the da 
                                                       y that is 10 Business Days prior 
                                                       to the relevant Fixed Rate Interest 
                                                       Payment Date (including the Maturity 
                                                       Date), provided that such day shall 
                                                       not be subject to adjustment (i) 
                                                       pursuant to any Business Day Convention 
                                                       or (ii) even if there is an Unscheduled 
                                                       Holiday between the Rate Fixing 
                                                       Date and the relevant date of payment. 
                                                       "Reference Rate" means, with respect 
                                                       to a Rate Fixing Date, the reciprocal 
                                                       number of the ask side of the PTAX 
                                                       Rate at approximately 1:15 p . m 
                                                       . São Paulo time, expressed 
                                                       as the amount of JPY per one BRL 
                                                       (rounded to the nearest two decimal 
                                                       places with 0.005 being rounded 
                                                       upwards) on such Rate Fixing Date. 
                                                       If, for the relevant Rate Fixing 
                                                       Date, an Exchange Rate Divergence 
                                                       has occurred, the Reference Rate 
                                                       will be determined by the Calculation 
                                                       Agent on such Rate Fixing Date in 
                                                       the following manner, acting in 
                                                       good faith and in a commercially 
                                                       reasonable manner, having taken 
                                                       into account relevant market practice: 
 
                                                       D ividing the USD/JPY Bid Rate by 
                                                       the USD/BRL Reference Rate (rounded 
                                                       to the nearest two decimal places 
                                                       with 0.005 being rounded upwards); 
                                                       If, for the relevant Rate Fixing 
                                                       Date, an Exchange Rate Divergence 
                                                       has not occurred and the PTAX Rate 
                                                       is not available, the Reference 
                                                       Rate will be determined by the Calculation 
                                                       Agent on such Rate Fixing Date in 
                                                       the following manner, acting in 
                                                       good faith and in a commercially 
                                                       reasonable manner, having taken 
                                                       into account relevant market practice: 
                                                       D ividing the USD/JPY Bid Rate by 
                                                       the USD/BRL PTAX Rate (rounded to 
                                                       the nearest two decimal places with 
                                                       0.005 being rounded upwards). If 
                                                       in this instance, the USD/BRL PTAX 
                                                       Rate is also unavailable then it 
                                                       shall be replaced by the USD/BRL 
                                                       Reference Rate. 
                                                       "São Paulo Business Day" means 
                                                       a day (other than a Saturday or 
                                                       a Sunday) on which commercial banks 
                                                       and foreign exchange markets settle 
                                                       payments in São Paulo. 
                                                       "Unscheduled Holiday" means a day 
                                                       that is not a São Paulo Business 
                                                       Day and the market was not aware 
                                                       of such fact (by means of a public 
                                                       announcement or by reference to 
                                                       other publicly available information) 
                                                       until a time later than 9:00 a.m. 
                                                       local time in São Paulo, two 
                                                       São Paulo Business Days prior 
                                                       to the relevant Rate Fixing Date. 
                                                       " USD " means the lawful currency 
                                                       of the United States of America. 
                                                       "USD/BRL PTAX Rate" means the spot 
                                                       rate which is the USD/BRL offered 
                                                       rate, expressed as the amount of 
                                                       BRL per one USD, as reported by 
                                                       Banco Central do Brasil (www.bcb.gov.br; 
                                                       see "Cotações e boletins"), 
                                                       or any succeeding rate source on 
                                                       the relevant Rate Fixing Date and 
                                                       as published on Refinitiv Screen 
                                                       "BRFR" Page (or such other page 
                                                       or services as may replace that 
                                                       page to be used for the purpose 
                                                       of obtaining the offered rate for 
                                                       the USD/BRL exchange rate), provided 
                                                       that in the event of any inconsistency 
                                                       between the rate on Banco Central 
                                                       do Brasil's website and the rate 
                                                       on Refinitiv Page, the rate on Banco 
                                                       Central do Brasil's website shall 
                                                       prevail. 
                                                       "USD/BRL Reference Rate" means the 
                                                       spot rate which is the USD/BRL offered 
                                                       rate, expressed as the amount of 
                                                       BRL per one USD, determined by the 
                                                       Calculation Agent for the relevant 
                                                       Rate Fixing Date by requesting five 
                                                       leading reference banks (selected 
                                                       by the Calculation Agent at its 
                                                       sole discretion) in the U.S. interbank 
                                                       market for their ask market quotations 
                                                       of the USD/BRL spot exchange rate 
                                                       at approximately 4:00 p.m. New York 
                                                       time on such date. The highest and 
                                                       the lowest of such quotations will 
                                                       be disregarded and the arithmetic 
                                                       mean of the remaining three quotations 
                                                       will be the USD/BRL Reference Rate, 
                                                       provided that, if two or more such 
                                                       quotations are the highest quotations, 
                                                       then only one of such highest quotations 
                                                       shall be disregarded, and if two 
                                                       or more such quotations are the 
                                                       lowest quotations then only one 
                                                       of such lowest quotations shall 
                                                       be disregarded; provided that: 
                                                       (a) if only four quotations are 
                                                       so provided, then the USD/BRL Reference 
                                                       Rate shall be the arithmetic mean 
                                                       of such quotations without regard 
                                                       to the highest and lowest values 
                                                       quoted, provided that, if two or 
                                                       more such quotations are the highest 
                                                       quotations, then only one of such 
                                                       highest quotations shall be disregarded, 
                                                       and if two or more such quotations 
                                                       are the lowest quotations then only 
                                                       one of such lowest quotations shall 
                                                       be disregarded; 
                                                       (b) if fewer than four quotations 
                                                       but at least two quotations can 
                                                       be obtained, then the USD/BRL Reference 
                                                       Rate shall be the arithmetic mean 
                                                       of the quotations actually obtained 
                                                       by the Calculation Agent; 
                                                       (c) if only one quotation is available, 
                                                       in that event, the Calculation Agent 
                                                       may determine that such quotation 
                                                       shall be the USD/BRL Reference Rate; 
                                                       and 
                                                       (d) if no such quotation is available 
                                                       or if the Calculation Agent determines 
                                                       in its sole discretion that no suitable 
                                                       reference bank who is prepared to 
                                                       quote is available, the USD/BRL 
                                                       Reference Rate shall be determined 
                                                       by the Calculation Agent in good 
                                                       faith and in a commercially reasonable 
                                                       manner . 
                                                       P rovided further that, if the Rate 
                                                       Fixing Date falls on an Unscheduled 
                                                       Holiday, the USD/BRL Reference Rate 
                                                       will be determined by the Calculation 
                                                       Agent on such Rate Fixing Date in 
                                                       its sole discretion, acting in good 
                                                       faith and in a commercially reasonable 
                                                       manner. 
                                                       "USD/JPY Bid Rate" means the USD/JPY 
                                                       exchange rate, expressed as the 
                                                       amount of JPY per one USD as of 
                                                       4:00 p.m. New York time on the relevant 
                                                       Rate Fixing Date, which appears 
                                                       under the "Bid" column on Bloomberg 
                                                       Screen "BFIX (USD/JPY Fixings)" 
                                                       Page (or such other page or services 
                                                       as may replace that page to be used 
                                                       for the purpose of obtaining the 
                                                       bid rate for the USD/JPY exchange 
                                                       rate). 
                                                       If the USD/JPY Bid Rate is not available 
                                                       on the relevant Rate Fixing Date, 
                                                       the Calculation Agent will request 
                                                       five leading reference banks (selected 
                                                       by the Calculation Agent at its 
                                                       sole discretion) in the U.S. interbank 
                                                       market for their bid market quotations 
                                                       of the USD/JPY spot exchange rate 
                                                       at approximately 4:00 p.m. New York 
                                                       time on such date. The highest and 
                                                       the lowest of such quotations will 
                                                       be disregarded and the arithmetic 
                                                       mean of the remaining three quotations 
                                                       will be the USD/JPY Bid Rate, provided 
                                                       that, if two or more such quotations 
                                                       are the highest quotations, then 
                                                       only one of such highest quotations 
                                                       shall be disregarded, and if two 
                                                       or more such quotations are the 
                                                       lowest quotations then only one 
                                                       of such lowest quotations shall 
                                                       be disregarded ; provided that: 
                                                       (a) i f only four quotations are 
                                                       so provided, then the USD/JPY Bid 
                                                       Rate shall be the arithmetic mean 
                                                       of such quotations without regard 
                                                       to the highest and lowest values 
                                                       quoted, provided that, if two or 
                                                       more such quotations are the highest 
                                                       quotations, then only one of such 
                                                       highest quotations shall be disregarded, 
                                                       and if two or more such quotations 
                                                       are the lowest quotations then only 
                                                       one of such lowest quotations shall 
                                                       be disregarded ; 
                                                       (b) i f fewer than four quotations 
                                                       but at least two quotations can 
                                                       be obtained, then the USD/JPY Bid 
                                                       Rate shall be the arithmetic mean 
                                                       of the quotations actually obtained 
                                                       by the Calculation Agent ; 
                                                       (c) i f only one quotation is available, 
                                                       in that event, the Calculation Agent 
                                                       may determine that such quotation 
                                                       shall be the USD/JPY Bid Rate ; 
                                                       and 
                                                       (d) if no such quotation is available 
                                                       or if the Calculation Agent determines 
                                                       in its sole discretion that no suitable 
                                                       reference bank who is prepared to 
                                                       quote is available, the USD/JPY 
                                                       Bid Rate shall be determined by 
                                                       the Calculation Agent in good faith 
                                                       and in a commercially reasonable 
                                                       manner. 
              (c) Fixed Rate Day Count 
               Fraction(s):                           30/360 
 14.   Relevant Financial Center:                     London, New York, São Paulo 
                                                       and Tokyo 
 15.   Relevant Business Days:                        London, New York, São Paulo 
                                                       and Tokyo 
 16.   Redemption Amount (Condition                   The Redemption Amount with respect 
        6(a)):                                         to each Authorized Denomination 
                                                       will be a JPY amount calculated 
                                                       by the Calculation Agent on the 
                                                       Rate Fixing Date with respect to 
                                                       the Maturity Date as follows: 
                                                       BRL 10,000 multiplied by the Reference 
                                                       Rate 
                                                       (rounding down , if necessary, the 
                                                       entire resulting figure to the nearest 
                                                       lower whole JPY). 
 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 the Notes become due 
        (including accrued interest,                   and payable as provided in Condition 
        if applicable) (Condition                      9 (Default), the Early Redemption 
        9):                                            Amount with respect to each Authorized 
                                                       Denomination will be a JPY amount 
                                                       equal to the Redemption Amount that 
                                                       is determined in accordance with 
                                                       "16. Redemption Amount (Condition 
                                                       6(a))" plus accrued and unpaid interest, 
                                                       if any, as determined in accordance 
                                                       with "13. Fixed Interest Rate (Condition 
                                                       5(I))"; provided, that for purposes 
                                                       of such determination, the "Rate 
                                                       Fixing Date" shall be the date fixed 
                                                       by the Calculation Agent. 
 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. 
                                                       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 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) Federative Republic of Brazil: 
                                                       The Dealer has represented and agreed 
                                                       that it has not offered or sold 
                                                       and will not offer or sell any Notes 
                                                       in Brazil. The Notes have not been 
                                                       and will not be registered with 
                                                       the Brazilian Securities and Exchange 
                                                       Commission (Commissão de Valores 
                                                       Mobililiarios, the "CVM"). 
                                                      (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 N otes, 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. 
 22.   Amendment to Condition                         Condition 7(a)(i) is hereby amended 
        7(a)(i):                                       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")." 
 23.   Amendment to Condition                         The following shall apply to Notes 
        7(h):                                          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:                             None 
 2.    Details of Clearance System          Euroclear Bank SA/NV and/or Clearstream 
        Approved by the Bank and             Banking S.A. 
        the 
        Global Agent and Clearance 
        and 
        Settlement Procedures: 
 3.    Syndicated:                          No 
 4.    Commissions and Concessions:         1.80 percent of the Aggregate Principal 
                                             Amount 
 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:                   215289818 
         (b) ISIN:                          XS2152898180 
 7.    Identity of Dealer:                  Nomura International plc 
 8.    Provisions for Bearer 
        Notes: 
         (a) Exchange Date:                 Not earlier than July 7, 2020, which 
                                             is the date that is 40 (forty) days 
                                             after the Issue Date. 
         (b) Permanent Global Note:         Yes 
         (c) Definitive Bearer              No, except in the limited circumstances 
          Notes:                             described under "Form of Notes" 
                                             herein and in the Prospectus 
         (d) Individual Definitive          No 
          Registered Notes: 
         (e) Registered Global              No 
          Notes: 
 

General Information

Additional Information regarding the Notes

1. The language set out under the heading "Use of Proceeds" in the Prospectus shall be deleted in its entirety and replaced by the following:

"The net proceeds from the sale of the Notes will be included in the ordinary capital resources of the Bank and, will not be committed or earmarked for lending to, or financing of, any specific loans, projects or programs. The Bank, in partnership with its member countries, works to reduce poverty and inequalities in Latin America and the Caribbean by promoting economic and social development in a sustainable, climate friendly way.

The Bank's strategic priorities include social inclusion and equality, productivity and innovation and economic integration along with three cross-cutting issues: gender equality and diversity, climate change and environmental sustainability, and institutional capacity and the rule of law. Each strategic priority of the Bank aligns to at least one of the United Nations Sustainable Development Goals ("SDGs"), with all goals covered within the Bank's institutional strategy, which may be adapted from time to time should the United Nations SDGs definition evolve.

All projects undertaken by the Bank go through the Bank's rigorous sustainability framework. The framework tracks measurable results, adherence to lending targets and the effectiveness of its environmental and social safeguards. The Bank's administrative and operating expenses are currently covered entirely by the Bank's various sources of revenue, consisting primarily of net interest margin and investment income (as more fully described in the Bank's Information Statement)."

   2.         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.

M i FID 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.

   3.         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 methodologies for determining the Japanese Yen-Brazilian Real foreign exchange rate may result in a Redemption Amount or the Early Redemption Amount (if applicable) of the Notes, or an interest payment on the Notes, being significantly less than anticipated.

The Bank may hedge its obligations under the Notes by entering into a swap transaction with the Dealer , one of its affiliates or other parties 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

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.

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