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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 : 8876R
Inter-American Development Bank
11 March 2021
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 785
NZD 66,000,000 2.045 percent Notes due March 10, 2031 (the "Notes")
Issue Price: 100.00 percent.
No application has been made to list the Notes on any stock exchange.
Morgan Stanley
The date of this Pricing Supplement is March 5, 2021.
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 July 28, 2020 (the "Prospectus") (which for the avoidance of doubt does not constitute a prospectus for the purposes of Part VI of the United Kingdom ("UK") Financial Services and Markets Act 2000 or a base prospectus for the purposes of Regulation (EU) 2017/1129 (as amended, the "Prospectus Regulation") or the Prospectus Regulation as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA")). 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.
UK MiFIR product governance / Professional investors and ECPs target market - See "General Information-Additional Information Regarding the Notes-Matters relating to UK MiFIR" 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. Together with the applicable Conditions (as defined above), which are expressly incorporated hereto, these are the only terms that form part of the form of Notes for such issue.
Hot Features
Premium
1. Series No.: 785
2. Aggregate Principal Amount: NZD 66,000,000
3. Issue Price: NZD 66,000,000, which is 100.00
percent of the Aggregate Principal
Amount
4. Issue Date: March 10, 2021
5. Form of Notes
(Condition 1(a)): Registered only
6. Authorized Denomination(s)
(Condition 1(b)): NZD 1,000,000 and integral multiples
thereof
7. Specified Currency
(Condition 1(d)): New Zealand Dollars (NZD), being
the lawful currency of New Zealand
8. Specified Principal Payment
Currency NZD
(Conditions 1(d) and 7(h)):
9. Specified Interest Payment
Currency NZD
(Conditions 1(d) and 7(h)):
10. Maturity Date
(Condition 6(a); Fixed Interest March 10, 2031
Rate and Zero Coupon):
11. Interest Basis
(Condition 5): Fixed Interest Rate (Condition
5(I))
12. Interest Commencement Date
(Condition 5(III)): Issue Date
13. Fixed Interest Rate (Condition
5(I)):
(a) Interest Rate: 2.045 percent per annum
(b) Fixed Rate Interest Payment
Date(s): Semi-annually in arrear on March
10 and September 10 in each year,
commencing on September 10, 2021,
up to and including the Maturity
Date.
Each Fixed Rate Interest Payment
Date is subject to the Business
Day Convention, but with no adjustment
to the amount of interest otherwise
calculated.
(c) Business Day Convention: Following Business Day Convention
(d) Fixed Rate Day Count Fraction(s):
30/360 ISMA
14. Relevant Financial Center: Auckland, Wellington, New York
and London
15. Relevant Business Day: Auckland, Wellington, 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
Other Relevant Terms
1. Listing (if yes, specify
Stock None
Exchange):
2. Details of Clearance System
Approved by the Bank and the
Global Agent and Clearance
and Settlement Procedures: Euroclear Bank SA/NV and/or Clearstream
Banking, S.A.
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. Codes:
(a) Common Code: 230755248
(b) CUSIP: 458182EF5
(c) ISIN: XS2307552484
6. Identity of Dealer: Morgan Stanley & Co. International
plc
7. Provisions for Registered
Notes:
(a) Individual Definitive Registered
Notes Available on Issue Date:
No
(b) DTC Global Note(s): No
(c) Other Registered Global
Notes: Yes, issued in accordance with
the Amended and Restated Global
Agency Agreement, dated as of July
28, 2020, between the Bank, Citibank,
N.A., London Branch as Global Agent,
and the other parties thereto.
8. Intended to be held in a
manner which would allow Eurosystem Not Applicable
eligibility:
9. 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 UK.
(c) Singapore: In the case of the Notes being
offered into Singapore in a primary
or subsequent distribution, and
solely for the purposes of its
obligations pursuant to Section
309B of the Securities and Futures
Act (Chapter 289 of Singapore)
(the "SFA"), the Issuer has determined,
and hereby notifies all relevant
persons (as defined in Section
309A of the SFA) that the Notes
are "prescribed capital markets
products" (as defined in the Securities
and Futures (Capital Markets Products)
Regulations 2018 of Singapore)
and Excluded Investment Products
(as defined in MAS Notice SFA 04-N12:
Notice on the Sale of Investment
Products and MAS Notice FAA-N16:
Notice on Recommendations on Investment
Products).
(d) New Zealand: No action has been taken to permit
the Notes to be offered or sold
to any retail investor, or otherwise
under any regulated offer, in terms
of the Financial Markets Conduct
Act 2013 ("FMCA"). In particular,
no product disclosure statement
under the FMCA has been prepared
or lodged in New Zealand in relation
to the Notes.
No person may offer or sell any
Notes in New Zealand, or distribute
or publish in New Zealand any offering
material or advertisement in relation
to any offer of Notes, other than
to "wholesale investors" within
the meaning of clauses 3(2)(a),
(c) or (d) or 3(3)(b) of Schedule
1 to the FMCA, which includes:
(a) a person who is required to
pay a minimum subscription price
of at least NZD 750,000 for the
Notes (disregarding any amount
lent by the offeror, Issuer or
any associated person of the offeror
or Issuer)
(b) a person who is
(i) an "investment business";
(ii) "large"; or
(iii) a "government agency",
in each case as defined in Schedule
1 to the FMCA, provided (for the
avoidance of doubt) that Notes
may not be offered or sold to any
person that is a "wholesale investor"
under the FMCA solely because that
person is an "eligible investor"
(as defined in clause 41 of Schedule
1 to the FMCA) or that person meets
the investment activity criteria
specified in clause 38 of Schedule
1 of the FMCA.
(e) 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.
General Information
Additional Information Regarding the Notes
1. Use of Proceeds
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 UK MiFIR
The Bank does not fall under the scope of application of the UK MiFIR regime. Consequently, the Bank does not qualify as an "investment firm", "manufacturer" or "distributor" for the purposes of UK MiFIR.
UK MiFIR product governance / Professional investors and ECPs target market - Solely for the purposes of the UK 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, as defined in COBS, and professional clients, as defined in UK MiFIR; 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 UK manufacturer's target market assessment; however, a distributor subject to the UK MiFIR Product Governance Rules is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the UK manufacturer's target market assessment) and determining appropriate distribution channels.
For the purposes of this provision, (i) the expression "UK manufacturer" means the Dealer , (ii) the expression "COBS" means the FCA Handbook Conduct of Business Sourcebook, (iii) the expression "UK MiFIR" means Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA and (iv) the expression " UK MiFIR Product Governance Rules" means the FCA Handbook Product Intervention and Product Governance Sourcebook.
INTER-AMERICAN DEVELOPMENT BANK
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END
IODUARARASUOARR
(END) Dow Jones Newswires
March 11, 2021 02:00 ET (07:00 GMT)
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