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Name | Symbol | Market | Type |
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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 | |
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TIDM42BI
RNS Number : 9142Y
Inter-American Development Bank
17 May 2021
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 795
EUR 30,000,000 Callable Zero Coupon Notes due May 16, 2061 (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
UK Regulated Market
J.P. Morgan Securities plc
The date of this Pricing Supplement is May 12, 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 / Retail investors, 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.
1. Series No.: 795 2. Aggregate Principal Amount: EUR 30,000,000 3. Issue Price: EUR 30,000,000, which is 100.00 percent of the Aggregate Principal Amount 4. Issue Date: May 17, 2021 5. Form of Notes (Condition 1(a)): Registered only, as further provided in paragraph 8 of "Other Relevant Terms" below. 6. New Global Note: No 7. Authorized Denomination(s) (Condition 1(b)): EUR 200,000 and integral multiples thereof. 8. Specified Currency (Condition 1(d)): Euro ("EUR") 9. Specified Principal Payment Currency (Conditions 1(d) and 7(h)): EUR 10. Specified Interest Payment Currency EUR (Conditions 1(d) and 7(h)): 11. Maturity Date May 16, 2061 (Condition 6(a); Fixed Interest Rate and Zero Coupon): The Maturity Date is subject to the Business Day Convention, but with no adjustment to the amount of interest otherwise calculated. 12. Interest Basis (Condition 5): Zero Coupon (Condition 5(IV)) The Notes constitute "Par Zero Coupon Notes" under the Conditions. 13. Zero Coupon (Conditions 5(IV) and 6(c)): (a) Amortization Yield: 1.21 percent per annum (b) Reference Price: Issue Price (c) Basis: Compounded quarterly (d) Fixed Rate Day Count Fraction(s) if not 30/360 basis: ACT/ACT (ICMA) 14. Relevant Financial Center: London, New York 15. Relevant Business Days: London, New York and TARGET 16. Redemption Amount (Condition 6(a)): Unless previously redeemed or purchased and cancelled as specified in the Terms and Conditions, the Notes will be redeemed by the Bank by payment of the Redemption Amount on the Maturity Date. The Redemption Amount will be EUR 48,641,000.39, being 162.136667958 percent of the Aggregate Principal Amount, subject to Item 16 (Issuer's Optional Redemption) below. 17. Issuer's Optional Redemption (Condition 6(e)): Yes, in whole but not in part (a) Notice Period: No less than five (5) Relevant Business Days prior to the Optional Redemption Date (b) Amount: 100.00 percent per Authorized Denomination (c) Date(s): May 16, 2031 (d) Early Redemption Amount Bank: 112.841879433% percent of the Aggregate Principal Amount 18. Redemption at the Option of the Noteholders (Condition No 6(f)): 19. Early Redemption Amount (including accrued interest, if applicable) (Condition In the event of any Note becoming 9): due and payable prior to the Maturity Date in accordance with Condition 9 (but, for the avoidance of doubt, not Condition 6(e)), the Early Redemption Amount will be an amount equal to the Amortized Face Amount of such Note (calculated in accordance with Condition 6(c)). 20. Governing Law: New York 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 UK Regulated Market . 2. Details of Clearance System Approved by the Bank and the Global Agent and Clearance Euroclear Bank SA/NV and/or Clearstream and Banking, Luxembourg Settlement Procedures: 3. Syndicated: No 4. Commissions and Concessions: None. 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: The Dealer has agreed to pay for all material expenses related to the issuance of the Notes, except the Issuer will pay for the London Stock Exchange listing fees, if applicable . 6. Codes: (a) ISIN: XS2338066330 (b) CUSIP: 233806633 7. Identity of Dealer: J.P. Morgan Securities plc 8. 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. 9. Intended to be held in a manner which would allow Eurosystem eligibility: Not Applicable 10. 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. The Dealer acknowledges that one or more tranches of Notes of this series may be originally issued at an issue price that constitutes original issue discount (OID) in excess of "de minimis" OID within the meaning of applicable United States tax regulations, and that the Bank does not intend for any Notes of this series to be distributed in the United States or to come into the hands of U.S. persons. Accordingly, the Dealer agrees not to offer or sell any Notes of this series in the United States or to U.S. persons. (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) S ingapore: 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) 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, of 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 crosscutting 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 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 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 / Retail investors, 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 retail clients, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK domestic law by virtue of the EUWA, 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
IODUBSKRARUVAAR
(END) Dow Jones Newswires
May 18, 2021 02:00 ET (06:00 GMT)
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