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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 2021 to Jul 2024
TIDM42BI
RNS Number : 5439J
Inter-American Development Bank
24 August 2021
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No.: 806
PEN 50,000,000 3.50 percent Notes due August 23, 2026 (the "Notes")
Payable in United States Dollars
Issue Price: 99.55 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
BNP Paribas
The date of this Pricing Supplement is August 18, 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.
MiFID II and UK MiFIR product governance / Retail investors, professional investors and ECPs target market - See "General Information-Additional Information Regarding the Notes-Matters relating to MiFID II and 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.: 806
2. Aggregate Principal Amount: PEN 50,000,000
3. Issue Price: PEN 49,775,000, which is 99.55
percent of the Aggregate Principal
Amount
The Issue Price will be payable
in USD in the amount of USD 12,274,969.17
at the agreed rate of PEN 4.055
per one USD .
4. Issue Date: August 23, 2021
5. Form of Notes
(Condition 1(a)): Registered only
6. New Global Note: No
7. Authorized Denomination(s)
(Condition 1(b)): PEN 10,000
8. Specified Currency
(Condition 1(d)): Peruvian Sol ("PEN"), the lawful
currency of the Republic of Peru,
provided that all payments in respect
of the Notes will be made in United
States Dollars ("USD")
9. Specified Principal Payment
Currency
(Conditions 1(d) and 7(h)): USD
10. Specified Interest Payment
Currency USD
(Conditions 1(d) and 7(h)):
11. Maturity Date
(Condition 6(a); Fixed
Interest Rate and Zero Coupon): August 23, 2026
The Maturity Date is subject to
the Business Day Convention with
no adjustment to the amount of
interest otherwise calculated.
Further, the date of payment in
respect of the Maturity Date is
subject to postponement if any
of the Applicable Disruption Fallbacks
apply, with no adjustment to the
amount of interest otherwise calculated.
12. Interest Basis
(Condition 5): Fixed Interest Rate (Condition
5(I))
13. Interest Commencement Date
(Condition 5(III)): Issue Date (August 23, 2021)
14. Fixed Interest Rate (Condition
5(I)):
(a) Interest Rate: 3.50 percent per annum
(b) Fixed Rate Interest
Payment Date(s): Annually on August 23 in each year,
commencing on August 23, 2022 and
ending on the Maturity Date.
Each Fixed Rate Interest Payment
Date is subject to the Business
Day Convention with no adjustment
to the amount of interest otherwise
calculated. Further, the date of
payment in respect of each Fixed
Rate Interest Payment Date is subject
to postponement if any of the Applicable
Disruption Fallbacks apply, with
no adjustment to the amount of
interest otherwise calculated.
Calculation of Interest Amount
:
For the purposes of the calculation
of the Interest Amount payable
for any Interest Period, there
shall be no adjustment pursuant
to the Business Day Convention.
As soon as practicable and in accordance
with the procedure specified herein,
the Calculation Agent will determine
the Reference Rate (as defined
below) and calculate the Interest
Amount with respect to each minimum
Authorized Denomination for the
relevant Interest Period.
The Interest Amount with respect
to any Interest Period shall be
a USD amount calculated using the
Reference Rate determined as of
the relevant Rate Fixing Date (as
defined below) as follows:
PEN 350 per minimum Authorized
Denomination
divided by
the Reference Rate
(and rounding, if necessary, the
entire resulting figure to the
nearest two decimal places, with
USD 0.005 being rounded upwards).
"Lima Business Day" means a day
(other than a Saturday or a Sunday)
on which banks and foreign exchange
markets are open for business in
Lima.
"PEN Interbank Ave (PEN05) Rate"
means, in respect of a Rate Fixing
Date, the PEN/USD average exchange
rate in the interbank market, expressed
as the amount of PEN per one USD,
for settlement on the same day,
reported by the Banco Central de
Reserva del Peru (www.bcrp.gob.pe)
as the "Tipo de Cambio Interbancario
Promedio" at approximately 2:00
p.m., Lima time, and published
on the Bloomberg page "PEN SBSP
Curncy", on such date.
"Rate Fixing Date" for any Interest
Payment Date or the Maturity Date
or date on which an amount is payable
means the fifth Valuation Business
Day prior to such date.
"Reference Rate" means, in respect
of a Rate Fixing Date:
(a) the PEN/USD exchange rate,
expressed as the amount of PEN
per one USD determined by the Calculation
Agent on the first Lima Business
Day following the relevant Rate
Fixing Date by reference to the
applicable PEN Interbank Ave (PEN05)
Rate; or
(b) if the PEN Interbank Ave (PEN05)
Rate is not available for any reason,
as reported by the Banco Central
de reserve del Peru (www.bcrp.gob.pe)
as the "Tipo de Cambio Interbancario
Promedio" at approximately 2:00
p.m., Lima time, and published
on the Bloomberg page "PEN SBSP
Curncy", on such Rate Fixing Date,
the Calculation Agent shall determine
that a "Price Source Disruption"
has occurred, and shall promptly
inform the Bank, the Noteholders
and the Global Agent of such occurrence.
For the purposes of obtaining a
Reference Rate, the Applicable
Disruption Fallbacks will apply.
"Valuation Business Day" means
a day (other than a Saturday or
a Sunday) on which banks and foreign
exchange markets are open for business
in Lima and New York.
Applicable Disruption Fallbacks
(in order of application) :
1. Valuation Postponement. For
purposes of obtaining a Reference
Rate, the Reference Rate will be
determined on the Valuation Business
Day first succeeding the day on
which the Price Source Disruption
ceases to exist, unless the Price
Source Disruption continues to
exist (measured from the date,
that, but for the occurrence of
the Price Source Disruption, would
have been the Rate Fixing Date)
for a consecutive number of calendar
days equal to the Maximum Days
of Postponement. In such event,
the Reference Rate will be determined
on the next Valuation Business
Day after the Maximum Days of Postponement
in accordance with the next Applicable
Disruption Fallback.
2. Calculation Agent Determination
of the Reference Rate. For purposes
of obtaining a Reference Rate,
the Calculation Agent will determine
the Reference Rate (or a method
for determining the Reference Rate)
in its sole discretion, acting
in good faith and in a commercially
reasonable manner.
Notwithstanding anything herein
to the contrary, in no event shall
the total number of consecutive
calendar days during which either
(i) valuation is deferred due to
an Unscheduled Holiday, or (ii)
a Valuation Postponement shall
occur (or any combination of (i)
and (ii)), exceed 30 consecutive
calendar days in the aggregate.
Accordingly, (x) if, upon the lapse
of any such 30 day period, an Unscheduled
Holiday shall have occurred or
be continuing on the day following
such period, then such day shall
be deemed to be a Rate Fixing Date,
and (y) if, upon the lapse of any
such 30 day period, a Price Source
Disruption shall have occurred
or be continuing on the day following
such period, then the Valuation
Postponement shall not apply and
the Reference Rate shall be determined
in accordance with the next Applicable
Disruption Fallback (i.e., Calculation
Agent Determination of the Reference
Rate).
"Maximum Days of Postponement"
means 30 calendar days.
"Unscheduled Holiday" means a day
that is not a Valuation 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 Lima two Valuation
Business Days prior to the relevant
Rate Fixing Date.
(c) Business Day Convention: Modified Following Business Day
Convention
(d) Fixed Rate Day Count
Fraction(s): Actual/Actual (ICMA)
(e) Calculation Agent: BNP Paribas
15. Relevant Financial Center: Lima, London and New York
16. Relevant Business Days: Lima, London and New York
17. Redemption Amount (Condition
6(a)): The Redemption Amount with respect
to each minimum Authorized Denomination
will be a USD amount calculated
by the Calculation Agent as of
the Rate Fixing Date with respect
to the Maturity Date as follows:
minimum Authorized Denomination
divided by
the Reference Rate
( and rounding, if necessary, the
entire resulting figure to the
nearest 2 decimal places, with
USD 0.005 being rounded upwards
).
Payment of the Redemption Amount
will occur on the Maturity Date,
as may be postponed pursuant to
paragraph 11 above.
18. Issuer's Optional Redemption
(Condition 6(e)): No
19. Redemption at the Option
of the Noteholders (Condition No
6(f)):
20. Early Redemption Amount
(including accrued interest,
if applicable) (Condition In the event the Notes become due
9): and payable as provided in Condition
9 (Default), the Early Redemption
Amount with respect to each minimum
Authorized Denomination will be
a USD amount equal to the Redemption
Amount that is determined in accordance
with "17. Redemption Amount (Condition
6(a))" plus accrued and unpaid
interest, if any, as determined
in accordance with "14. Fixed Interest
Rate (Condition 5(I))"; provided,
that for purposes of such determination,
the "Rate Fixing Date" shall be
the date that is five (5) Valuation
Business Days prior to the date
upon which the Notes become due
and payable as provided in Condition
9 (Default) .
21. 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
with effect from the Issue Date.
2. Details of Clearance System
Approved by the Bank and
the Euroclear Bank SA/NV and/or Clearstream
Global Agent and Clearance Banking, S.A.
and
Settlement Procedures:
3. Syndicated: No
4. Commissions and Concessions: PEN 40,550 (USD 10,000 at the agreed
rate of PEN 4.055 per one USD)
.
5. Estimated Total Expenses: None. The Dealer has agreed to
pay for all material expenses related
to the issuance of the Notes, except
the Bank will pay for the London
Stock Exchange listing fees, if
applicable.
6. Codes:
(a) Common Code: 237730305
(b) ISIN: XS2377303057
7. Identity of Dealer: BNP Paribas
8. Provision for Registered
Notes:
(a) Individual Definitive
Registered Notes Available No
on Issue Date:
(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 Not Applicable
manner which would allow
Eurosystem 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 (a) it has only communicated
or caused to be communicated and
will only communicate or cause
to be communicated an invitation
or inducement to engage in investment
activity (within the meaning of
Section 21 of the Financial Services
and Markets Act 2000 (the "FSMA"))
received by it in connection with
the issue or sale of the Notes
in circumstances in which Section
21(1) of the FSMA does not apply
to the Bank, and (b) it has complied
and will comply with all applicable
provisions of the FSMA with respect
to anything done by it in relation
to such Notes in, from or otherwise
involving the UK.
(c) Republic of Peru: The Dealer a cknowledges that:
The Notes shall not be subject
to a public offering in Peru. The
Notes, the Prospectus and the Pricing
Supplement in respect of the Notes
have not been and will not be registered
with or approved by the Peruvian
Superintendency of Capital Markets
(Superintendencia del Mercado de
Valores or the "SMV") or the Lima
Stock Exchange (Bolsa de Valores
de Lima or the "BVL").
The Prospectus, this Pricing Supplement
and other offering materials relating
to the offering of the Notes are
being supplied only to those institutional
investors in Peru (as defined by
Peruvian law) who have expressly
requested them. Such materials
may not be distributed to any person
or entity other than the intended
recipients. Accordingly, the Notes
cannot be offered or sold in Peru,
except if (i) such Notes, the Prospectus
and this Pricing Supplement were
previously registered with the
SMV, or (ii) such offering is considered
a private offering under the Peruvian
Securities Market Law (Ley del
Mercado de Valores) or any other
applicable Peruvian regulations.
No offer or invitation to subscribe
for or sell the Notes or beneficial
interests therein can be made in
Peru, except in compliance with
the securities laws and regulations
thereof.
(d) 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 Bank 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).
(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.
General Information
Additional Information Regarding the Notes
1. Matters relating to MiFID II and UK MiFIR
The Bank does not fall under the scope of application of either the MiFID II or the UK MiFIR regime. Consequently, the Bank does not qualify as an "investment firm", "manufacturer" or "distributor" for the purposes of MiFID II or UK MiFIR.
MiFID II product governance / Retail investors, professional investors and ECPs target market - Solely for the purposes of the EU 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, eligible counterparties and professional 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 EU 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 EU manufacturer's target market assessment) and determining appropriate distribution channels.
For the purposes of this provision, the expression "EU manufacturer" means the Dealer and the expression "MiFID II" means Directive 2014/65/EU, as amended.
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.
2. 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.
Payment of each Interest Amount and the Redemption Amount will be based on the Reference Rate, which is a measure of the rate of exchange between the PEN and the USD. Currency exchange rates are volatile and will affect the holder's return. In addition, the government of Peru can from time to time intervene in the foreign exchange market. These interventions or other governmental actions could adversely affect the value of the Notes, as well as the yield (in USD terms) on the Notes and the amount payable at maturity or upon acceleration. Even in the absence of governmental action directly affecting currency exchange rates, political or economic developments in Peru or elsewhere could lead to significant and sudden changes in the exchange rate between the PEN and the USD.
The methodologies for determining the Reference Rate may result in a Redemption Amount (or Early Redemption Amount, as the case may be) of the Notes, or an Interest Amount on the Notes, being significantly less than anticipated or less than what an alternative methodology for determining the Reference Rate would yield.
The Bank may hedge its obligations under the Notes by entering into a swap transaction with an affiliate of the Dealer 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
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END
IODUSURRANUWURR
(END) Dow Jones Newswires
August 24, 2021 02:00 ET (06:00 GMT)
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