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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 2022 to Jul 2024
TIDM42BI
RNS Number : 4739V
Inter-American Development Bank
09 August 2022
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 839
GBP 100,000,000 2.450 percent Notes due July 29, 2025 (the "Notes")
Issue Price: 100.000 percent
No application has been made to list the Notes on any stock exchange.
SMBC Nikko
The date of this Pricing Supplement is July 26, 2022.
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), these are the only terms that form part of the form of Notes for such issue.
Hot Features
Premium
1. Series No.: 839
2. Aggregate Principal Amount: GBP 100,000,000
3. Issue Price: GBP 100,000,000, which is 100.000
percent of the Aggregate Principal
Amount.
4. Issue Date: July 29, 2022
5. Form of Notes
(Condition 1(a)): Registered only, as further
provided in paragraph 8(c)
of "Other Relevant Terms" below.
6. New Global Note: No
7. Authorized Denomination(s)
(Condition 1(b)): GBP 1,000,000 and integral
multiples thereof
8. Specified Currency
(Condition 1(d)): Pound sterling ("GBP") being
the lawful currency of the
United Kingdom of Great Britain
and Northern Ireland
9. Specified Principal Payment
Currency GBP
(Conditions 1(d) and 7(h)):
10. Specified Interest Payment
Currency GBP
(Conditions 1(d) and 7(h)):
11. Maturity Date
(Condition 6(a); Fixed Interest July 29, 2025
Rate):
12. Interest Basis
(Condition 5): Fixed Interest Rate (Condition
5(I))
13. Interest Commencement Date
(Condition 5(III)): Issue Date (July 29, 2022)
14. Fixed Interest Rate (Condition
5(I)):
(a) Interest Rate: 2.450 percent per annum
(b) Fixed Rate Interest Payment Annually in arrear on July
Date(s): 29 in each year, commencing
on July 29, 2023, up to and
including the Maturity Date.
Each 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):
Actual/Actual (ICMA)
15. Relevant Financial Center: London and New York
16. Relevant Business Days: London and New York
17. Issuer's Optional Redemption
(Condition 6(e)): No
18. Redemption at the Option of
the Noteholders (Condition No
6(f)):
19. Governing Law: New York
Other Relevant Terms
1. Listing: None.
2. Details of Clearance System
Approved by the Bank and the
Global Agent and Clearance Euroclear Bank SA/NV and Clearstream
and Banking S.A.
Settlement Procedures:
3. Syndicated: No
4. Commissions and Concessions: 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. 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) Common Code: 250875967
(b) ISIN: XS2508759672
7. Identity of Dealer: SMBC Nikko Capital Markets
Limited
8. Provisions for Registered
Notes:
(a) Individual Definitive
Registered Notes Available No
on Issue Date:
(b) DTC Global Note(s): No
(c) Other Registered Global Yes, issued in accordance with
Notes: the Amended and Restated Global
Agency Agreement, dated July
28, 2020, among the Bank, Citibank,
N.A., as Global Agent, and
the other parties thereto.
9. Intended to be held in a manner
which would allow Eurosystem Not Applicable.
eligibility:
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.
(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) 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) 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 only eligible counterparties, as defined in COBS, and professional clients, as defined in UK MiFIR; and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients 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
IODUKOBRUOUWRAR
(END) Dow Jones Newswires
August 10, 2022 02:00 ET (06:00 GMT)
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