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Inter 2042 | LSE:42BI | London | Medium Term Loan |
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TIDM42BI
RNS Number : 9270J
Inter-American Development Bank
16 December 2022
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 853
USD 50 ,000,000 Multi Callable Zero Coupon Notes due December 15, 2037 (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 December 12, 2022
The Series 853 Notes have been issued with original issue discount for United States tax purposes; therefore, the Notes are not intended to be sold or resold to persons subject to U.S. tax laws.
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.
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.: 853 2. Aggregate Principal Amount: USD 50,000,000 3. Issue Price: USD 50,000,000, which is 100.00 percent of the Aggregate Principal Amount 4. Issue Date: December 15, 2022 5. Form of Notes Registered only, as further provided (Condition 1(a)): in paragraph 8 of "Other Relevant Terms" below. 6. New Global Note: No 7. Authorized Denomination(s) (Condition 1(b)): USD 1,000,000 and integral multiples thereof. 8. Specified Currency (Condition 1(d)): United States Dollars (USD) being the lawful currency of the United States of America 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): December 15, 2037 The Maturity Date is subject to the Business Day Convention, but with no adjustment to the amount of interest otherwise calculated. 12. Interest Basis Zero Coupon (Condition 5(IV)) (Condition 5): The Notes constitute "Par Zero Coupon Notes" under the Conditions. 13. Zero Coupon (Conditions 5(IV) and 6(c)): (a) Amortization Yield: 4.620 percent per annum (b) Reference Price: Issue Price (c) Basis: Compounded annually 14. Relevant Financial Center: London, New York 15. Relevant Business Days: London, New York 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 USD 98,444,337.29, being 196.889 percent of the Aggregate Principal Amount, subject to Item 17 (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): December 15 in each year, commencing on December 15, 2028, up to and including December 15, 2036. (d) Early Redemption Amount Bank: December 15, USD 65,562,921.63 2028 which is 131.12584327 percent of the Aggregate Principal Amount December 15, USD 68,591,928.61 2029 which is 137.18385723 percent of the Aggregate Principal Amount December 15, USD 71,760,875.72 2030 which is 143.52175143 percent of the Aggregate Principal Amount December 15, USD 75,076,228.17 2031 which is 150.15245635 percent of the Aggregate Principal Amount December 15, USD 78,544,749.91 2032 which is 157.08949983
percent of the Aggregate Principal Amount December 15, USD 82,173,517.36 2033 which is 164.34703472 percent of the Aggregate Principal Amount December 15, USD 85,969,933.86 2034 which is 171.93986773 percent of the Aggregate Principal Amount December 15, USD 89,941,744.81 2035 which is 179.88348961 percent of the Aggregate Principal Amount December 15, USD 94,097,053.42 2036 which is 188.19410683 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: XS2564353063 (b) CUSIP: ZN7165857 (c) Common Code: 25643506 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 Issuer and the Dealer have agreed that the Series 853 Notes will not be offered, sold or distributed by the Dealer, directly or indirectly, in the United States of America, its territories or possessions, or to, or for the account or benefit of, persons subject to U.S. tax laws in respect of the interest income on the Notes. (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) 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.
Recent Developments
On September 26, 2022, the Board of Governors of the Inter-American Development Bank (IDB) resolved that Mr. Mauricio Claver-Carone would cease to hold the office of President of the Bank, effective on that day. In accordance with the Bank's Charter, the Executive Vice President, Reina Irene Mejía Chacón, is serving as President a.i. On November 20, 2022, Ilan Goldfajn was elected president of the Bank during a Special Meeting of the Bank's Board of Governors. Mr. Goldfajn will take office for a five-year term on December 19, 2022.
INTER-AMERICAN DEVELOPMENT BANK
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END
IODUNVARUUUUARA
(END) Dow Jones Newswires
December 16, 2022 02:00 ET (07:00 GMT)
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