REG - Inter-American Dev - Issue of Debt
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RNS Number : 2469Q Inter-American Development Bank 24 January 2026
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No.: 1023
U.S.$3,000,000,000 4.125 percent Notes due January 23, 2036 (the "Notes")
Issue Price: 99.046 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
BMO Capital Markets
Citigroup
HSBC
J.P. Morgan
Barclays
BNP PARIBAS
BofA Securities
Crédit Agricole CIB
Deutsche Bank
Morgan Stanley
Nomura
RBC Capital Markets
Scotiabank
Wells Fargo Securities
The date of this Pricing Supplement is January 21, 2026.
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. The Uniform Fiscal Agency
Agreement, dated as of July 20, 2006, as may be amended, restated, superseded
or otherwise modified from time to time, between the Bank and the Federal
Reserve Bank of New York, as fiscal and paying agent, has been superseded by
the Uniform Fiscal Agency Agreement, dated as of December 19, 2024 (the "New
Fiscal Agency Agreement"), as may be amended, restated, superseded or
otherwise modified from time to time, between the Bank and the 12 Federal
Reserve Banks. All references to the "Fiscal Agency Agreement" under the
heading "Terms and Conditions of the Notes" and elsewhere in the Prospectus
shall be deemed references to the New Fiscal Agency Agreement.
1. Series No.: 1023
2. Aggregate Principal Amount: U.S.$3,000,000,000
3. Issue Price: U.S.$2,971,380,000 which is 99.046 percent of the Aggregate Principal Amount
4. Issue Date: January 23, 2026
5. Form of Notes Book-entry only (not exchangeable for Definitive Fed Registered Notes,
(Condition 1(a)): Conditions 1(a) and 2(b) notwithstanding)
6. Authorized Denomination(s) U.S.$1,000 and integral multiples thereof
(Condition 1(b)):
7. Specified Currency
(Condition 1(d)):
United States Dollars (U.S.$) being the lawful currency of the United States
of America
8. Specified Principal Payment Currency U.S.$
(Conditions 1(d) and 7(h)):
9. Specified Interest Payment Currency U.S.$
(Conditions 1(d) and 7(h)):
10. Maturity Date
(Condition 6(a); Fixed Interest Rate and Zero Coupon):
January 23, 2036
11. Interest Basis Fixed Interest Rate (Condition 5(I))
(Condition 5):
12. Interest Commencement Date Issue Date (January 23, 2026)
(Condition 5(III)):
13. Fixed Interest Rate (Condition 5(I)): 4.125 percent per annum
(a) Interest Rate:
(b) Fixed Rate Interest Payment Date(s):
Semi-annually in arrear on January 23 and July 23 in each year, commencing on
July 23, 2026, 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
14. Relevant Financial Center: New York
15. Relevant Business Day: New York
16. Issuer's Optional Redemption (Condition 6(e)): No
17. Redemption at the Option of the Noteholders (Condition 6(f)): No
18. 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 and
Settlement Procedures:
Federal Reserve Bank of New York; Euroclear Bank SA/NV; Clearstream Banking
S.A.
3. Syndicated: Yes
4. If Syndicated:
(a) Liability: Several
(b) Lead Managers: BMO Capital Markets Corp.
Citigroup Global Markets Limited
HSBC Bank plc
J.P. Morgan Securities plc
5. Commissions and Concessions: 0.175 percent of the Aggregate Principal Amount
6. Estimated Total Expenses: The Lead Managers have 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.
7. Codes:
(a) Common Code: 327882767
(b) ISIN: US4581X0EX25
(c) CUSIP: 4581X0EX2
8. Identity of Managers: BMO Capital Markets Corp.
Citigroup Global Markets Limited
HSBC Bank plc
J.P. Morgan Securities plc
Barclays Bank PLC
BNP PARIBAS
Crédit Agricole Corporate and Investment Bank
Deutsche Bank AG, London Branch
Merrill Lynch International
Morgan Stanley & Co. International plc
Nomura International plc
RBC Capital Markets, LLC
The Bank of Nova Scotia, London Branch
Wells Fargo Securities, LLC
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: Each of the Managers 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: Each of the Managers represents, warrants and agrees, that it has not offered
or sold any Notes or caused the Notes to be made the subject of an invitation
for subscription or purchase and will not offer or sell any Notes or cause the
Notes to be made the subject of an invitation for subscription or purchase,
and has not circulated or distributed, nor
material in connection with the offer or sale, or invitation for subscription
or purchase, of the Notes, whether directly or indirectly, to any person in
Singapore other than: (i) to an institutional investor (as defined in Section
4A of the SFA) pursuant to Section 274 of the SFA or (ii) to an accredited
investor (as defined in Section 4A of the SFA) pursuant to and in accordance
with the conditions specified in Section 275 of the SFA and (where applicable)
Regulation 3 of the Securities and Futures (Classes of Investors) Regulations
2018 of Singapore.
Investors should note that there may be restrictions on the secondary sale of
the Notes under Section 276 of the SFA.
Any reference to the SFA is a reference to the Securities and Futures Act 2001
of Singapore and a reference to any term that is defined in the SFA or any
provision in the SFA is a reference to that term or provision as amended or
modified from time to time including by such of its subsidiary legislation as
may be applicable at the relevant time.
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 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, each of the Managers 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 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
each 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, including investment advice, portfolio management,
non-advised sales and pure execution services. Any person subsequently
offering, selling or recommending the Notes (a "distributor") should take into
consideration the UK manufacturers' 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 manufacturers' target market assessment)
and determining appropriate distribution channels, subject to the
distributor's suitability and appropriateness obligations under COBS, as
applicable.
For the purposes of this provision, (i) the expression
"UK manufacturers" means Citigroup Global Markets Limited, HSBC Bank plc and
J.P. Morgan Securities plc, (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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