REG - Inter-American Dev - Issue of Debt
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RNS Number : 9247G Inter-American Development Bank 30 April 2025
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 989
USD 150,000,000 4.02 percent Notes due March 1, 2030 (the "Notes")
Issue Price: 100.00 percent
No application has been made to list the Notes on any stock exchange.
BMO Capital Markets
The date of this Pricing Supplement is April 25, 2025
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.: 989
2. Aggregate Principal Amount: USD 150,000,000
3. Issue Price: USD 150,000,000 which is 100.00 percent of the Aggregate Principal Amount
4. Issue Date: April 30, 2025
5. Form of Notes Registered only
(Condition 1(a)):
6. New Global Note: Not Applicable
7. Authorized Denomination(s) USD 1,000.00 and integral multiples of USD 1,000.00 in excess thereof
(Condition 1(b)):
8. Specified Currency United States Dollars ("USD") being the lawful currency of the United States
(Condition 1(d)): of America
9. Specified Principal Payment Currency USD
(Conditions 1(d) and 7(h)):
10. Specified Interest Payment Currency USD
(Conditions 1(d) and 7(h)):
11. Maturity Date
(Condition 6(a); Fixed Interest Rate and Zero Coupon):
March 1, 2030
12. Interest Basis
(Condition 5):
Fixed Interest Rate (Condition 5(I))
13. Interest Commencement Date
(Condition 5(III)):
Issue Date (April 30, 2025)
14. Fixed Interest Rate (Condition 5(I)):
(a) Interest Rate: 4.02 percent per annum
(b) Fixed Rate Interest Payment Date(s): Semi-annually in arrear on March 1 and September 1 in each year, commencing
with a short first coupon on September 1, 2025, 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
15. Relevant Financial Center: New York
16. Relevant Business Days: New York
17. Issuer's Optional Redemption (Condition 6(e)):
No
18. Redemption at the Option of the Noteholders (Condition 6(f)):
No
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 and
Settlement Procedures: The Depository Trust Company (DTC), Euroclear Bank SA/NV and/or Clearstream
Banking S.A.
3. Syndicated: No
4. Commissions and Concessions: $10,000
5. Estimated Total Expenses: The Dealer has agreed to pay for all material expenses related to the issuance
of the Notes.
6. Codes:
(a) Common Code: 306270605
(b) ISIN: US45818WGE03
(c) CUSIP: 45818WGE0
7. Identity of Dealer: BMO Capital Markets Corp.
8. Provisions for Registered Notes:
(a) Individual Definitive Registered Notes Available on Issue Date: No
(b) DTC Global Note(s): 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.
(c) Other Registered Global Notes: No
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.
(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:
The Dealer 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 will it circulate or distribute
the Prospectus, this Pricing Supplement or any other document or 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 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. Use of Proceeds
The Bank's mission is to improve lives in Latin America and
the Caribbean countries by contributing to the acceleration of the process of
economic and social development and by supporting efforts to reduce poverty
and inequality in a sustainable, climate friendly way. 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 net proceeds from the sale of the notes will be included
in the ordinary capital resources of the Bank, used in its ordinary
operations, and will not be committed or earmarked for lending to, or
financing of, any specific loans, projects, or programs.
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. Additional Investment Considerations
Although the net proceeds from the sale of the Notes will be
included in the ordinary capital resources of the Bank, used in its ordinary
operations, the Notes may not satisfy an investor's requirements if the
investor seeks to invest in assets with certain sustainability
characteristics. No assurance is or can be given to investors that the use
of proceeds will satisfy, whether in whole or in part, any present or future
investor expectations or requirements regarding any investment criteria or
guidelines applicable to any investor or its investments. In addition, no
assurance is or can be given to investors that any projects undertaken by the
Bank will meet any or all investor expectations regarding "sustainable" or
other equivalently-labelled performance objectives or that any adverse
environmental, social and/or other impacts will not occur during the
implementation by the borrower or any other implementing entity of any
projects. Furthermore, it should be noted that there is currently no
clearly-defined definition (legal, regulatory or otherwise) of, nor market
consensus as to what constitutes, a "sustainable" or an equivalently-labelled
project or as to what precise attributes are required for a particular project
to be defined as "sustainable" or such other equivalent label and if developed
in the future, Notes may not comply with any such definition or label.
There can be no assurance that the net proceeds from the
sale of any particular tranche of Notes will be totally or partially disbursed
for any projects undertaken by the Bank within the term of such Notes. Not
all projects undertaken by the Bank will be completed within the specified
period or with the results or outcome as originally expected or anticipated by
the Bank and some planned projects might not be completed at all. Each
potential purchaser of the Notes should determine for itself the relevance of
the information contained in this Prospectus regarding the use of proceeds and
its purchase of the Notes should be based upon such investigation as it deems
necessary.
INTER-AMERICAN DEVELOPMENT BANK
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