REG - Inter-American Dev - Issue of Debt
13/11/2025 08:00
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RNS Number : 3272H Inter-American Development Bank 13 November 2025
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 1014
U.S.$100,000,000 3.802 percent Notes due November 12, 2030 (the "Notes")
Issue Price: 100.00 percent
No application has been made to list the Notes on any stock exchange.
Crédit Agricole CIB
The date of this Pricing Supplement is November 10, 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.
MiFID II and UK MiFIR product governance / 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.
1. Series No.: 1014
2. Aggregate Principal Amount: U.S.$100,000,000
3. Issue Price: U.S.$100,000,000, which is 100.00 percent of the Aggregate Principal Amount
4. Issue Date: November 12, 2025
5. Form of Notes
(Condition 1(a)):
Registered only
6. New Global Note: No
7. Authorized Denomination(s)
(Condition 1(b)):
U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof
8. Specified Currency
(Condition 1(d)):
United States Dollars (U.S.$) being the lawful currency of the United States
of America
9. Specified Principal Payment Currency
(Conditions 1(d) and 7(h)):
U.S.$
10. Specified Interest Payment Currency
(Conditions 1(d) and 7(h)):
U.S.$
11. Maturity Date
(Condition 6(a); Fixed Interest Rate and Zero Coupon):
November 12, 2030
12. Interest Basis
(Condition 5):
Fixed Interest Rate (Condition 5(I))
13. Interest Commencement Date
(Condition 5(III)):
Issue Date (November 12, 2025)
14. Fixed Interest Rate (Condition 5(I)):
(a) Interest Rate: 3.802 percent per annum
(b) Fixed Rate Interest Payment Date(s):
Annually in arrears on November 12 in each year, commencing on November 12,
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
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:
Euroclear Bank SA/NV and/or Clearstream Banking S.A.
3. Syndicated: No
4. Commissions and Concessions: No commissions or concessions are payable in respect of the Notes. The Dealer
or one of its affiliates 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.
6. Codes:
(a) CUSIP: 322730462
(b) ISIN: XS3227304626
7. Identity of Dealer: Crédit Agricole Corporate and Investment Bank
8. Provision 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.
(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 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
"Use of Proceeds" in the Prospectus shall be deleted in its entirety and
replaced by the following:
The Notes are issued under the Bank's Sustainable Debt Framework ("SDF")
(available at https://publications.iadb.org/en/sustainable-debt-framework).
As such, an amount equal to the net proceeds of the issue of the Notes (which
proceeds may be converted into other currencies) shall be recorded by the Bank
in a separate sub-account supporting Eligible Projects (as defined below).
These proceeds will be invested in accordance with the Bank's conservative
liquidity investment guidelines until used to support the Bank's financing of
Eligible Projects. So long as the Notes are outstanding and the account has
a positive balance, the Bank shall direct an amount equal to such net proceeds
to its lending supporting Eligible Projects.
The Bank's Eligible Green and Social Projects ("Eligible Projects") are
defined as investments and expenditures made by the Bank after the issuance of
bonds under the SDF, or in the 36 months prior to any such issuance, within
the eligible categories defined in the SDF. In addition, the Bank may issue
bonds under the SDF to finance Eligible Projects in the Amazonia biome in
accordance with the Bank's Amazonia Bond Issuance Guidelines.
Examples of Eligible Projects include, without limitation:
· Energy Efficiency
· Renewable Energy
· Environmentally Sustainable Management of Living Natural Resources
and Land Use
· Climate Adaptation and Mitigation
· Clean Transportation
· Sustainable Water and Wastewater Management
· Pollution Prevention and Control
· Access to Essential Services
· Access to Basic Infrastructure
· Socioeconomic Advancement and Empowerment
· Cultural Heritage Preservation
· Employment generation and programs designed to prevent and/or
alleviate unemployment stemming from socioeconomic crises, climate transition
projects and/or other considerations for a "just transition"
· Food Security and Sustainable Food Systems
· Security, Justice, and Conflict Resolution
· State Modernization
The above examples are for illustrative purposes only and no assurance can be
provided that disbursements for projects with these specific characteristics
will be made by the Bank during the term of the Notes.
Eligible Projects financed or refinanced through the Notes will be selected
based on their alignment with the SDF and their environmental and social
strong outcomes and impact metrics. The Treasury division, in collaboration
with Office of Strategic Planning and Development Effectiveness and through
consultations with lending specialists, selects Eligible Projects for
allocation under the SDF. This selection shall include new projects, as well
as existing projects including re-financing.
The Bank shall produce an annual Allocation and Impact report until full
allocation of the proceeds that will be made available on the Bank Investor
Website. In the event that projects are no longer in compliance with the
eligibility criteria set forth in the SDF, the Bank commits to reallocating
the proceeds to other eligible loans. The report will address, among other
things, the outstanding balance of debt instruments issued under the SDF
(including the Notes), the list of Eligible Projects, the amount of net
proceeds that have been allocated to Eligible Projects, and the remaining
balance of unallocated proceeds, if applicable.
Information on the Bank's website, including the SDF, is not intended to be
incorporated by reference into this Pricing Supplement.
2. Additional Investment Considerations
Although the Notes are issued under the SDF, 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, the 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
Eligible Projects undertaken by the Bank within the term of such Notes or
allocated to any expenditures for Eligible Projects in the 36 months prior to
any such issuance. Not all projects undertaken by the Bank, including
Eligible Projects, 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 Pricing Supplement regarding the use of proceeds and its
purchase of the Notes should be based upon such investigation as it deems
necessary.
3. 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 / 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 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 / 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 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.
INTER-AMERICAN DEVELOPMENT BANK
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