REG - Inter-American Dev - Issue of Debt
23/03/2022 08:15
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220323:nRSW6761Fa&default-theme=true
RNS Number : 6761F Inter-American Development Bank 22 March 2022
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 826
AUD 60,000,000 2.80 percent Notes due March 22, 2032 (the "Notes")
Issue Price: 100.00 percent.
No application has been made to list the Notes on any stock exchange.
J.P. Morgan Securities plc
The date of this Pricing Supplement is March 17, 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 (the "FSMA") or a 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.
1. Series No.: 826
2. Aggregate Principal Amount: AUD 60,000,000
3. Issue Price: AUD 60,000,000, which is 100.00 percent of the Aggregate Principal Amount
4. Issue Date: March 22, 2022
5. Form of Notes Registered only
(Condition 1(a)):
6. Authorized Denomination(s) AUD 1,000,000 and integral multiples thereof
(Condition 1(b)):
7. Specified Currency Australian Dollar (AUD) being the lawful currency of the Commonwealth of
(Condition 1(d)): Australia
8. Specified Principal Payment Currency
(Conditions 1(d) and 7(h)):
AUD
9. Specified Interest Payment Currency
(Conditions 1(d) and 7(h)):
AUD
10. Maturity Date
(Condition 6(a); Fixed Interest Rate and Zero Coupon):
March 22, 2032
11. Interest Basis
(Condition 5):
Fixed Interest Rate (Condition 5(I))
12. Interest Commencement Date (Condition 5(III)):
Issue Date
13. Fixed Interest Rate (Condition 5(I)):
(a) Interest Rate: 2.80 percent per annum
(b) Fixed Rate Interest Payment Date(s):
Semi-annually in arrear on March 22 and September 22 in each year, commencing
on September 22, 2022, 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, Sydney, Tokyo and London
15. Relevant Business Day: New York, Sydney, Tokyo and London
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 (if yes, specify Stock
Exchange):
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. 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 Expense: The Dealer has agreed to pay for all material expenses related to the issuance
of the Notes.
6. Codes:
(a) CUSIP: 245682301
(b) ISIN: XS2456823017
7. Identity of Dealer(s)/Manager(s): 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.
(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 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) Commonwealth of Australia: The Dealer is neither a bank nor an authorized deposit-taking institution
which is authorized under the Banking Act 1959 of Australia. The Dealer is
engaged in connection with the issuance of the Notes solely for the purposes
of transactions outside Australia and with persons who are not resident or
located in Australia. The Dealer represents and agrees that it:
· has not (directly or indirectly) offered or invited applications, and
will not offer or invite applications, for the issue, sale or purchase of the
Notes in Australia (including an offer or invitation which is received by a
person in Australia); and
· has not distributed or published, and will not distribute or publish,
the Prospectus or any other offering material or advertisement (including any
Pricing Supplement) relating to the Notes in Australia.
The Dealer has not provided, and will not provide, any financial services (as
defined in the Corporations Act 2001 of Australia ("Corporations Act")) in, or
into, Australia in connection with the issuance of the Notes and it has not
engaged, and will not engage, in any conduct intended to induce persons who
are resident or located in Australia to use the financial services the Dealer
provides.
The Dealer acknowledges in relation to the Global Debt Program and the issue
of the Notes that the Prospectus has not been, and will not be, and no other
prospectus or other disclosure document (as defined in the Corporations Act)
in relation to the Global Debt Program or any Notes has been or will be,
lodged with the Australian Securities and Investments Commission or any other
Australian governmental agency.
(d) Japan: The Dealer represents that it is purchasing the Notes as principal and has
agreed that in connection with the initial offering of Notes, it has not
offered or sold and will not directly or indirectly offer or sell any Notes in
Japan or to, or for the benefit of, any resident of Japan (including any
Japanese corporation or any other entity organized under the laws of
Japan), or to others for re-offering or resale, directly or indirectly, in
Japan or to, or for the benefit of, any resident of Japan (except in
compliance with the Financial Instruments and Exchange Law of Japan (Law no.
25 of 1948, as amended) and all other applicable laws and regulations of
Japan), and furthermore undertakes that any securities dealer to whom it sells
any Notes will agree that it is purchasing the Notes as principal and that it
will not offer or sell any Notes, directly or indirectly, in Japan or to or
for the benefit of any resident of Japan (except as aforesaid).
(e) 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 dated February 25, 2022).
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 / Retail investors, 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 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. 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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IODUUAARUWUOUURRecent news on Deutsche Boerse AG
See all newsREG - iShares Physical - Publication of Final Terms
AnnouncementREG - iShares Physical - Publication of Final Terms
AnnouncementREG - iShares Physical - Publication of Final Terms
AnnouncementREG - iShares Physical - Publication of Final Terms
AnnouncementREG - iShares Physical - Publication of Final Terms
Announcement