REG - Inter-American Dev - Issue of Debt
15/09/2023 17:45
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RNS Number : 6627M Inter-American Development Bank 15 September 2023
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 883
USD 25,000,000 4.545 percent Notes due September 15, 2027 (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 September 12, 2023
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.: 883
2. Aggregate Principal Amount: USD 25,000,000
3. Issue Price: USD 25,000,000, which is 100.00 percent of the Aggregate Principal Amount
4. Issue Date: September 15, 2023
5. Form of Notes Registered only
(Condition 1(a)):
6. New Global Note: Not Applicable
7. Authorized Denomination(s)
(Condition 1(b)):
USD 1,000.00 and integral multiples of USD 1,000.00 in excess 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
(Conditions 1(d) and 7(h)):
USD
11. Maturity Date
(Condition 6(a); Fixed Interest Rate and Zero Coupon):
September 15, 2027
12. Interest Basis
(Condition 5):
Fixed Interest Rate (Condition 5(I))
13. Interest Commencement Date
(Condition 5(III)):
Issue Date (September 15, 2023)
14. Fixed Interest Rate (Condition 5(I)):
(a) Interest Rate: 4.545 percent per annum
(b) Fixed Rate Interest Payment Date(s):
Semi-annually in arrear on March 15 and September 15 in each year, commencing
on March 15, 2024, 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: 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 Expenses: The Dealer has agreed to pay for all material expenses related to the issuance
of the Notes.
6. Codes:
(a) Common Code: 268918507
(b) ISIN: US45818WES17
(c) CUSIP: 45818WES1
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:
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 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
An amount equal to the net proceeds of the issue of IADB EYE Bonds (which
proceeds may be converted into other currencies) shall be recorded by IADB in
a separate sub-account supporting Eligible Projects. These proceeds will be
invested in accordance with the IADB's conservative liquidity investment
guidelines until used to support the IADB's financing of Eligible Projects. So
long as EYE Bonds are outstanding and the account has a positive balance, the
Bank shall direct an amount equal to such net proceeds to its lending projects
within the fields of Education, Youth, and Employment, subject to and in
accordance with the IADB's policies. As disbursements are made for Eligible
Projects, corresponding amounts from the account are allocated to the lending
pool on a semi-annual basis.
"Eligible Projects" means all projects funded, in whole
or in part, by IADB that promote early childhood care and education, through
formal primary and secondary education, or facilitate labor market placement
by improving the transition from school to work through vocational training.
Eligible Projects may include projects in Latin America and the Caribbean that
target (a) early childhood development, effective teaching and learning among
children and youth ("Education Projects"), (b) early childhood care and
youth-at-risk programs ("Youth Projects") or (c) labor intermediation systems,
job opportunities and workforce skills ("Employment Projects").
Examples of Education Projects include, without
limitation:
· Early childhood development programs
· Primary education programs, which includes teacher training,
bilingual education, literacy, math and science education and school
infrastructure
· Secondary education programs, which includes programs directed to
improving retention and graduation, developing teaching and learning methods
and providing assistance to disadvantaged children
· Compensatory education programs
· Teacher education and effectiveness programs
· E-education programs
Examples of Youth Projects include, without limitation:
· Support for parents and caregivers to improve quality of child care
· Youth-At-Risk programs which support interventions, policy design,
and/or impact evaluations to benefit at-risk youth
Examples of Employment Projects include, without limitation:
· School-to-Work transition programs
· Vocational and technical education programs
· Human resources and workforce development programs
· Labor intermediation systems
· Vocational and Workforce training programs, directed at improving
social and labor acclimation for youth, unemployed adults and active workers
The above examples of Education Projects, Youth
Projects and Employment Projects are for illustrative purposes only and no
assurance can be provided that disbursements for projects with these specific
characteristics will be made by IADB during the term of the Notes.
INTER-AMERICAN DEVELOPMENT BANK
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