REG - Inter-American Dev - Issue of Debt
15/11/2024 08:00
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RNS Number : 3410M Inter-American Development Bank 14 November 2024
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 950
U.S.$10,000,000 Multi Callable 5.12 percent Notes due November 14, 2034 (the
"Notes")
Issue Price: 100.00 percent
No application has been made to list the Notes on any stock exchange.
BNP PARIBAS
The date of this Pricing Supplement is November 11, 2024.
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 product governance / Professional investors and ECPs target market -
See "General Information-Additional Information Regarding the Notes-Matters
relating to MiFID II" 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.: 950
2. Aggregate Principal Amount: U.S.$10,000,000
3. Issue Price: U.S.$10,000,000, which is 100.00 percent of the Aggregate Principal Amount
4. Issue Date: November 14, 2024
5. Form of Notes
(Condition 1(a)):
Registered only, as further provided in paragraph 8 of "Other Relevant Terms"
below.
6. New Global Note: No
7. Authorized Denomination(s)
(Condition 1(b)):
U.S.$10,000 and integral multiples thereof
8. Specified Currency
(Condition 1(d)):
United States Dollars (U.S.$) 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 14, 2034
12. Interest Basis
(Condition 5):
Fixed Interest Rate (Condition 5(I))
13. Interest Commencement Date
(Condition 5(III)):
Issue Date (November 14, 2024)
14. Fixed Interest Rate (Condition 5(I)):
(a) Interest Rate: 5.12 percent per annum
(b) Fixed Rate Interest Payment Date(s):
Annually in arrear on November 14 in each year, commencing on November 14,
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: London, New York
17. Issuer's Optional Redemption (Condition 6(e)):
Yes, in whole but not in part
(a) Notice Period: No less than five (5) Relevant Business Days prior to the Optional Redemption
Date
(b) Amount: 100.00 percent per Authorized Denomination
(c) Date(s): November 14 in each year, commencing on November 14, 2026, up to and including
November 14, 2033
(d) Early Redemption Amount Bank:
100.00 percent of the Aggregate Principal Amount
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 Clearstream Banking S.A.
3. Syndicated: No
4. Commissions and Concessions: No commissions or concessions are payable in respect of the Notes. The
Dealer has arranged a swap between the Bank and a third party in connection
with this transaction and may 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) ISIN: XS2935915046
(b) Common Code: 293591504
7. Identity of Dealer: BNP Paribas
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) Hong Kong: The Dealer has not offered or sold and will not offer or sell in Hong Kong, by
means of any document, any Notes other than (i) to "professional investors" as
defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and
any rules made under that Ordinance; or (ii) in other circumstances which do
not result in the document being a "prospectus" as defined in the Companies
(Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or
which do not constitute an offer to the public within the meaning of that
Ordinance; and
The Dealer has not issued or had in its possession for the purposes of issue,
and will
not issue or have in its possession for the purposes of issue, whether in Hong
Kong or elsewhere, any advertisement, invitation or document relating to the
Notes, which is directed at, or the contents of which are likely to be
accessed or read by, the public of Hong Kong (except if permitted to do so
under the securities laws of Hong Kong) other than with respect to the Notes
which are or are intended to be disposed of only to persons outside Hong Kong
or only to "professional investors" as defined in the Securities and Futures
Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance.
(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) 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).
(f) 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. Matters relating to MiFID II
The Bank does not fall under the scope of application of the MiFID II
regime. Consequently, the Bank does not qualify as an "investment firm",
"manufacturer" or "distributor" for the purposes of MiFID II.
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.
INTER-AMERICAN DEVELOPMENT BANK
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