REG - Inter-American Dev - Issue of Debt
30/01/2026 08:15
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RNS Number : 0105R Inter-American Development Bank 29 January 2026
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 1021
HKD 350,000,000 2.64 percent Notes due January 29, 2028 (the "Notes")
Issue Price: 100.000 percent
No application has been made to list the Notes on any stock exchange.
J.P. Morgan
The date of this Pricing Supplement is January 26, 2026
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.: 1021
2. Aggregate Principal Amount: HKD 350,000,000
3. Issue Price: HKD 350,000,000.00, which is 100.000 percent of the Aggregate Principal Amount
4. Issue Date: January 29, 2026
5. Form of Notes
(Condition 1(a)):
Bearer only.
The Notes will initially be represented by a temporary global note in bearer
form (the "Temporary Bearer Global Note"). Interests in the Temporary Bearer
Global Note will, not earlier than the Exchange Date, be exchangeable for
interests in a permanent global note in bearer form (the "Permanent Bearer
Global Note"). Interests in the Permanent Bearer Global Note will be
exchangeable for definitive Notes in bearer form ("Definitive Bearer Notes"),
in the following circumstances: (i) if the Permanent Bearer Global Note is
held on behalf of a clearing system and such clearing system is closed for
business for a continuous period of fourteen (14) days (other than by reason
of holidays, statutory or otherwise) or announces its intention to permanently
cease business or does in fact do so, by any such holder giving written notice
to the Global Agent; and (ii) at the option of any such holder upon not less
than sixty (60) days' written notice to the Bank and the Global Agent from
Euroclear and Clearstream, Luxembourg on behalf of such holder; provided, that
no such exchanges will be made by the Global Agent, and no Noteholder may
require such an exchange, during a period of fifteen (15) days ending on the
due date for any payment of principal on the Notes.
6. New Global Note: No
7. Authorized Denomination(s)
(Condition 1(b)):
HKD 1,000,000.00
8. Specified Currency
(Condition 1(d)):
Hong Kong Dollar ("HKD")
9. Specified Principal Payment Currency
(Conditions 1(d) and 7(h)):
HKD
10. Specified Interest Payment Currency
(Conditions 1(d) and 7(h)):
HKD
11. Maturity Date
(Condition 6(a); Fixed Interest Rate and Zero Coupon):
January 29, 2028
The Maturity Date is subject to adjustment in accordance with the Business Day
Convention.
12. Interest Basis
(Condition 5):
Fixed Interest Rate (Condition 5(I))
13. Interest Commencement Date
(Condition 5(III)):
Issue Date (January 29, 2026)
14. Fixed Interest Rate (Condition 5(I)):
(a) Interest Rate: 2.64 percent per annum
(b) Fixed Rate Interest Payment Date(s):
Annually in arrear on January 29 in each year, commencing on January 29, 2027
and ending on the Maturity Date.
Each Fixed Rate Interest Payment Date is subject to adjustment in accordance
with the Business Day Convention.
(c) Business Day Convention: Modified Following Business Day Convention
(d) Fixed Rate Day Count Fraction(s):
Actual/365 (Fixed)
15. Relevant Financial Center: Hong Kong, New York and London
16. Relevant Business Days: Hong Kong, New York and London
17. Issuer's Optional Redemption (Condition 6(e)):
No
18. Redemption at the Option of the Noteholders (Condition 6(f)):
No
19. Early Redemption Amount (including accrued interest, if applicable) (Condition
9):
In the event the Notes become due and payable as provided in Condition 9
(Default), the Early Redemption Amount with respect to each Authorized
Denomination will be HKD 1,000,000.00 plus accrued and unpaid interest, if
any, as determined in accordance with "14. Fixed Interest Rate (Condition
5(I))".
20. 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. 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: 327778960
(b) ISIN: XS3277789601
7. Identity of Dealer: J.P. Morgan Securities plc
8. Provisions for Bearer Notes:
(a) Exchange Date: Not earlier than March 10, 2026, which is the date that is 40 (forty) days
after the Issue Date.
(b) Permanent Global Note: Yes
(c) Definitive Bearer Notes: No, except in the limited circumstances described under "Form of Notes" herein
and in the Prospectus
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.
Notes in bearer form are subject to U.S. tax law requirements and may not be
offered, sold or delivered within the United States or its possessions or to
U.S. persons, except in certain circumstances permitted by U.S. tax
regulations.
(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:
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).
(f) 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. United States Federal Income Tax Matters
The Notes will not be treated as issued in registered
form for United States federal income tax purposes; therefore, the "Tax
Matters" section in the Prospectus does not apply to the Notes. A United
States holder that acquires Notes could be subject to adverse tax consequences
with respect to its ownership of the Notes and should accordingly consult its
tax advisor prior to acquiring Notes.
INTER-AMERICAN DEVELOPMENT BANK
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