Inter-American Dev - Issue of Debt

Flint

30/11/2020 07:00

RNS Number : 8422G

Inter-American Development Bank

30 November 2020

 

 

 

PRICING SUPPLEMENT

Inter-American Development Bank

Global Debt Program

Series No.: 764

Tranche No.: 2

 

U.S.$100,000,000 0.625 percent Notes due September 16, 2027 (the "Notes") as from November 25, 2020 to be consolidated and form a single series with the Bank's

U.S.$1,500,000,000 0.625 percent Notes due September 16, 2027, issued on September 16, 2020 (the "Series 764 Tranche 1 Notes")

 

Issue Price:  99.338 percent plus 69 days' accrued interest

 

 

Application has been made for the Notes to be admitted to the

Official List of the United Kingdom Financial Conduct Authority and

to trading on the London Stock Exchange plc's

Regulated Market

 

 

Goldman Sachs International

 

 

 

 

 

 

The date of this Pricing Supplement is November 23, 2020.

 

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 Financial Services and Markets Act 2000, as amended, or a base prospectus for the purposes of Regulation (EU) 2017/1129).  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 / Retail investors, 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.:
764
Tranche No.:
2
2.
Aggregate Principal Amount:
U.S.$100,000,000
As from the Issue Date, the Notes will be consolidated and form a single series with the Series 764 Tranche 1 Notes.
3.
Issue Price:
U.S.$99,457,791.67 which amount represents the sum of (a) 99.338 percent of the Aggregate Principal Amount plus (b) the amount of U.S.$119,791.67 representing 69 days' accrued interest, inclusive.
4.
Issue Date:
November 25, 2020
5.
Form of Notes
 (Condition 1(a)):
Book-entry only (not exchangeable for Definitive Fed Registered Notes, Conditions 1(a) and 2(b) notwithstanding)
6.
Authorized Denomination(s)
 (Condition 1(b)):
U.S.$1,000 and integral multiples thereof
7.
Specified Currency
 (Condition 1(d)):
United States Dollars (U.S.$) being the lawful currency of the United States of America
8.
Specified Principal Payment Currency
 (Conditions 1(d) and 7(h)):
U.S.$
9.
Specified Interest Payment Currency
 (Conditions 1(d) and 7(h)):
U.S.$
10.
Maturity Date
 (Condition 6(a); Fixed Interest Rate and Zero Coupon):
September 16, 2027
11.
Interest Basis
 (Condition 5):
Fixed Interest Rate (Condition 5(I))
12.
Interest Commencement Date
 (Condition 5(III)):
September 16, 2020
13.
Fixed Interest Rate (Condition 5(I)):
(a) Interest Rate:


0.625 percent per annum
(b) Fixed Rate Interest Payment Date(s):
Semi-annually in arrear on March 16 and September 16 in each year, commencing on March 16, 2021.
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
15.
Relevant Business Day:
New York
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:
Application has been made for the Notes to be admitted to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange plc's Regulated Market
2.
Details of Clearance System Approved by the Bank and the
 Global Agent and Clearance and
 Settlement Procedures:
Federal Reserve Bank of New York; Euroclear Bank SA/NV; Clearstream Banking S.A.
3.
Syndicated:
No
4.
Commissions and Concessions:
0.007 percent of the Aggregate Principal Amount
5.
Estimated Total Expenses:
None. The Dealer has agreed to pay for certain expenses related to the issuance of the Notes.
6.
Codes:
(a) Common Code:
223118208
(b) ISIN:
US4581X0DQ82
(c) CUSIP:
4581X0DQ8
7.
Identity of Dealer:
Goldman Sachs International
8.
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 it has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 with respect to anything done by it in relation to such Notes in, from or otherwise involving the United Kingdom.
(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 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 / Retail investors, professional investors and ECPs target market - Solely for the purposes of the 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, professional clients and retail 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 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 manufacturer's target market assessment) and determining appropriate distribution channels.

For the purposes of this provision, the expression "manufacturer" means the Dealer.

For the purposes of this provision, the expression MiFID II means Directive 2014/65/EU, as amended.

INTER-AMERICAN DEVELOPMENT BANK

 

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