TIDM42BI
RNS Number : 8482H
Inter-American Development Bank
29 November 2022
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 850
USD 50 ,000,000 Multi Callable Zero Coupon Notes due November
28, 2032 (the "Notes")
Issue Price: 100.00 percent
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
UK Regulated Market
J.P. Morgan Securities plc
The date of this Pricing Supplement is November 22, 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 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.: 850
2. Aggregate Principal Amount: USD 50,000,000
3. Issue Price: USD 50,000,000, which is 100.00
percent of the Aggregate Principal
Amount
4. Issue Date: November 28, 2022
5. Form of Notes Registered only, as further
(Condition 1(a)): provided in paragraph 8 of "Other
Relevant Terms" below.
6. New Global Note: No
7. Authorized Denomination(s)
(Condition 1(b)): USD 1,000,000 and integral multiples
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 USD
(Conditions 1(d) and 7(h)):
11. Maturity Date November 28, 2032
(Condition 6(a); Fixed
Interest Rate and Zero Coupon): The Maturity Date is subject
to the Business Day Convention,
but with no adjustment to the
amount of interest otherwise
calculated.
12. Interest Basis Zero Coupon (Condition 5(IV))
(Condition 5):
The Notes constitute "Par Zero
Coupon Notes" under the Conditions.
13. Zero Coupon (Conditions
5(IV) and 6(c)):
(a) Amortization Yield: 5.22 percent per annum
(b) Reference Price: Issue Price
(c) Basis: Compounded annually
14. Relevant Financial Center: London, New York
15. Relevant Business Days: London, New York
16. Redemption Amount (Condition
6(a)): Unless previously redeemed or
purchased and cancelled as specified
in the Terms and Conditions,
the Notes will be redeemed by
the Bank by payment of the Redemption
Amount on the Maturity Date.
The Redemption Amount will be
USD 83,167,372.09, being 166.335
percent of the Aggregate Principal
Amount, subject to Item 17 (Issuer's
Optional Redemption) below.
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 28 in each year, commencing
on November 28, 2026, up to
and including November 28, 2031.
(d) Early Redemption Amount
Bank: November 28, USD 61,286,270.57
2026 which is 122.57254113
percent of the
Aggregate Principal
Amount
November 28, USD 64,485,413.89
2027 which is 128.97082778
percent of the
Aggregate Principal
Amount
November 28, USD 67,851,552.50
2028 which is 135.70310499
percent of the
Aggregate Principal
Amount
November 28, USD 71,393,403.54
2029 which is 142.78680707
percent of the
Aggregate Principal
Amount
November 28, USD 75,120,139.20
2030 which is 150.24027840
percent of the
Aggregate Principal
Amount
November 28, USD 79,041,410.47
2031 which is 158.08282093
percent of the
Aggregate Principal
Amount
18. Redemption at the Option
of the Noteholders (Condition No
6(f)):
19. Early Redemption Amount
(including accrued interest,
if applicable) (Condition In the event of any Note becoming
9): due and payable prior to the
Maturity Date in accordance
with Condition 9 (but, for the
avoidance of doubt, not Condition
6(e)), the Early Redemption
Amount will be an amount equal
to the Amortized Face Amount
of such Note (calculated in
accordance with Condition 6(c)).
20. 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 UK Regulated Market .
2. Details of Clearance System
Approved by the Bank and
the
Global Agent and Clearance Euroclear Bank SA/NV and/or
and Clearstream Banking, Luxembourg
Settlement Procedures:
3. Syndicated: No
4. Commissions and Concessions: None. 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,
except the Issuer will pay for
the London Stock Exchange listing
fees, if applicable .
6. Codes:
(a) ISIN: XS2556925936
(b) CUSIP: U4582NLR3
(c) Common Code: 255692593
7. Identity of Dealer: 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 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) S ingapore: 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.
Recent Developments
On September 26, 2022, the Board of Governors of the
Inter-American Development Bank (IDB) resolved that Mr. Mauricio
Claver-Carone would cease to hold the office of President of the
Bank, effective on that day. In accordance with the Bank's Charter,
the Executive Vice President, Reina Irene Mejía Chacón, is serving
as President a.i. On November 20, 2022, Ilan Goldfajn was elected
president of the Bank during a Special Meeting of the Bank's Board
of Governors. Mr. Goldfajn will take office for a five-year term on
December 19, 2022.
General Information
Additional Information regarding the Notes
1. United States Federal Income Tax Matters
The following supplements the discussion under the "Tax Matters"
section of the Prospectus regarding the U.S. federal income tax
treatment of the Notes, and is subject to the limitations and
exceptions set forth therein. Any tax disclosure in the Prospectus
or this Pricing Supplement is of a general nature only, is not
exhaustive of all possible tax considerations and is not intended
to be, and should not be construed to be, legal, business or tax
advice to any particular prospective investor. Each prospective
investor should consult its own tax advisor as to the particular
tax consequences to it of the acquisition, ownership, and
disposition of the Notes, including the effects of applicable U.S.
federal, state, and local tax laws and non-U.S. tax laws and
possible changes in tax laws.
The Notes will be issued with original issue discount equal to
the excess of the Redemption Amount on the Maturity Date over their
Issue Price. United States holders of the Notes will accordingly be
subject to the rules described in the Prospectus under "Tax Matters
- United States Holders - Original Issue Discount - General".
INTER-AMERICAN DEVELOPMENT BANK
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END
IODUWURRUNUAUUA
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