TIDM42BI

RNS Number : 9270J

Inter-American Development Bank

16 December 2022

PRICING SUPPLEMENT

Inter-American Development Bank

Global Debt Program

Series No: 853

USD 50 ,000,000 Multi Callable Zero Coupon Notes due December 15, 2037 (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 December 12, 2022

The Series 853 Notes have been issued with original issue discount for United States tax purposes; therefore, the Notes are not intended to be sold or resold to persons subject to U.S. tax laws.

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.:                                          853 
 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:                                          December 15, 2022 
 5.               Form of Notes                                         Registered only, as further provided 
                   (Condition 1(a)):                                     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 
                   (Condition 6(a); Fixed 
                   Interest Rate and Zero Coupon):                       December 15, 2037 
 
                                                                         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:                              4.620 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 
                                                                         98,444,337.29, being 196.889 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):                                    December 15 in each year, commencing 
                                                                        on December 15, 2028, up to and 
                                                                        including December 15, 2036. 
                       (d) Early Redemption Amount 
                        Bank:                                            December 15,       USD 65,562,921.63 
                                                                         2028               which is 131.12584327 
                                                                                            percent of the 
                                                                                            Aggregate Principal 
                                                                                            Amount 
                                                                       December 15,       USD 68,591,928.61 
                                                                        2029               which is 137.18385723 
                                                                                           percent of the 
                                                                                           Aggregate Principal 
                                                                                           Amount 
                                                                       December 15,       USD 71,760,875.72 
                                                                        2030               which is 143.52175143 
                                                                                           percent of the 
                                                                                           Aggregate Principal 
                                                                                           Amount 
                                                                       December 15,       USD 75,076,228.17 
                                                                        2031               which is 150.15245635 
                                                                                           percent of the 
                                                                                           Aggregate Principal 
                                                                                           Amount 
                                                                       December 15,       USD 78,544,749.91 
                                                                        2032               which is 157.08949983 
                                                                                           percent of the 
                                                                                           Aggregate Principal 
                                                                                           Amount 
                                                                       December 15,       USD 82,173,517.36 
                                                                        2033               which is 164.34703472 
                                                                                           percent of the 
                                                                                           Aggregate Principal 
                                                                                           Amount 
                                                                       December 15,       USD 85,969,933.86 
                                                                        2034               which is 171.93986773 
                                                                                           percent of the 
                                                                                           Aggregate Principal 
                                                                                           Amount 
                                                                       December 15,       USD 89,941,744.81 
                                                                        2035               which is 179.88348961 
                                                                                           percent of the 
                                                                                           Aggregate Principal 
                                                                                           Amount 
                                                                       December 15,       USD 94,097,053.42 
                                                                        2036               which is 188.19410683 
                                                                                           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 Clearstream 
                   and                                                   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:                                            XS2564353063 
                  (b) CUSIP:                                           ZN7165857 
                  (c) Common Code:                                     25643506 
 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. 
 
                                                                         The Issuer and the Dealer have 
                                                                         agreed that the Series 853 Notes 
                                                                         will not be offered, sold or distributed 
                                                                         by the Dealer, directly or indirectly, 
                                                                         in the United States of America, 
                                                                         its territories or possessions, 
                                                                         or to, or for the account or benefit 
                                                                         of, persons subject to U.S. tax 
                                                                         laws in respect of the interest 
                                                                         income on the Notes. 
                  (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.

INTER-AMERICAN DEVELOPMENT BANK

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December 16, 2022 02:00 ET (07:00 GMT)

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