TIDM42BI

RNS Number : 7540R

Inter-American Development Bank

03 March 2023

PRICING SUPPLEMENT

Inter-American Development Bank

Global Debt Program

Series No: 862

U.S.$50,000,000 Multi Callable 5.080 percent Notes due March 2, 2028 (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 February 27, 2023.

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.:                           862 
 2.    Aggregate Principal Amount:           U.S.$50,000,000 
 3.    Issue Price:                          U.S.$50,000,000, which is 100.00 
                                              percent of the Aggregate Principal 
                                              Amount 
 4.    Issue Date:                           March 2, 2023 
 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)):                    U.S.$1,000,000 
 8.    Specified Currency 
        (Condition 1(d)):                      United States Dollars (U.S.$) 
                                               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                               U.S.$ 
        (Conditions 1(d) and 7(h)): 
 11.   Maturity Date 
        (Condition 6(a); Fixed 
        Interest Rate and Zero Coupon):        March 2, 2028 
 12.   Interest Basis 
        (Condition 5):                         Fixed Interest Rate (Condition 
                                               5(I)) 
 13.   Interest Commencement Date 
        (Condition 5(III)):                    Issue Date (March 2, 2023) 
 14.   Fixed Interest Rate (Condition 
        5(I)): 
              (a) Interest Rate:             5.080 percent per annum 
              (b) Fixed Rate Interest         Annually in arrear on March 2 
               Payment Date(s):                in each year, commencing on March 
                                               2, 2024, 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 ten (10) Relevant 
                                              Business Days prior to the Optional 
                                              Redemption Date 
              (b) Amount:                    100.00 percent per Authorized 
                                              Denomination 
              (c) Date(s):                   March 2 in each year, commencing 
                                              on March 2, 2025, up to and including 
                                              March 2, 2027 
              (d) Early Redemption Amount    100.00 percent of the Aggregate 
               Bank:                          Principal Amount 
 18.   Redemption at the Option 
        of the Noteholders (Condition          No 
        6(f)): 
 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             Euroclear Bank SA/NV and Clearstream 
        and                                    Banking S.A. 
        Settlement Procedures: 
 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) ISIN:                             XS2591126219 
              (b) Common Code:                      259112621 
 7.    Identity of Dealer:                   BNP Paribas 
 8.    Provision for Registered 
        Notes: 
       (a) Individual Definitive 
        Registered Notes Available            No 
        on Issue Date: 
       (b) DTC Global Note(s):               No 
       (c) Other Registered Global           Yes, issued in accordance with 
        Notes:                                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) 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 / 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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