TIDM42BI

RNS Number : 0733S

Inter-American Development Bank

06 March 2023

PRICING SUPPLEMENT

Inter-American Development Bank

Global Debt Program

Series No: 865

GBP 400,000,000 4.000 percent Notes due December 17, 2029 (the "Notes")

Issue Price: 99.176 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

Barclays

Deutsche Bank

HSBC

The date of this Pricing Supplement is March 2, 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 and UK MiFIR product governance / Retail investors, professional investors and ECPs target market - See "General Information-Additional Information Regarding the Notes-Matters relating to MiFID II and UK MiFIR" 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), these are the only terms that form part of the form of Notes for such issue.

 
       1.                             Series No.:   865 
       2.             Aggregate Principal Amount:   GBP 400,000,000 
       3.                            Issue Price:   GBP 396,704,000, which is 99.176 
                                                     percent of the Aggregate Principal 
                                                     Amount. 
       4.                             Issue Date:   March 6, 2023 
       5.                           Form of Notes 
                                (Condition 1(a)):    Registered only, as further 
                                                     provided in paragraph 8(c) 
                                                     of "Other Relevant Terms" below. 
       6.                        New Global Note:   No 
       7.              Authorized Denomination(s) 
                                (Condition 1(b)):    GBP 1,000 and integral multiples 
                                                      thereof 
       8.                      Specified Currency 
                                (Condition 1(d)):    Pound sterling ("GBP") being 
                                                     the lawful currency of the 
                                                     United Kingdom of Great Britain 
                                                     and Northern Ireland 
       9.             Specified Principal Payment 
                                         Currency    GBP 
                      (Conditions 1(d) and 7(h)): 
      10.              Specified Interest Payment 
                                         Currency    GBP 
                      (Conditions 1(d) and 7(h)): 
      11.                           Maturity Date 
                  (Condition 6(a); Fixed Interest    December 17, 2029 
                                           Rate): 
      12.                          Interest Basis 
                                   (Condition 5):    Fixed Interest Rate (Condition 
                                                     5(I)) 
      13.              Interest Commencement Date 
                              (Condition 5(III)):    Issue Date (March 6, 2023) 
      14.          Fixed Interest Rate (Condition 
                                           5(I)): 
                               (a) Interest Rate:    4.000 percent per annum 
                  (b) Fixed Rate Interest Payment    Annually in arrear on December 
                                         Date(s):     17 in each year, commencing 
                                                      with a short first coupon on 
                                                      December 17, 2023, up to and 
                                                      including the Maturity Date. 
                                                      Each 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) Initial Broken Amount:   GBP 31.34 per GBP 1,000 principal 
                                                     amount 
            (e) Fixed Rate Day Count Fraction(s): 
                                                      Actual/Actual (ICMA) 
      15.              Relevant Financial Center:   London and New York 
      16.                 Relevant Business Days:   London and New York 
      17.            Issuer's Optional Redemption 
                                (Condition 6(e)):    No 
      18.             Redemption at the Option of 
                       the Noteholders (Condition    No 
                                           6(f)): 
      19.                          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 with 
                                                     effect from the Issue Date. 
 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:   Yes 
 4.                                If Syndicated: 
                                   (a) Liability:   Several and not joint 
                                    (b) Managers:   Barclays Bank PLC 
                                                     Deutsche Bank AG, London Branch 
                                                     HSBC Bank plc 
 5.                  Commissions and Concessions:   0.02% of the Aggregate Principal 
                                                     Amount 
 6.                     Estimated Total Expenses:   The Managers have 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. 
 7.                                        Codes: 
                                 (a) Common Code:   259403499 
            (b) ISIN:                               XS2594034998 
 8.         Provisions 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 July 
                                                     28, 2020, among the Bank, Citibank, 
                                                     N.A., as Global Agent, and 
                                                     the other parties thereto. 
 9.         Intended to be held in a manner 
             which would allow Eurosystem             Not Applicable 
             eligibility: 
 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:                     Each of the Managers 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) Canada:                             Each of the Managers represents, 
                                                     warrants and agrees that it 
                                                     has not offered, sold or distributed 
                                                     and will not offer, sell or 
                                                     distribute any Notes, directly 
                                                     or indirectly, in Canada or 
                                                     to or for the benefit of any 
                                                     resident of Canada, other than 
                                                     in compliance with applicable 
                                                     securities laws and, without 
                                                     limiting the generality of 
                                                     the foregoing: (a) any offer, 
                                                     sale or distribution of the 
                                                     Notes in Canada has and will 
                                                     be made only to purchasers 
                                                     that are (i) "accredited investors" 
                                                     (as such term is defined in 
                                                     section 1.1 of National Instrument 
                                                     45-106 Prospectus Exemptions 
                                                     ("NI 45-106") or, in Ontario, 
                                                     as such term is defined in 
                                                     section 73.3(1) of the Securities 
                                                     Act (Ontario)) and "permitted 
                                                     clients" (as such term is defined 
                                                     in section 1.1 of National 
                                                     Instrument 31-103 Registration 
                                                     Requirements, Exemptions and 
                                                     Ongoing Registrant Obligations), 
                                                     (ii) purchasing as principal, 
                                                     or are deemed to be purchasing 
                                                     as principal in accordance 
                                                     with applicable Canadian securities 
                                                     laws, and (iii) not a person 
                                                     created or used solely to purchase 
                                                     or hold the Notes as an "accredited 
                                                     investor" as described in paragraph 
                                                     (m) of the definition of "accredited 
                                                     investor" in section 1.1 of 
                                                     NI 45-106; (b) it is either 
                                                     (i) appropriately registered 
                                                     under applicable Canadian securities 
                                                     laws in each relevant province 
                                                     or territory to sell and deliver 
                                                     the Notes, (ii) such sale and 
                                                     delivery will be made through 
                                                     an affiliate of it that is 
                                                     so registered if the affiliate 
                                                     is registered in a category 
                                                     that permits such sale and 
                                                     has agreed to make such sale 
                                                     and delivery in compliance 
                                                     with the representations, warranties 
                                                     and agreements set out herein, 
                                                     or (iii) it is relying on an 
                                                     exemption from the dealer registration 
                                                     requirements under applicable 
                                                     Canadian securities laws and 
                                                     has complied with the requirements 
                                                     of that exemption and (c) it 
                                                     has not and will not distribute 
                                                     or deliver the Prospectus, 
                                                     or any other offering material 
                                                     in connection with any offering 
                                                     of the Notes, in or to a resident 
                                                     of Canada other than in compliance 
                                                     with applicable Canadian securities 
                                                     laws. 
            (e) 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, each of the Managers 
                                                     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.         Use of Proceeds 

The net proceeds from the sale of the Notes will be included in the ordinary capital resources of the Bank and, will not be committed or earmarked for lending to, or financing of, any specific loans, projects or programs. The Bank, in partnership with its member countries, works to reduce poverty and inequalities in Latin America and the Caribbean by promoting economic and social development in a sustainable, climate friendly way.

The Bank's strategic priorities include social inclusion and equality, productivity and innovation and economic integration along with three cross-cutting issues: gender equality and diversity, climate change and environmental sustainability, and institutional capacity and the rule of law. Each strategic priority of the Bank aligns to at least one of the United Nations Sustainable Development Goals ("SDGs"), with all goals covered within the Bank's institutional strategy, which may be adapted from time to time should the United Nations SDGs definition evolve.

All projects undertaken by the Bank go through the Bank's rigorous sustainability framework. The framework tracks measurable results, adherence to lending targets and the effectiveness of its environmental and social safeguards. The Bank's administrative and operating expenses are currently covered entirely by the Bank's various sources of revenue, consisting primarily of net interest margin and investment income (as more fully described in the Bank's Information Statement).

   2.         Matters relating to MiFID II and UK MiFIR 

The Bank does not fall under the scope of application of either the MiFID II or the UK MiFIR regime. Consequently, the Bank does not qualify as an "investment firm", "manufacturer" or "distributor" for the purposes of MiFID II or UK MiFIR.

MiFID II product governance / Retail investors, 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, 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 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 Deutsche Bank AG, London Branch, and the expression "MiFID II" means Directive 2014/65/EU, as amended.

UK MiFIR product governance / Retail investors, professional investors and ECPs target market - Solely for the purposes of each UK 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 retail clients, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK domestic law by virtue of the EUWA, eligible counterparties, as defined in COBS, and professional clients, as defined in UK MiFIR; 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 UK manufacturers' target market assessment; however, a distributor subject to the UK MiFIR Product Governance Rules is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the UK manufacturers' target market assessment) and determining appropriate distribution channels.

For the purposes of this provision, (i) the expression "UK manufacturers" means Barclays Bank PLC, Deutsche Bank AG, London Branch and HSBC Bank plc, (ii) the expression "COBS" means the FCA Handbook Conduct of Business Sourcebook, (iii) the expression "UK MiFIR" means Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA, and (iv) the expression "UK MiFIR Product Governance Rules" means the FCA Handbook Product Intervention and Product Governance Sourcebook.

INTER-AMERICAN DEVELOPMENT BANK

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March 07, 2023 02:00 ET (07:00 GMT)

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