TIDM42BI
RNS Number : 5396L
Inter-American Development Bank
19 April 2018
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No.: 500
Tranche No.: 13
U.S.$100,000,000 Floating Rate Notes due January 15, 2022 (the
"Notes") as from April 10, 2018 to be consolidated and form a
single series with the Bank's U.S.$250,000,000 Floating Rate Notes
due January 15, 2022, issued on January 26, 2015 (the "Series 500
Tranche 1 Notes"), the Bank's U.S.$100,000,000 Floating Rate Notes
due January 15, 2022, issued on March 4, 2015 (the "Series 500
Tranche 2 Notes"), the Bank's U.S.$150,000,000 Floating Rate Notes
due January 15, 2022, issued on January 31, 2017 (the "Series 500
Tranche 3 Notes"), the Bank's U.S.$100,000,000 Floating Rate Notes
due January 15, 2022, issued on February 24, 2017 (the "Series 500
Tranche 4 Notes"), the Bank's U.S.$100,000,000 Floating Rate Notes
due January 15, 2022, issued on March 13, 2017 (the "Series 500
Tranche 5 Notes"), the Bank's U.S.$150,000,000 Floating Rate Notes
due January 15, 2022, issued on March 17, 2017 (the "Series 500
Tranche 6 Notes"), the Bank's U.S.$150,000,000 Floating Rate Notes
due January 15, 2022, issued on March 23, 2017 (the "Series 500
Tranche 7 Notes"), the Bank's U.S.$100,000,000 Floating Rate Notes
due January 15, 2022, issued on April 27, 2017 (the "Series 500
Tranche 8 Notes"), the Bank's U.S.$100,000,000 Floating Rate Notes
due January 15, 2022, issued on November 28, 2017 (the "Series 500
Tranche 9 Notes"), the Bank's U.S.$150,000,000 Floating Rate Notes
due January 15, 2022, issued on February 15, 2018 (the "Series 500
Tranche 10 Notes"), the Bank's U.S.$100,000,000 Floating Rate Notes
due January 15, 2022, issued on February 23, 2018 (the "Series 500
Tranche 11 Notes") and the Bank's U.S.$200,000,000 Floating Rate
Notes due January 15, 2022, issued on March 22, 2018 (the "Series
500 Tranche 12 Notes")
Issue Price: 99.991 percent plus 84 days' accrued interest
No application has been made to list the Notes on any stock
exchange.
Nomura International plc
The date of this Pricing Supplement is April 5, 2018.
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 January 8, 2001 (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 or a base prospectus for the purposes of Directive
2003/71/EC of the European Parliament and of the Council). 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. These are the only terms which form part
of the form of Notes for such issue.
1. Series No.: 500
Tranche No.: 13
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 500
Tranche 1 Notes, the Series 500
Tranche 2 Notes, the Series 500
Tranche 3 Notes, the Series 500
Tranche 4 Notes, the Series 500
Tranche 5 Notes, the Series 500
Tranche 6 Notes, the Series 500
Tranche 7 Notes, the Series 500
Tranche 8 Notes, the Series 500
Tranche 9 Notes, the Series 500
Tranche 10 Notes, the Series 500
Tranche 11 Notes and the Series
500 Tranche 12 Notes.
3. Issue Price: U.S.$100,393,000, which amount represents
the sum of (a) 99.991 percent of
the Aggregate Principal Amount plus
(b) the amount of U.S.$402,000 representing
84 days' accrued interest, inclusive.
4. Issue Date: April 10, 2018
5. Form of Notes
(Condition 1(a)): Registered only, as further provided
in paragraph 9 of "Other Relevant
Terms" below
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): January 15, 2022
11. Interest Basis
(Condition 5): Variable Interest Rate (Condition
5(II))
12. Interest Commencement Date
(Condition 5(III)): January 16, 2018
13. Variable Interest Rate
(Condition 5(II)):
(a) Calculation Amount
(if different than Principal Not Applicable
Amount of the Note):
(b) Business Day Convention: Following Business Day Convention
(c) Specified Interest Not Applicable
Period:
(d) Interest Payment Date: Quarterly in arrear on January 15,
April 15, July 15 and October 15
in each year, commencing on April
15, 2018, up to and including the
Maturity Date.
Each Interest Payment Date is subject
to adjustment in accordance with
the Following Business Day Convention.
(e) Reference Rate: 3-Month USD-LIBOR-BBA.
"3-Month USD-LIBOR-BBA" means the
rate for deposits in USD for a period
of 3 months which appears on Reuters
Screen LIBOR01 (or such other page
that may replace that page on that
service or a successor service)
as of the Relevant Time on the Interest
Determination Date;
"Relevant Time" means 11:00 a.m.,
London time;
"Interest Determination Date" means
the second London Banking Day prior
to the first day of the relevant
Interest Period; and
"London Banking Day" means a day
on which commercial banks are open
for general business, including
dealings in foreign exchange and
foreign currency deposits, in London.
If such rate does not appear on
Reuters Screen LIBOR01 (or such
other page that may replace that
page on that service or a successor
service) at the Relevant Time on
the Interest Determination Date,
then the rate for 3-Month USD-LIBOR-BBA
shall be determined on the basis
of the rates at which deposits in
USD are offered at the Relevant
Time on the Interest Determination
Date by five major banks in the
London interbank market (the "Reference
Banks") as selected by the Calculation
Agent, to prime banks in the London
interbank market for a period of
3 months commencing on the first
day of the relevant Interest Period
and in an amount that is representative
for a single transaction in the
London interbank market at the Relevant
Time. The Calculation Agent will
request the principal London office
of each of the Reference Banks to
provide a quotation of its rate.
If at least two such quotations
are provided, the rate for 3-Month
USD-LIBOR-BBA shall be the arithmetic
mean of such quotations. If fewer
than two quotations are provided
as requested, the rate for 3-Month
USD-LIBOR-BBA shall be the arithmetic
mean of the rates quoted by major
banks in New York City, selected
by the Calculation Agent, at approximately
11:00 a.m., New York City time,
on the first day of the relevant
Interest Period for loans in USD
to leading European banks for a
period of 3 months commencing on
the first day of the relevant Interest
Period and in an amount that is
representative for a single transaction
in the London interbank market at
such time.
If no quotation is available or
if the Calculation Agent determines
in its sole discretion that there
is no suitable bank that is prepared
to provide the quotes, the Calculation
Agent will determine the rate for
3-Month USD-LIBOR-BBA for the Interest
Determination Date in question in
a manner that it deems commercially
reasonable by reference to such
additional resources as it deems
appropriate.
(f) Primary Source for
Interest Rate Quotations
for Reference Rate: Reuters
(g) Calculation Agent: See "8. Identity of Calculation
Agent"
under "Other Relevant Terms"
14. Other Variable Interest
Rate Terms (Conditions
5(II) and (III)):
(a) Spread: Not applicable
(b) Variable Rate Day Count
Fraction if not actual/360: Act/360, adjusted
(c) Relevant Banking Center: London and New York
15. Relevant Financial Center: London and New York
16. Relevant Business Day(s): 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
20. 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 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) General: No action has been or will be taken
by the Bank 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.
Other Relevant Terms
1. Listing: None
2. Details of Clearance System
Approved by the Bank and
the Global Agent and Clearance
and Settlement Procedures: The Depository Trust Company (DTC);
Euroclear Bank SA/NV; Clearstream
Banking, société anonyme
3. Syndicated: No
4. Commissions and Concessions: No commissions or concessions are
payable in respect of the Notes.
5. Estimated Total Expenses: None. The Dealer has agreed to pay
for all expenses related to the
issuance of the Notes.
6. Codes:
(a) CUSIP: 45818WBA3
(b) Common Code: 117380670
(c) ISIN: US45818WBA36
7. Identity of Dealer: Nomura International plc
8. Identity of Calculation The Global Agent, Citibank, N.A.,
Agent: London branch, will act as the Calculation
Agent.
All determinations of the Calculation
Agent shall (in the absence of manifest
error) be final and binding on all
parties (including, but not limited
to, the Bank and the Noteholders)
and shall be made in its sole discretion
in good faith and in a commercially
reasonable manner in accordance
with a calculation agent agreement
between the Bank and the Calculation
Agent.
9. Provision for Registered
Notes:
(a) Individual Definitive
Registered Notes Available
on Issue Date: No
(b) DTC Global Note(s): Yes, issued in accordance with the
Global Agency Agreement, dated January
8, 2001, as amended, among the Bank,
Citibank, N.A. as Global Agent,
and the other parties thereto.
(c) Other Registered Global No
Notes:
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 MiFID II
means Directive 2014/65/EU, as amended.
2. 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.
Due to a change in law since the date of the Prospectus, the
second paragraph of "-Payments of Interest" under the "United
States Holders" section should be updated to read as follows:
"Interest paid by the Bank on the Notes constitutes income from
sources outside the United States and will generally be "passive"
income for purposes of computing the foreign tax credit."
The Notes should be treated as variable rate debt instruments
that are issued with a de minimis amount of discount. A United
States holder will generally be taxed on interest on the Notes as
ordinary income at the time such holder receives the interest or
when it accrues, depending on the holder's method of accounting for
tax purposes. However, the portion of the first interest payment on
the Notes that represents a return of the 84 days of accrued
interest that a United States holder paid as part of the Issue
Price of the Notes will not be treated as an interest payment for
United States federal income tax purposes, and will accordingly not
be includible in income. Upon the sale, exchange, repurchase or
maturity of the Notes, a United States holder should generally
recognize gain or loss equal to the difference between the amount
realized by such holder, excluding any amounts attributable to
accrued but unpaid interest (which will be treated as interest
payments), and such holder's tax basis in the Notes. Such gain or
loss generally should be capital gain or loss and should be treated
as long-term capital gain or loss to the extent the United States
holder has held the Notes for more than one year. Long-term capital
gain of individual taxpayers may be eligible for reduced rates of
taxation. The deductibility of capital loss is subject to
significant limitations.
The Notes will be issued with a de minimis amount of discount.
While a United States holder is generally not required to include
such discount in income prior to the sale or maturity of the Notes,
under recently enacted legislation, United States holders that
maintain certain types of financial statements and that are subject
to the accrual method of tax accounting may be required to include
the discount on the Notes in income no later than the time upon
which they include such amounts in income on their financial
statements. United States holders that maintain financial
statements should consult their tax advisors regarding the tax
consequences to them of this legislation.
Information with Respect to Foreign Financial Assets. Owners of
"specified foreign financial assets" with an aggregate value in
excess of U.S.$50,000 (and in some circumstances, a higher
threshold) may be required to file an information report with
respect to such assets with their tax returns. "Specified foreign
financial assets" may include financial accounts maintained by
foreign financial institutions, as well as the following, but only
if they are held for investment and not held in accounts maintained
by financial institutions: (i) stocks and securities issued by
non-United States persons, (ii) financial instruments and contracts
that have non-United States issuers or counterparties, and (iii)
interests in foreign entities. Holders are urged to consult their
tax advisors regarding the application of this reporting
requirement to their ownership of the Notes.
Medicare Tax. A United States holder that is an individual or
estate, or a trust that does not fall into a special class of
trusts that is exempt from such tax, is subject to a 3.8% tax (the
"Medicare tax") on the lesser of (1) the United States holder's
"net investment income" (or "undistributed net investment income"
in the case of an estate or trust) for the relevant taxable year
and (2) the excess of the United States holder's modified adjusted
gross income for the taxable year over a certain threshold (which
in the case of individuals is between U.S.$125,000 and
U.S.$250,000, depending on the individual's circumstances). A
holder's net investment income will generally include its interest
income and its net gains from the disposition of Notes, unless such
interest income or net gains are derived in the ordinary course of
the conduct of a trade or business (other than a trade or business
that consists of certain passive or trading activities). United
States holders that are individuals, estates or trusts are urged to
consult their tax advisors regarding the applicability of the
Medicare tax to their income and gains in respect of their
investment in the Notes.
INTER-AMERICAN DEVELOPMENT BANK
By:
Name: Gustavo Alberto De Rosa
Title: Chief Financial Officer and
General Manager, Finance Department
This information is provided by RNS
The company news service from the London Stock Exchange
END
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