TIDM42BI
RNS Number : 6552B
Inter-American Development Bank
03 February 2020
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No.: 740
U.S.$50,000,000 1.60 percent Notes due January 30, 2023 (the
"Notes")
Issue Price: 100.00 percent
No application has been made to list the Notes on any stock
exchange.
Wells Fargo Securities
The date of this Pricing Supplement is January 27, 2020.
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
Regulation (EU) 2017/1129). 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. These are the only terms which form part
of the form of Notes for such issue.
1. Series No.: 740
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: January 30, 2020
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.$10,000 and integral multiples
thereof
7. Specified Currency
(Condition 1(d)): United States Dollars (U.S.$)
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 U.S.$
(Conditions 1(d) and 7(h)):
10. Maturity Date
(Condition 6(a); Fixed January 30, 2023
Interest Rate):
11. Interest Basis
(Condition 5): Fixed Interest Rate (Condition
5(I))
12. Interest Commencement Date
(Condition 5(III)): Issue Date (January 30, 2020)
13. Fixed Interest Rate (Condition
5(I)):
(a) Interest Rate: 1.60 percent per annum
(b) Fixed Rate Interest Semi-annually in arrear on January
Payment Date(s): 30 and July 30 in each year,
commencing on July 30, 2020.
Each Interest Payment Date is
subject to the Following Business
Day Convention with no adjustment
to the amount of interest otherwise
calculated.
(c) Fixed Rate Day Count
Fraction(s): 30/360
14. Relevant Financial Center: London and New York
15. Relevant Business Days: London and New York
16. Issuer's Optional Redemption
(Condition 6(e)): No
17. Redemption at the Option
of the Noteholders (Condition No
6(f)):
18. Governing Law: New York
19. Selling Restrictions: Under the provisions of Section
(a) United States: 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 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.
22. Amendment to Condition 7(a)(i): Condition 7(a)(i) is hereby
amended by deleting the first
sentence thereof and replacing
it with the following: "Payments
of principal and interest in
respect of Registered Notes
shall be made to the person
shown on the Register at the
close of business on the business
day before the due date for
payment thereof (the "Record
Date")."
23. Amendment to Condition 7(h): The following shall apply to
Notes any payments in respect
of which are payable in a Specified
Currency other than United States
Dollars:
Condition 7(h) is hereby amended
by deleting the words "the noon
buying rate in U.S. dollars
in the City of New York for
cable transfers for such Specified
Currency as published by the
Federal Reserve Bank of New
York on the second Business
Day prior to such payment or,
if such rate is not available
on such second Business Day,
on the basis of the rate most
recently available prior to
such second Business Day" and
replacing them with the words
"a U.S. dollar/Specified Currency
exchange rate determined by
the Calculation Agent as of
the second Business Day prior
to such payment, or, if the
Calculation Agent determines
that no such exchange rate is
available as of such second
Business Day, on the basis of
the exchange rate most recently
available prior to such second
Business Day. In making such
determinations, the Calculation
Agent shall act in good faith
and in a commercially reasonable
manner having taken into account
all available information that
it shall deem relevant".
Other Relevant Terms
1. Listing: None
2. Details of Clearance System
Approved by the Bank and The Depository Trust Company
the (DTC); Euroclear Bank SA/NV;
Global Agent and Clearance Clearstream Banking, S.A.
and
Settlement Procedures:
3. Syndicated: No
4. Commissions and Concessions: 0.02% of the Aggregate Principal
Amount
5. Estimated Total Expenses: None. The Dealer has agreed
to pay for certain expenses
related to the issuance of the
Notes.
6. Codes:
(a) Common Code: 211093552
(b) ISIN: US45818WCT18
(c) CUSIP: 45818WCT1
7. Identity of Calculation Citibank, N.A., London Branch
Agent:
8. Identity of Dealer: Wells Fargo Securities, LLC
9. Provisions for Registered
Notes:
(a) Individual Definitive
Registered Notes Available No
on Issue Date:
(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. 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.
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.
Upon a sale or retirement of the Notes, a United States holder
should generally recognize capital gain or loss equal to the
difference, if any, between (i) the amount realized on the sale or
retirement, excluding any amounts attributable to accrued but
unpaid interest (which will be treated as interest payments), and
(ii) the United States holder's adjusted tax basis in the Notes. A
United States holder's adjusted tax basis in the Notes generally
will equal the cost of the Notes to the United States holder.
Capital gain of individual taxpayers from the sale or retirement of
the Notes held for more than one year may be eligible for reduced
rates of taxation. The deductibility of a capital loss is subject
to significant limitations.
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."
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IODUAORRRWUURRR
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