TIDM42BI
RNS Number : 8762K
Inter-American Development Bank
27 April 2020
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No.: 747
IDR 55,000,000,000 6.600 percent Notes due April 24, 2023 (the
"Notes")
payable in United States Dollars
Issue Price: 100.026 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 Regulated Market
J.P. Morgan
The date of this Pricing Supplement is as of April 21, 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.
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.: 747
2. Aggregate Principal Amount: IDR 55,000,000,000
3. Issue Price: IDR 55,014,300,000 which amount
represents 100.026 percent of
the Aggregate Principal Amount.
The Issue Price will be payable
in USD in the amount of USD 3,391,757.09
at the agreed rate of 16,220 IDR
per one USD.
4. Issue Date: April 24, 2020
5. Form of Notes
(Condition 1(a)): Registered only, as further provided
in paragraph 9(c) of "Other Relevant
Terms" below.
6. Authorized Denomination(s)
(Condition 1(b)): IDR 10,000,000 and integral multiples
thereof
7. Specified Currency
(Condition 1(d)): The lawful currency of the Republic
of Indonesia ("Indonesian Rupiah"
or "IDR"), provided that all payments
in respect of the Notes will be
made in United States Dollars
("U.S.$" or "USD")
8. Specified Principal Payment
Currency
(Conditions 1(d) and 7(h)): USD
9. Specified Interest Payment
Currency USD
(Conditions 1(d) and 7(h)):
10. Maturity Date
(Condition 6(a); Fixed April 24, 2023
Interest Rate):
11. Interest Basis
(Condition 5): Fixed Interest Rate (Condition
5(I))
12. Interest Commencement Date
(Condition 5(III)): April 24, 2020
13. Fixed Interest Rate (Condition Condition 5(I) as amended and
5(I)): supplemented below, shall apply
to the Notes. The bases of the
Calculation of the Interest Amount,
Interest Payment Dates and default
interest are as set out below.
(a) Interest Rate: 6.600 percent per annum
(b) Business Day Convention: Following Business Day Convention
(c) Fixed Rate Interest
Payment Date(s): Annually on each April 24, commencing
on April 24, 2021 and ending on,
and including, the Maturity Date.
Each Interest Payment Date is
subject to adjustment in accordance
with the Following Business Day
Convention with no adjustment
to the amount of interest otherwise
calculated.
(d) Interest Period: Each period from and including
each Interest Payment Date to
but excluding the next following
Interest Payment Date, provided
that the initial Interest Period
will commence on and include the
Interest Commencement Date, and
the final Interest Period will
end on but exclude the Maturity
Date.
For the purposes of the calculation
of the Interest Amount payable
for any Interest Period, there
shall be no adjustment pursuant
to the Business Day Convention
specified above.
(e) Fixed Rate Day Count
Fraction(s): Actual/Actual ICMA
(f) Calculation of Interest As soon as practicable and in
Amount: accordance with the procedure
specified herein, the Calculation
Agent will determine the IDR Rate
(as defined below) and calculate
the amount of interest payable
(the "Interest Amount") with respect
to each minimum Authorized Denomination
for the relevant Interest Period.
The Interest Amount with respect
to any Interest Period shall be
a USD amount calculated on the
relevant Rate Fixing Date (as
defined below) as follows:
6.600% times the minimum Authorized
Denomination
times
the Fixed Rate Day Count Fraction
divided by
the IDR Rate
(and rounding, if necessary, the
entire resulting figure to the
nearest two decimal places, with
USD 0.005 being rounded upwards).
The "IDR Rate" means the rate
determined by the Calculation
Agent that is equal to the USD/IDR
weighted average spot rate in
the interbank market, based on
traded USD/IDR spot foreign exchange
transactions during a specified
time period which are captured
on a real time basis, expressed
as the amount of IDR per one USD,
for settlement in two Fixing Business
Days, as published by Bank Indonesia
as the "Jakarta Interbank Spot
Dollar Rate USD - IDR", which
appears on Bank Indonesia's website
(www.bi.go.id), or as published
on Thomson Reuters Screen JISDOR
Page (or any replacement page
or replacement service as may
be implemented for the purposes
of displaying the USD/IDR weighted
average spot rate), or as otherwise
made available by Bank Indonesia
(or its successor as administrator),
at approximately 10:00 a.m., Jakarta
time, on the Rate Fixing Date
. Fallback Provisions apply as
set out below.
The "Rate Fixing Date" means the
date that is five (5) Fixing Business
Days prior to the applicable Fixed
Rate Interest Payment Date or
Maturity Date, as the case may
be. The Rate Fixing Date shall
be subject to adjustment as follows:
if the scheduled date of the Rate
Fixing Date is not a Relevant
Business Day, then the Rate Fixing
Date will be the first preceding
day that is a Relevant Business
Day.
"Fixing Business Day" means a
day (other than a Saturday or
a Sunday) on which banks and foreign
exchange markets are open for
business in Jakarta.
"Fallback Provisions": Should
no USD/IDR weighted average spot
rate appear on Bank Indonesia's
website (www.bi.go.id) as the
"Jakarta Interbank Spot Dollar
Rate USD - IDR", or on Thomson
Reuters Screen JISDOR Page (or
on such replacement page or replacement
service as described above), or
be otherwise made available by
Bank Indonesia (or its successor
as administrator), on the Rate
Fixing Date, then the IDR Rate
for such Rate Fixing Date shall
be determined by the Calculation
Agent by requesting quotations
for the mid USD/IDR spot foreign
exchange rate from five banks
active in the USD/IDR currency
and foreign exchange markets as
selected by the Calculation Agent
(such banks, the "Reference Banks")
either (i) at or about 10:00 a.m.
Jakarta time on the first day
(other than a Saturday or a Sunday)
following the Rate Fixing Date,
if such day is a Relevant Business
Day or (ii) at or about 10:00
a.m. Jakarta time on the Rate
Fixing Date, if the first day
(other than a Saturday or a Sunday)
following the Rate Fixing Date
is not a Relevant Business Day.
If five or four quotations are
provided by Reference Banks as
requested, the IDR Rate shall
be the arithmetic mean (rounded
to the nearest whole IDR, with
IDR 0.5 being rounded upwards)
of the remaining three or two
such quotations (expressed as
the number of IDR per one USD),
as the case may be, after disregarding
the highest quotation and the
lowest quotation; provided, that
if two or more such quotations
are the highest such quotations,
then only one of such quotations
shall be disregarded; and provided
further, that if two or more such
quotations are the lowest such
quotations, then only one of such
lowest quotations shall be disregarded.
If only three or two quotations
are provided as requested, the
IDR Rate shall be the arithmetic
mean (rounded to the nearest whole
IDR, with IDR 0.5 being rounded
upwards) of such quotations (expressed
as the number of IDR per one USD).
If only one or no quotations are
provided as requested, or if the
Calculation Agent determines in
its sole discretion that no suitable
Reference Banks active in the
USD/IDR currency or foreign exchange
markets will provide quotations,
the Calculation Agent shall be
entitled to calculate the IDR
Rate acting in good faith in a
commercially reasonable manner,
having taken into account relevant
market practice, by reference
to such additional sources as
it deems appropriate; and in such
case the Calculation Agent shall
notify the Bank and the Global
Agent as soon as reasonably practicable
that the IDR Rate is to be so
determined.
(g) Calculation Agent: See "8. Identity of Calculation
Agent" under "Other Relevant Terms"
(h) Notification: If the Interest Amount payable
on any Fixed Rate Interest Payment
Date or the Redemption Amount,
as the case may be, is calculated
in any manner other than by utilizing
the USD/IDR reference rate that
appears on Bank Indonesia's website
(www.bi.go.id), or on Thomson
Reuters Screen JISDOR Page ( or
on such replacement page as described
above ), or as otherwise made
available by Bank Indonesia (or
its successor as administrator),
the Global Agent on behalf of
the Bank shall give notice as
soon as reasonably practicable
to the Noteholders in accordance
with Condition 14 (Notices).
14. Relevant Financial Center: New York, London and Jakarta
15. Relevant Business Day: New York, London and Jakarta
16. Redemption Amount (Condition
6(a)): The Redemption Amount with respect
to each minimum Authorized Denomination
will be a USD amount calculated
by the Calculation Agent as of
the Rate Fixing Date with respect
to the Maturity Date as follows:
minimum Authorized Denomination
divided by
the IDR Rate
(and rounding, if necessary, the
entire resulting figure to the
nearest 2 decimal places, with
USD 0.005 being rounded upwards).
17. Issuer's Optional Redemption
(Condition 6(e)): No
18. Redemption at the Option
of the Noteholders (Condition No
6(f)):
19. Early Redemption Amount
(including accrued interest, In the event the Notes become
if applicable) (Condition due and payable as provided in
9): Condition 9 (Default), the Early
Redemption Amount with respect
to each minimum Authorized Denomination
will be a USD amount equal to
the Redemption Amount that is
determined in accordance with
"16. Redemption Amount" plus accrued
and unpaid interest, if any, as
determined in accordance with
"13. Fixed Interest Rate (Condition
5(I))"; provided, that for purposes
of such determination, the "Rate
Fixing Date" shall be the date
that is five Fixing Business Days
prior to the date upon which the
Notes become due and payable as
provided in Condition 9 (Default).
20. Governing Law: New York
21. 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 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 the Notes in, from or otherwise
involving the United Kingdom.
(c) Indonesia: The Notes are not and will not
be registered with the Financial
Services Authority previously
known as the Capital Market and
Financial Institutions Supervisory
Agency (the "OJK") in Indonesia.
As such, the Notes (including
the distribution and dissemination
of the Pricing Supplement, other
written materials either through
advertisements or other media
authorized) are not authorized
by the OJK for their sale by public
offering in the Indonesian territory
and/or to Indonesian entities
or residents in the Indonesian
territory in circumstances which
constitute a public offering of
securities under the Indonesian
Law No. 8/1995 regarding Capital
Markets. Likewise, the Notes and
the Pricing Supplement have not
been reviewed, registered or authorized
by the Central Bank (Bank Indonesia)
for their distribution through
banking institutions in Indonesia.
(d) Singapore: Solely for the purposes of its
obligations pursuant to sections
309B(1)(a) and 309B(1)(c) 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(1)
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).
(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, 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: 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
Regulated Market.
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: 0.026% of the Aggregate Principal
Amount
5. Estimated Total Expenses: None. The Dealer has agreed to
pay for all material expenses
related to the issuance of the
Notes.
6. Codes:
(a) Common Code: 215776093
(b) ISIN: XS2157760930
7. Identity of Dealer: J.P. Morgan Securities plc
8. Identity of Calculation J.P. Morgan Chase Bank, N.A.
Agent:
In relation to the Rate Fixing
Date, as soon as is reasonably
practicable after the determination
of the IDR Rate in relation thereto,
on the date on which the relevant
IDR Rate is to be determined (or,
if such date is not a Relevant
Business Day, then on the next
succeeding Relevant Business Day),
the Calculation Agent shall notify
the Issuer and the Global Agent
of the IDR Rate, and the Interest
Amount, and the Redemption Amount
or Early Redemption Amount, as
the case may be, in relation thereto.
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 No
on Issue Date:
(b) DTC Global Note(s): No
(c) Other Registered Global Yes, issued in accordance with
Notes: the Global Agency Agreement, dated
January 8, 2001, among the Bank,
Citibank, N.A., as Global Agent,
and the other parties thereto.
General Information
Additional Information Regarding the Notes
1. The language set out under the heading "Use of Proceeds" in
the Prospectus shall be deleted in its entirety and replaced by the
following:
"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
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.
3. 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.
Subject to the discussion below regarding amortizable bond
premium, 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.
Because the Notes are denominated in the Indonesian Rupiah, a
United States holder of the Notes will generally be subject to
special United States federal income tax rules governing foreign
currency transactions, as described in the Prospectus in the last
four paragraphs of "-Payments of Interest" under the "United States
Holders" section. Pursuant to such rules, a United States holder
should determine amounts received with respect to a Note (including
principal and interest) by reference to the U.S. dollar value of
the Indonesian Rupiah amount of the payment, calculated at the
currency exchange rate in effect on the date of payment. The U.S.
dollar amount that is actually received by the United States holder
may differ from the amount determined under the preceding sentence,
since the U.S. dollar amount of the payment will be determined by
reference to the IDR Rate as of the relevant Rate Fixing Date.
Accordingly, a United States holder of the Notes may recognize
United States source foreign currency gain or loss in an amount
equal to such difference (in addition to any foreign currency gain
or loss otherwise recognized upon the receipt of an interest
payment or a sale or retirement of the Notes). The U.S. Internal
Revenue Service ("IRS") could take the position, however, that the
amounts received by a United States holder in respect of a Note
should be equal to the U.S. dollar amount that is actually received
by the United States holder. Prospective United States holders of
the Notes should consult their tax advisors regarding these
rules.
Additionally, because the purchase price of the Notes exceeds
the principal amount of the Notes, a United States holder may elect
to treat the excess as amortizable bond premium. A United States
holder that makes this election would reduce the amount required to
be included in such holder's income each year with respect to
interest on the Notes by the amount of amortizable bond premium
allocable to that year, based on the Note's yield to maturity.
Because the Notes are denominated in the Indonesian Rupiah, a
United States holder would compute such holder's amortizable bond
premium in units of Indonesian Rupiah, and the United States
holder's amortizable bond premium would reduce such holder's
interest income in units of Indonesian Rupiah. Gain or loss
recognized that is attributable to changes in exchange rates
between the time the United States holder's amortized bond premium
offsets interest income and the time of the holder's acquisition of
the Notes is generally taxable as ordinary income or loss. If a
United States holder makes an election to amortize bond premium,
the election would apply to all debt instruments, other than debt
instruments the interest on which is excludible from gross income,
that the United States holder holds at the beginning of the first
taxable year to which the election applies or that such holder
thereafter acquires, and the United States holder may not revoke
the election without the consent of the IRS.
Upon a sale, redemption or retirement of a Note, a United States
holder will generally recognize gain or loss equal to the
difference, if any, between (i) the U.S. dollar value of the amount
realized on the sale, redemption or retirement (other than 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 Note. A United States holder's adjusted
tax basis in a Note generally will equal the U.S. dollar cost of
the Note to the United States holder, reduced by any bond premium
that the United States holder previously amortized with respect to
the Notes. Such gain or loss will be capital gain or loss except to
the extent attributable to changes in exchange rates. Capital gain
of individual taxpayers from the sale, redemption or retirement of
a Note 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."
Treasury Regulations Requiring Disclosure of Reportable
Transactions. Treasury regulations require United States taxpayers
to report certain transactions that give rise to a loss in excess
of certain thresholds (a "Reportable Transaction"). Under these
regulations, because the Notes are denominated in a foreign
currency, a United States holder (or a non-United States holder
that holds the Notes in connection with a U.S. trade or business)
that recognizes a loss with respect to the Notes that is
characterized as an ordinary loss due to changes in currency
exchange rates (under any of the rules discussed above or under the
"Tax Matters" section of the Prospectus) would be required to
report the loss on IRS Form 8886 (Reportable Transaction Statement)
if the loss exceeds the thresholds set forth in the regulations.
For individuals and trusts, this loss threshold is $50,000 in any
single taxable year. For other types of taxpayers and other types
of losses, the thresholds are higher. Holders should consult with
their tax advisors regarding any tax filing and reporting
obligations that may apply in connection with acquiring, owning and
disposing of notes.
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 generally includes its interest
income , foreign currency gain and its capital gains from the
disposition of Notes, unless such interest income or 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.
4. Additional Investment Considerations:
The Notes offered by this Pricing Supplement are complex
financial instruments and may not be suitable for certain
investors. Investors intending to purchase the Notes should consult
with their tax and financial advisors to ensure that the intended
purchase meets the investment objective before making such
purchase.
There are various risks associated with the Notes including, but
not limited to, exchange rate risk, price risk and liquidity risk.
Investors should consult with their own financial, legal and
accounting advisors about the risks associated with an investment
in these Notes, the appropriate tools to analyze that investment,
and the suitability of the investment in each investor's particular
circumstances. Holders of the Notes should also consult with their
professional tax advisors regarding tax laws applicable to
them.
Payment of each Interest Amount and the Redemption Amount will
be based on the IDR Rate, which is a measure of the rate of
exchange between the Indonesian Rupiah and the USD. Currency
exchange rates are volatile and will affect the holder's return. In
addition, the government of Indonesia can from time to time
intervene in the foreign exchange market. These interventions or
other governmental actions could adversely affect the value of the
Notes, as well as the yield (in USD terms) on the Notes and the
amount payable at maturity or upon acceleration. Even in the
absence of governmental action directly affecting currency exchange
rates, political or economic developments in Indonesia or elsewhere
could lead to significant and sudden changes in the exchange rate
between the Indonesian Rupiah and the USD.
The Indonesian Rupiah is an emerging market currency. Emerging
market currencies may be subject to particularly substantial
volatility, as well as to government actions including currency
controls, devaluations and other matters which could materially and
adversely affect the value of the Notes.
The methodologies for determining the IDR Rate may result in a
Redemption Amount (or Early Redemption Amount, as the case may be)
of the Notes, or an Interest Amount on the Notes, being
significantly less than anticipated or less than what an
alternative methodology for determining the IDR-USD exchange rate
would yield.
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
IODUVUARRKUSURR
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