TIDM42BI
RNS Number : 9270J
Inter-American Development Bank
16 December 2022
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 853
USD 50 ,000,000 Multi Callable Zero Coupon Notes due December
15, 2037 (the "Notes")
Issue Price: 100.00 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
J.P. Morgan Securities plc
The date of this Pricing Supplement is December 12, 2022
The Series 853 Notes have been issued with original issue
discount for United States tax purposes; therefore, the Notes are
not intended to be sold or resold to persons subject to U.S. tax
laws.
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.
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.: 853
2. Aggregate Principal Amount: USD 50,000,000
3. Issue Price: USD 50,000,000, which is 100.00
percent of the Aggregate Principal
Amount
4. Issue Date: December 15, 2022
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)): USD 1,000,000 and integral multiples
thereof.
8. Specified Currency
(Condition 1(d)): United States Dollars (USD) being
the lawful currency of the United
States of America
9. Specified Principal Payment
Currency
(Conditions 1(d) and 7(h)): USD
10. Specified Interest Payment
Currency USD
(Conditions 1(d) and 7(h)):
11. Maturity Date
(Condition 6(a); Fixed
Interest Rate and Zero Coupon): December 15, 2037
The Maturity Date is subject to
the Business Day Convention, but
with no adjustment to the amount
of interest otherwise calculated.
12. Interest Basis Zero Coupon (Condition 5(IV))
(Condition 5):
The Notes constitute "Par Zero
Coupon Notes" under the Conditions.
13. Zero Coupon (Conditions
5(IV) and 6(c)):
(a) Amortization Yield: 4.620 percent per annum
(b) Reference Price: Issue Price
(c) Basis: Compounded annually
14. Relevant Financial Center: London, New York
15. Relevant Business Days: London, New York
16. Redemption Amount (Condition
6(a)): Unless previously redeemed or
purchased and cancelled as specified
in the Terms and Conditions, the
Notes will be redeemed by the
Bank by payment of the Redemption
Amount on the Maturity Date. The
Redemption Amount will be USD
98,444,337.29, being 196.889 percent
of the Aggregate Principal Amount,
subject to Item 17 (Issuer's Optional
Redemption) below.
17. Issuer's Optional Redemption
(Condition 6(e)): Yes, in whole but not in part
(a) Notice Period: No less than five (5) Relevant
Business Days prior to the Optional
Redemption Date
(b) Amount: 100.00 percent per Authorized
Denomination
(c) Date(s): December 15 in each year, commencing
on December 15, 2028, up to and
including December 15, 2036.
(d) Early Redemption Amount
Bank: December 15, USD 65,562,921.63
2028 which is 131.12584327
percent of the
Aggregate Principal
Amount
December 15, USD 68,591,928.61
2029 which is 137.18385723
percent of the
Aggregate Principal
Amount
December 15, USD 71,760,875.72
2030 which is 143.52175143
percent of the
Aggregate Principal
Amount
December 15, USD 75,076,228.17
2031 which is 150.15245635
percent of the
Aggregate Principal
Amount
December 15, USD 78,544,749.91
2032 which is 157.08949983
percent of the
Aggregate Principal
Amount
December 15, USD 82,173,517.36
2033 which is 164.34703472
percent of the
Aggregate Principal
Amount
December 15, USD 85,969,933.86
2034 which is 171.93986773
percent of the
Aggregate Principal
Amount
December 15, USD 89,941,744.81
2035 which is 179.88348961
percent of the
Aggregate Principal
Amount
December 15, USD 94,097,053.42
2036 which is 188.19410683
percent of the
Aggregate Principal
Amount
18. Redemption at the Option
of the Noteholders (Condition No
6(f)):
19. Early Redemption Amount
(including accrued interest,
if applicable) (Condition In the event of any Note becoming
9): due and payable prior to the Maturity
Date in accordance with Condition
9 (but, for the avoidance of doubt,
not Condition 6(e)), the Early
Redemption Amount will be an amount
equal to the Amortized Face Amount
of such Note (calculated in accordance
with Condition 6(c)).
20. 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 .
2. Details of Clearance System
Approved by the Bank and
the
Global Agent and Clearance Euroclear Bank SA/NV and/or Clearstream
and Banking, Luxembourg
Settlement Procedures:
3. Syndicated: No
4. Commissions and Concessions: None. 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,
except the Issuer will pay for
the London Stock Exchange listing
fees, if applicable .
6. Codes:
(a) ISIN: XS2564353063
(b) CUSIP: ZN7165857
(c) Common Code: 25643506
7. Identity of Dealer: J.P. Morgan Securities plc
8. Provisions for Registered
Notes:
(a) Individual Definitive
Registered Notes Available
on Issue Date: No
(b) DTC Global Note(s): No
(c) Other Registered Global
Notes: Yes, issued in accordance with
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.
The Issuer and the Dealer have
agreed that the Series 853 Notes
will not be offered, sold or distributed
by the Dealer, directly or indirectly,
in the United States of America,
its territories or possessions,
or to, or for the account or benefit
of, persons subject to U.S. tax
laws in respect of the interest
income on the Notes.
(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) S ingapore: 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.
Recent Developments
On September 26, 2022, the Board of Governors of the
Inter-American Development Bank (IDB) resolved that Mr. Mauricio
Claver-Carone would cease to hold the office of President of the
Bank, effective on that day. In accordance with the Bank's Charter,
the Executive Vice President, Reina Irene Mejía Chacón, is serving
as President a.i. On November 20, 2022, Ilan Goldfajn was elected
president of the Bank during a Special Meeting of the Bank's Board
of Governors. Mr. Goldfajn will take office for a five-year term on
December 19, 2022.
INTER-AMERICAN DEVELOPMENT BANK
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END
IODUNVARUUUUARA
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