TIDM42BI
RNS Number : 8204M
Inter-American Development Bank
01 May 2018
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No.: 500
Tranche No.: 14
U.S.$100,000,000 Floating Rate Notes due January 15, 2022 (the
"Notes") as from April 26, 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"), 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") and the Bank's U.S.$100,000,000 Floating Rate
Notes due January 15, 2022, issued on April 10, 2018 (the "Series
500 Tranche 13 Notes")
Issue Price: 100.017 percent plus 10 days' accrued interest
No application has been made to list the Notes on any stock
exchange.
Deutsche Bank
The date of this Pricing Supplement is April 23, 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.: 14
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, the Series 500 Tranche
12 Notes and the Series 500
Tranche 13 Notes.
3. Issue Price: U.S.$100,082,000, which amount
represents the sum of (a)
100.017 percent of the Aggregate
Principal Amount plus (b)
the amount of U.S.$65,000
representing 10 days' accrued
interest, inclusive.
4. Issue Date: April 26, 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)): April 16, 2018
13. Variable Interest Rate
(Condition 5(II)):
(a) Calculation Amount Not Applicable
(if different than Principal
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 July 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 The Depository Trust Company
Approved by the Bank and (DTC); Euroclear Bank SA/NV;
the Global Agent and Clearance Clearstream Banking, société
and Settlement Procedures: 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: Deutsche Bank AG, London Branch
8. Identity of Calculation The Global Agent, Citibank,
Agent: N.A., 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 without original issue discount. Subject to the
discussion in the following paragraph 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. However, the portion of the first
interest payment on the Notes that represents a return of the 10
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.
Because the purchase price of the Notes exceeds the principal
amount of the Notes, a United States holder may elect to treat the
excess (after excluding the portion of the purchase price
attributable to accrued interest) 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. 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
Internal Revenue Service.
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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