TIDM42BI
RNS Number : 7361Z
Inter-American Development Bank
21 September 2015
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No.: 528
U.S.$100,000,000 Floating Rate Notes due September 18, 2018
Issue Price: 100.00 percent
Application has been made for the Notes to be admitted to
the
Official List of the United Kingdom Listing Authority and
to trading on the London Stock Exchange plc's
Regulated Market
HSBC
The date of this Pricing Supplement is September 15, 2015
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.
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.: 528
2. Aggregate Principal Amount: U.S.$100,000,000
3. Issue Price: U.S.$100,000,000 which is
100.00 percent of the Aggregate
Principal Amount
4. Issue Date: September 18, 2015
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.$100,000 and integral
multiples thereof
7. Specified Currency
(Condition 1(d)): United States Dollars (U.S.$)
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): September 18, 2018
11. Interest Basis
(Condition 5): Variable Interest Rate (Condition
5(II))
12. Interest Commencement Date
(Condition 5(III)): Issue Date (September 18,
2015)
13. Variable Interest Rate
(Condition 5(II)):
(a) Calculation Amount Not Applicable
(if different than Principal
Amount of the Note):
(b) Business Day Convention: Modified Following Business
Day Convention
(c) Specified Interest Not Applicable
Period:
(d) Interest Payment Date: Quarterly in arrear on March
18, June 18, September 18
and December 18 in each year,
commencing on December 18,
2015, up to and including
the Maturity Date.
Each Interest Payment Date
is subject to adjustment in
accordance with the Modified
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
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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: plus (+) 0.01 percent
(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 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 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
United Kingdom Listing Authority
and to trading on the London
Stock Exchange plc's Regulated
Market.
2. Details of Clearance System Depository Trust Company (DTC);
Approved by the Bank and Euroclear Bank SA/NV; Clearstream
the Global Agent and Clearance 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 45818WBF2
(b) Common Code: 129349654
(c) ISIN: US45818WBF23
7. Identity of Dealer: HSBC Bank plc
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. The EU has adopted Council Directive 2003/48/EC on the
taxation of savings income (the "Savings Directive"). The Savings
Directive requires EU Member States to provide to the tax
authorities of other EU Member States details of payments of
interest and other similar income paid by a person established
within its jurisdiction to (or secured by such a person for the
benefit of) an individual resident, or to (or secured for) certain
other types of entity established, in that other EU Member State,
except that Austria will instead impose a withholding system for a
transitional period (subject to a procedure whereby, on meeting
certain conditions, the beneficial owner of the interest or other
income may request that no tax be withheld) unless during such
period it elects otherwise.
A number of non-EU countries and territories, including
Switzerland, have adopted similar measures.
The Bank undertakes that it will ensure that it maintains a
paying agent in a country which is an EU Member State that will not
be obliged to withhold or deduct tax pursuant to the Savings
Directive.
The Council of the European Union has adopted a Directive (the
"Amending Savings Directive") which would, when implemented, amend
and broaden the scope of the requirements of the Savings Directive
described above, including by expanding the range of payments
covered by the Savings Directive, in particular to include
additional types of income payable on securities, and by expanding
the circumstances in which payments must be reported or paid
subject to withholding. The Amending Savings Directive requires EU
Member States to adopt national legislation necessary to comply
with it by January 1, 2016, which legislation must apply from
January 1, 2017.
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