Obligation Interamerican Development Bank 1.375% ( XS1873152638 ) en GBP

Société émettrice Interamerican Development Bank
Prix sur le marché 99.45 %  ▲ 
Pays  Etats-unis
Code ISIN  XS1873152638 ( en GBP )
Coupon 1.375% par an ( paiement annuel )
Echéance 14/12/2024 - Obligation échue



Prospectus brochure de l'obligation Inter-American Development Bank (IDB) XS1873152638 en GBP 1.375%, échue


Montant Minimal /
Montant de l'émission /
Description détaillée La Banque interaméricaine de développement (BID) est une institution financière de développement multilatérale qui ?uvre à améliorer la vie des habitants de l'Amérique latine et des Caraïbes en finançant des projets de développement économique, social et environnemental.

L'Obligation émise par Interamerican Development Bank ( Etats-unis ) , en GBP, avec le code ISIN XS1873152638, paye un coupon de 1.375% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 14/12/2024







EXECUTION VERSION



PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 667
Tranche No.: 6


GBP 500,000,000 1.375 percent Notes due December 15, 2024 (the "Notes") as from January 17,
2020 to be consolidated and form a single series with the Bank's GBP 250,000,000 1.375 percent
Notes due December 15, 2024 issued on September 7, 2018 (the "Series 667 Tranche 1 Notes"),
the Bank's GBP 100,000,000 1.375 percent Notes due December 15, 2024 issued on March 12,
2019 (the "Series 667 Tranche 2 Notes"), the Bank's GBP 150,000,000 1.375 percent Notes due
December 15, 2024 issued on April 3, 2019 (the "Series 667 Tranche 3 Notes"), the Bank's GBP
225,000,000 1.375 percent Notes due December 15, 2024 issued on September 30, 2019 (the
"Series 667 Tranche 4 Notes") and the Bank's GBP 100,000,000 1.375 percent Notes due
December 15, 2024 issued on October 29, 2019 (the "Series 667 Tranche 5 Notes")


Issue Price: 102.178 percent plus 33 days' of accrued interest




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


BofA Securities
NatWest Markets
Nomura

The date of this Pricing Supplement is January 14, 2020.
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 667, Tranche No.: 6
GBP 500,000,000 1.375 percent Notes due December 15, 2024

DC_LAN01:381244.2


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 the 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.:
667
Tranche No.:
6
2.
Aggregate Principal Amount:
GBP 500,000,000
As from the Issue Date, the Notes will be
consolidated and form a single series with the Series
667 Tranche 1 Notes, the Series 667 Tranche 2
Notes, the Series 667 Tranche 3 Notes, the Series
667 Tranche 4 Notes and the Series 667 Tranche 5
Notes.
3.
Issue Price:
GBP 511,509,877.05, which amount represents the
sum of 102.178 percent of the Aggregate Principal
Amount plus (b) the amount of GBP 619,877.05
representing 33 days' accrued interest, inclusive.
4.
Issue Date:
January 17, 2020
5.
Form of Notes
Registered only, as further provided in paragraph
(Condition 1(a)):
9(c) of "Other Relevant Terms" below.
6.
Authorized Denomination(s)
GBP 100,000 and integral multiples of GBP 1,000 in
(Condition 1(b)):
excess thereof
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PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 667, Tranche No.: 6
GBP 500,000,000 1.375 percent Notes due December 15, 2024

DC_LAN01:381244.2


7.
Specified Currency
Pound sterling (GBP) being the lawful currency of
(Condition 1(d)):
the United Kingdom of Great Britain and Northern
Ireland
8.
Specified Principal Payment

Currency

(Conditions 1(d) and 7(h)):
GBP
9.
Specified Interest Payment Currency
(Conditions 1(d) and 7(h)):
GBP
10. Maturity Date

(Condition 6(a); Fixed Interest Rate): December 15, 2024
11. Interest Basis

(Condition 5):
Fixed Interest Rate (Condition 5(I))
12. Interest Commencement Date

(Condition 5(III)):
December 15, 2019
13. Fixed Interest Rate (Condition 5(I)):


(a) Interest Rate:
1.375 percent per annum

(b) Fixed Rate Interest Payment
Annually in arrear on December 15 in each year,
Date(s):
commencing on December 15, 2020, up to 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.

(c) Fixed Rate Day Count

Fraction(s):
Actual/Actual (ICMA)


14. Relevant Financial Center:
London and TARGET
15. Relevant Business Days:
London and TARGET
16. Issuer's Optional Redemption

(Condition 6(e)):
No
17. Redemption at the Option of the

Noteholders (Condition 6(f)):
No
3
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 667, Tranche No.: 6
GBP 500,000,000 1.375 percent Notes due December 15, 2024

DC_LAN01:381244.2


18. Governing Law:
New York
19. 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:
Each of the Managers has represented and agreed
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, each of
the Managers has agreed 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.
20. 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")."
4
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 667, Tranche No.: 6
GBP 500,000,000 1.375 percent Notes due December 15, 2024

DC_LAN01:381244.2


21. 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".

If applicable and so appointed, and unless
otherwise defined herein, the "Calculation
Agent" referred to in amended Condition
7(h) shall be the Global Agent under the
Bank's Global Debt Program ­ namely,
Citibank, N.A., London Branch, or its duly
authorized successor.

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 with effect
from the Issue Date.
2.
Details of Clearance System
Euroclear Bank SA/NV; Clearstream Banking S.A.
Approved by the Bank and the
Global Agent and Clearance and
Settlement Procedures:
5
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 667, Tranche No.: 6
GBP 500,000,000 1.375 percent Notes due December 15, 2024

DC_LAN01:381244.2


3.
Syndicated:
Yes
4.
If Syndicated:


(a) Liability:
Several and not joint

(b) Managers:
Merrill Lynch International
NatWest Markets Plc
Nomura International plc
5.
Commissions and Concessions:
0.019% of the Aggregate Principal Amount
6.
Estimated Total Expenses:
None. The Managers have agreed to pay for certain
expenses related to the issuance of the Notes.

7.
Codes:


(a) Common Code:
187315263

(b) ISIN:
XS1873152638
8.
Identity of Managers:
Merrill Lynch International
NatWest Markets Plc
Nomura International plc
9.
Provisions for Registered Notes:


(a) Individual Definitive
No
Registered Notes Available
on Issue Date:

(b) DTC Global Note(s):
No

(c) Other Registered Global
Yes, issued in accordance with the Global Agency
Notes:
Agreement, dated January 8, 2001, as amended,
among the Bank, Citibank, N.A., as Global Agent,
and the other parties thereto.

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.
6
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 667, Tranche No.: 6
GBP 500,000,000 1.375 percent Notes due December 15, 2024

DC_LAN01:381244.2


MiFID II product governance / Retail investors, professional investors and ECPs
target market ­ Solely for the purposes of the manufacturers' 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 manufacturers' 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 manufacturers' 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.


Because the Notes are denominated and payable in British pound sterling, 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", in "--Purchase, Sale and Retirement of the Notes" and in "--
Exchange of Amounts in Other Than U.S. Dollars" under the "United States Holders" section.


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 33 days of accrued interest that a United States holder paid as part
of the Issue Price of the Notes ("Pre-Issuance Accrued Interest") will not be treated as an interest
payment for United States federal income tax purposes, and will accordingly only be taxable to
the extent that the U.S. dollar value of the Pre-Issuance Accrued Interest on the date of receipt
differs from the U.S. dollar value of such amount on the Issue Date. Any such difference should
give rise to United States source foreign currency gain or loss.


Upon the sale or retirement of the Notes, a United States holder will generally recognize
gain or loss equal to the difference, if any, between the U.S. dollar value of the amount realized
by such holder, excluding any amounts attributable to accrued but unpaid interest (which will be
treated as interest payments except to the extent that such amounts are a return of Pre-Issuance
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PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 667, Tranche No.: 6
GBP 500,000,000 1.375 percent Notes due December 15, 2024

DC_LAN01:381244.2


Accrued Interest), and such holder's tax basis in the Notes. A United States holder's adjusted tax
basis in the Notes generally will equal the U.S. dollar cost of the Notes to the United State holder,
reduced, if such disposition occurs after the first interest payment, by an amount equal to the U.S.
dollar value of the Pre-Issuance Accrued Interest on the Issue Date. 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 or retirement of the Notes will generally 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.


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 (after excluding the portion of the
purchase price attributable to Pre-Issuance 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. Because the Notes
are denominated in British pound sterling, a United States holder would compute such holder's
amortizable bond premium in units of British pound sterling, and the United States holder's
amortizable bond premium would reduce such holder's interest income in units of British pound
sterling. 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 U.S. Internal Revenue Service ("IRS").


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.

8
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 667, Tranche No.: 6
GBP 500,000,000 1.375 percent Notes due December 15, 2024

DC_LAN01:381244.2


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.
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 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
U.S.$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.
9
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 667, Tranche No.: 6
GBP 500,000,000 1.375 percent Notes due December 15, 2024
DC_LAN01:381244.2


Document Outline