Obligation Interamerican Development Bank 1.25% ( XS1991124063 ) en GBP

Interamerican Development Bank

97.24 % ▼

Etats-unis

XS1991124063 ( en GBP )

1.25% par an ( paiement annuel )

14/12/2025 - Obligation échue

Prospectus brochure de l'obligation Inter-American Development Bank (IDB) XS1991124063 en GBP 1.25%, échue

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 XS1991124063, paye un coupon de 1.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 14/12/2025

EXECUTION VERSION

PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 706
Tranche No.: 4

GBP 500,000,000 1.250 percent Notes due December 15, 2025 (the "Notes") as from
February 24, 2020 to be consolidated and form a single series with the Bank's
GBP 500,000,000 1.250 percent Notes due December 15, 2025, issued on May 14, 2019
(the "Series 706 Tranche 1 Notes"), the Bank's GBP 100,000,000 1.250 percent Notes
due December 15, 2025, issued on August 2, 2019 (the "Series 706 Tranche 2 Notes")
and the Bank's GBP 100,000,000 1.250 percent Notes due December 15, 2025, issued on
November 6, 2019 (the "Series 706 Tranche 3 Notes")

Issue Price: 102.816 percent plus 71 days' 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

NatWest Markets
RBC Capital Markets

The date of this Pricing Supplement is February 19, 2020.
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 706, Tranche No.: 4
GBP 500,000,000 1.250 percent Notes due December 15, 2025

DC_LAN01:382124.2

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 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.
(a) Series No.:
706
(b) Tranche No.:
4
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 706 Tranche 1 Notes, the Series
706 Tranche 2 Notes and the Series 706
Tranche 3 Notes.
3.
Issue Price:
GBP 515,292,431.69 which amount
represents the sum of (a) 102.816 percent of
the Aggregate Principal Amount plus (b) the
amount of GBP 1,212,431.69 representing
71 days' accrued interest, inclusive.
4.
Issue Date:
February 24, 2020
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PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 706, Tranche No.: 4
GBP 100,000,000 1.250 percent Notes due December 15, 2025

DC_LAN01:382124.2

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)
GBP 100,000 and integral multiples of GBP
(Condition 1(b)):
1,000 in excess thereof
7.
Specified Currency

(Condition 1(d)):
Pound sterling (GBP) being the lawful
currency of 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, 2025
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:
1.250 percent per annum

(b) Fixed Rate Interest Payment
Annually in arrear on December 15 in each
Date(s):
year, 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.
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PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 706, Tranche No.: 4
GBP 100,000,000 1.250 percent Notes due December 15, 2025

DC_LAN01:382124.2

(c) Fixed Rate Day Count
Actual/Actual (ICMA)
Fraction(s):

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
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 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.

4
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 706, Tranche No.: 4
GBP 100,000,000 1.250 percent Notes due December 15, 2025

DC_LAN01:382124.2

(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 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.
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")."
5
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 706, Tranche No.: 4
GBP 100,000,000 1.250 percent Notes due December 15, 2025

DC_LAN01:382124.2

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.
6
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 706, Tranche No.: 4
GBP 100,000,000 1.250 percent Notes due December 15, 2025

DC_LAN01:382124.2

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
Approved by the Bank and the
Euroclear Bank SA/NV and Clearstream
Global Agent and Clearance and
Banking S.A.
Settlement Procedures:

3.
Syndicated:
Yes
4.
If Syndicated:

(a) Liability:
Several and not joint

(b) Managers:
NatWest Markets Plc
RBC Europe Limited
5.
Commissions and Concessions:
0.041% 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:
199112406

(b) ISIN:
XS1991124063
8.
Identity of Managers:
NatWest Markets Plc
RBC Europe Limited

9.
Provisions for Registered Notes:

7
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 706, Tranche No.: 4
GBP 100,000,000 1.250 percent Notes due December 15, 2025

DC_LAN01:382124.2

(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 the Global
Notes:
Agency 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.
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.

8
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 706, Tranche No.: 4
GBP 100,000,000 1.250 percent Notes due December 15, 2025

DC_LAN01:382124.2

2.
United States Federal Income Tax Matters

The following supplements the discussion under the "Tax Matters" section of the
Prospectus regarding the United States 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 United States federal, state, and local tax laws and non-United States 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. However, the portion of the first interest payment
on the Notes that represents a return of the 71 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 amount received in respect of such accrued interest differs from the U.S. dollar value
of the amount paid by the holder in respect of such interest. Any such difference should
give rise to United States source foreign currency gain or loss.

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
Notes' yield to maturity. Because the Notes are denominated in GBP, a United States
holder would compute such holder's amortizable bond premium in units of GBP, and the
United States holder's amortizable bond premium would reduce such holder's interest
income in units of GBP. 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 Internal Revenue Service.
9
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 706, Tranche No.: 4
GBP 100,000,000 1.250 percent Notes due December 15, 2025

DC_LAN01:382124.2

Because the Notes are denominated in GBP, 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.

Upon a sale or retirement of the Notes, a United States holder will generally
recognize gain or loss equal to the difference, if any, between (i) the U.S. dollar amount
realized on the sale or retirement (other than amounts attributable to accrued but unpaid
interest, which would be treated as the receipt of interest, or in the case of a disposition
prior to the first interest payment, as the receipt of Pre-Issuance Accrued Interest) and (ii)
the United States holder's adjusted 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 States holder, reduced by any bond premium that the United States holder
previously amortized with respect to the Notes and reduced by any Pre-Issuance Accrued
Interest that was previously received by the United States holder. 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 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
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.
10
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 706, Tranche No.: 4
GBP 100,000,000 1.250 percent Notes due December 15, 2025

DC_LAN01:382124.2