Obligation Interamerican Development Bank 1.25% ( XS1835964625 ) en GBP

Interamerican Development Bank

100 % ⇌

Etas-Unis

XS1835964625 ( en GBP )

1.25% par an ( paiement annuel )

15/12/2023 - Obligation échue

Prospectus brochure de l'obligation Inter-American Development Bank (IDB) XS1835964625 en GBP 1.25%, échue

1 000 GBP

1 650 000 000 GBP

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 ( Etas-Unis ) , en GBP, avec le code ISIN XS1835964625, paye un coupon de 1.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 15/12/2023

EXECUTION VERSION

PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No.: 655
Tranche No: 10

GBP 100,000,000 1.250 percent Notes due December 15, 2023 (the "Notes"), as from
November 22, 2019, to be consolidated and form a single series with the Bank's GBP
300,000,000 1.250 percent Notes due December 15, 2023, issued on June 19, 2018 (the
"Series 655 Tranche 1 Notes"), the Bank's GBP 125,000,000 1.250 percent Notes due
December 15, 2023, issued on July 12, 2018 (the "Series 655 Tranche 2 Notes"), the
Bank's GBP 100,000,000 1.250 percent Notes due December 15, 2023, issued on July
25, 2018 (the "Series 655 Tranche 3 Notes"), the Bank's GBP 100,000,000 1.250 percent
Notes due December 15, 2023, issued on August 9, 2018 (the "Series 655 Tranche 4
Notes"), the Bank's GBP 150,000,000 1.250 percent Notes due December 15, 2023,
issued on October 4, 2018 (the "Series 655 Tranche 5 Notes"), the Bank's GBP
225,000,000 1.250 percent Notes due December 15, 2023, issued on March 18, 2019 (the
"Series 655 Tranche 6 Notes"), the Bank's GBP 500,000,000 1.250 percent Notes due
December 15, 2023, issued on April 17, 2019 (the "Series 655 Tranche 7 Notes"), the
Bank's GBP 150,000,000 1.250 percent Notes due December 15, 2023, issued on
October 7, 2019 (the "Series 655 Tranche 8 Notes"), and the Bank's GBP 170,000,000
1.250 percent Notes due December 15, 2023, issued on November 5, 2019 (the "Series
655 Tranche 9 Notes")

Issue Price: 101.478 percent plus 342 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

HSBC
TD Securities
The date of this Pricing Supplement is November 19, 2019.
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 655, Tranche No.: 10
GBP 100,000,000 1.250 percent Notes due December 15, 2023

DC_LAN01:380460.2

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.:
655

(b) Tranche No.:
10
2.
Aggregate Principal Amount:
GBP 100,000,000
As from the Issue Date, the Notes will be
consolidated and form a single series with
the Series 655 Tranche 1 Notes, the Series
655 Tranche 2 Notes, the Series 655
Tranche 3 Notes, the Series 655 Tranche 4
Notes, the Series 655 Tranche 5 Notes, the
Series 655 Tranche 6 Notes, the Series 655
Tranche 7 Notes, the Series 655 Tranche 8
Notes, and the Series 655 Tranche 9 Notes.
3.
Issue Price:
GBP 102,649,232.88, which amount
represents the sum of (a) 101.478 percent of
the Aggregate Principal Amount plus (b) the
amount of GBP 1,171,232.88 representing
342 days' accrued interest, inclusive.
2
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 655, Tranche No.: 10
GBP 100,000,000 1.250 percent Notes due December 15, 2023

DC_LAN01:380460.2

4.
Issue Date:
November 22, 2019
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)

(Condition 1(b)):
GBP 1,000 and integral multiples 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, 2023
11. Interest Basis

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

(Condition 5(III)):
December 15, 2018
13. Fixed Interest Rate (Condition 5(I)):

(a) Interest Rate:
1.250 percent per annum
3
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 655, Tranche No.: 10
GBP 100,000,000 1.250 percent Notes due December 15, 2023

DC_LAN01:380460.2

(b) Fixed Rate Interest Payment
Annually in arrear on December 15 in each
Date(s):
year, commencing on December 15, 2019,
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
Actual/Actual (ICMA)
Fraction(s):

14. Relevant Financial Center:
New York and London
15. Relevant Business Days:
New York and London
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 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.

4
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 655, Tranche No.: 10
GBP 100,000,000 1.250 percent Notes due December 15, 2023

DC_LAN01:380460.2

(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 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")."
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PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 655, Tranche No.: 10
GBP 100,000,000 1.250 percent Notes due December 15, 2023

DC_LAN01:380460.2

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: 655, Tranche No.: 10
GBP 100,000,000 1.250 percent Notes due December 15, 2023

DC_LAN01:380460.2

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:
HSBC Bank plc
The Toronto-Dominion Bank
5.
Commissions and Concessions:
0.040 percent 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:
183596462

(b) ISIN:
XS1835964625
8.
Identity of Managers:
HSBC Bank plc
The Toronto-Dominion Bank

9.
Provisions for Registered Notes:

7
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 655, Tranche No.: 10
GBP 100,000,000 1.250 percent Notes due December 15, 2023

DC_LAN01:380460.2

(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: 655, Tranche No.: 10
GBP 100,000,000 1.250 percent Notes due December 15, 2023

DC_LAN01:380460.2

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 342 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.

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 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
9
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 655, Tranche No.: 10
GBP 100,000,000 1.250 percent Notes due December 15, 2023

DC_LAN01:380460.2

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 ("IRS").

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 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 States holder, reduced by any bond premium
that the United States holder previously amortized with respect to the Notes, and 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.

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.

10
PRICING SUPPLEMENT
Inter-American Development Bank Global Debt Program Series No: 655, Tranche No.: 10
GBP 100,000,000 1.250 percent Notes due December 15, 2023

DC_LAN01:380460.2

Document Outline

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