29 Nov 2012

Issue of Debt

Source: RNS
RNS Number : 2692S
Inter-American Development Bank
28 November 2012
 



PRICING SUPPLEMENT

Inter-American Development Bank

Global Debt Program

Series No: 428

U.S.$500,000,000 Floating Rate Notes due October 15, 2015
(the "Notes")

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

 

 

 

Credit Suisse

 

 

 

 


The date of this Pricing Supplement is November 20, 2012.

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) which are incorporated by reference into the Inter-American Development Bank's (the "Bank") United Kingdom Listing Authority Listing Particulars dated August 7, 2012 (the "Listing Particulars").  This Pricing Supplement must be read in conjunction with the Prospectus and the Listing Particulars.  This document is issued to give details of an issue by the Bank under its Global Debt Program and to provide information supplemental to the Prospectus and the Listing Particulars.  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, the Listing Particulars 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.:


428

2.         Aggregate Principal Amount:


U.S.$500,000,000

3.         Issue Price:


U.S.$500,000,000, which is 100.00 percent of the Aggregate Principal Amount

 

4.         Issue Date:


November 27, 2012

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 or any integral multiple thereof

7.         Specified Currency
(Condition 1(d)):


United States Dollars (U.S.$ or USD) being the lawful currency of the United States of America

 

8.         Specified Principal Payment Currency
(Conditions 1(d) and 7(h)):


USD

9.         Specified Interest Payment Currency
(Conditions 1(d) and 7(h)):


USD

10.       Maturity Date
(Condition 6(a)):


October 15, 2015

11.       Interest Basis
(Condition 5):


Variable Interest Rate (Condition 5(II))

12.       Interest Commencement Date 
(Condition 5(III)):


Issue Date (November 27, 2012)

13.       Variable Interest Rate (Condition 5(II)):



(a)        Calculation Amount (if different than Principal Amount of the Note):


Not Applicable

(b)        Business Day Convention:


Modified Following Business Day Convention

(c)        Specified Interest Period:


Not Applicable

(d)        Interest Payment Date:


Quarterly in arrear on January 15, April 15, July 15, and October 15 in each year, commencing on January 15, 2013, 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; provided, however, that the Reference Rate applicable to the first Interest Period shall be determined by linear interpolation between 1-Month USD-LIBOR-BBA and 2-Month USD-LIBOR-BBA based on the number of days in such first Interest Period.

 "1-Month USD-LIBOR-BBA" means the rate for deposits in USD for a period of 1 month 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;

"2-Month USD-LIBOR-BBA" means the rate for deposits in USD for a period of 2 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;

"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 (or 1-Month USD-LIBOR-BBA or 2-Month USD-LIBOR-BBA, as the case may be) 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 (or 1 month or 2 months, as the case may be) 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 (or 1-Month USD-LIBOR-BBA or 2-Month USD-LIBOR-BBA, as the case may be) 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 (or 1-Month USD-LIBOR-BBA or 2-Month USD-LIBOR-BBA, as the case may be) 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 (or 1 month or 2 months, as the case may be) 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 (or 1-Month USD-LIBOR-BBA or 2-Month USD-LIBOR-BBA, as the case may be) 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:


minus (-) 0.02 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:


London and New York

 

17.       Issuer's Optional Redemption (Condition 6(e)):


No

 

18.       Redemption at the Option of the Noteholders (Condition 6(f)):


No

 

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 Approved by the Bank and the Global Agent and Clearance and Settlement Procedures:


Euroclear Bank S.A./N.V.; Clearstream Banking, société 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 material expenses related to the issuance of the Notes.

 

6.         Codes:


 

 

(a)        CUSIP


458182DS8

(b)        Common Code:


085758861

(c)        ISIN:


XS0857588619

7.         Identity of Dealer:


Credit Suisse Securities (Europe) Limited

8.         Identity of Calculation Agent:


The Global Agent, Citibank, 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.         Provisions for Registered Notes:


 

 

(a)  Individual Definitive Registered Notes Available on Issue Date:


No

(b)  DTC Global Note(s):


No.

 

(c)  Other Registered Global Notes:


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.

 

 

General Information

Additional Information Regarding the Notes

1.         The EU has adopted a Directive regarding the taxation of savings income (the "Savings Directive").  The Savings Directive requires Member States (as defined below) to provide to the tax authorities of other Member States details of payments of interest and other similar income paid by a person to an individual in another Member State, except that Austria and Luxembourg will instead impose a withholding system for a transitional period unless during such period they elect otherwise.

The Bank undertakes that it will ensure that it maintains a paying agent in a country which is a member of the European Union (a "Member State") that will not be obliged to withhold or deduct tax pursuant to the Savings Directive.

2.         United States Federal Income Tax Matters

A) United States Internal Revenue Service Circular 230 Notice: To ensure compliance with Internal Revenue Service Circular 230, prospective investors are hereby notified that: (a) any discussion of U.S. federal tax issues contained or referred to in this Pricing Supplement, the Prospectus or any other document referred to herein is not intended or written to be used, and cannot be used, by prospective investors for the purpose of avoiding penalties that may be imposed on them under the United States Internal Revenue Code; (b) such discussions are written for use in connection with the promotion or marketing of the transactions or matters addressed herein; and (c) prospective investors should seek advice based on their particular circumstances from an independent tax advisor.

B) The "Tax Matters" section of the Prospectus and any tax disclosure in 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.

C) 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 read as follows: "Interest paid by the Bank on the Notes constitutes income from sources outside the United States and will, depending on the circumstances, be "passive" or "general" income for purposes of computing the foreign tax credit."

D) Due to a change in law since the date of the Prospectus, the fourth paragraph of "-Purchase, Sale and Retirement of the Notes" under the United States Holders section should be read as follows: "Capital gain of a noncorporate United States holder that is recognized in taxable years beginning before January 1, 2013 is generally taxed at a maximum rate of 15% where the holder has a holding period greater than one year."

 

INTER-AMERICAN DEVELOPMENT BANK



By:_________________________________

Name:          Edward Bartholomew      

Title:             Chief Financial Officer and General Manager,

                           Finance Department

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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