• 24 Sep 25
 

Inter-American Dev - Issue of Debt


 
RNS Number : 6844A
Inter-American Development Bank
24 September 2025
 

 

 

 

PRICING SUPPLEMENT

Inter-American Development Bank

Global Debt Program

Series No: 887

 

Tranche No.: 7

 

GBP 50,000,000 4.750 percent Notes due October 5, 2029 (the "Notes")

as from September 24, 2025 to be consolidated and form a single series with the Bank's GBP 300,000,000 4.750 percent Notes due October 5, 2029, issued on November 2, 2023 (the "Series 887 Tranche 1 Notes"), the Bank's GBP 200,000,000 4.750 percent Notes due October 5, 2029, issued on March 15, 2024 (the "Series 887 Tranche 2 Notes"), the Bank's GBP 200,000,000 4.750 percent Notes due October 5, 2029, issued on June 17, 2024 (the "Series 887 Tranche 3 Notes"), the Bank's GBP 450,000,000 4.750 percent Notes due October 5, 2029, issued on January 10, 2025 (the "Series 887 Tranche 4 Notes"), the Bank's GBP 50,000,000 4.750 percent Notes due October 5, 2029, issued on April 3, 2025 (the "Series 887 Tranche 5 Notes"), and the Bank's GBP 75,000,000 4.750 percent Notes due October 5, 2029, issued on June 17, 2025 (the "Series 887 Tranche 6 notes").

 

 

Issue Price: 102.475 percent plus 354 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
UK Main Market

 

 

 

Santander

 

The date of this Pricing Supplement is September 19, 2025.

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 July 28, 2020 (the "Prospectus") (which for the avoidance of doubt does not constitute a prospectus for the purposes of Part VI of the United Kingdom ("UK") Financial Services and Markets Act 2000 or a base prospectus for the purposes of Regulation (EU) 2017/1129  (as amended, the "Prospectus Regulation") or the Prospectus Regulation as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA")).  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 and UK MiFIR product governance / Retail investors, professional investors and ECPs target market - See "General Information-Additional Information Regarding the Notes-Matters relating to MiFID II and UK MiFIR" 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.  Together with the applicable Conditions (as defined above), these are the only terms that form part of the form of Notes for such issue. 

 

 

1.

Series No.:

887

 

 

Tranche No.:

7

 

2.

Aggregate Principal Amount:

GBP 50,000,000

As from the Issue Date, the Notes will be consolidated and form a single series with the Series 887 Tranche 1 Notes, the Series 887 Tranche 2 Notes, the Series 887 Tranche 3 Notes, the Series 887 Tranche 4 Notes, the Series 887 Tranche 5 Notes, and the Series 887 Tranche 6 Notes.

 

3.

Issue Price:

GBP 53,541,000.00, which amount represents the sum of (a) 102.475 percent of the Aggregate Principal Amount plus (b) the amount of GBP 2,303,500.00 representing 354 days' accrued interest, inclusive.

 

4.

Issue Date:

September 24, 2025

 

5.

Form of Notes
(Condition 1(a)):


Registered only, as further provided in paragraph 8(c) of "Other Relevant Terms" below.

 

6.

New Global Note:

No

 

7.

Authorized Denomination(s)
(Condition 1(b)):

 

GBP 1,000 and integral multiples thereof

 

8.

Specified Currency
(Condition 1(d)):


Pound sterling ("GBP") being the lawful currency of the United Kingdom of Great Britain and Northern Ireland

 

9.

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


GBP

 

10.

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


GBP

 

11.

Maturity Date
(Condition 6(a); Fixed Interest Rate):


October 5, 2029

 

12.

Interest Basis
(Condition 5):


Fixed Interest Rate (Condition 5(I))

 

13.

Interest Commencement Date
(Condition 5(III)):


October 5, 2024

 

14.

Fixed Interest Rate (Condition 5(I)):

(a)        Interest Rate:



4.750 percent per annum

 

 

(b)        Fixed Rate Interest Payment Date(s):

 

Annually in arrear on October 5 in each year, commencing on October 5, 2025, up to and including the Maturity Date.

 

Each Interest Payment Date is subject to the Business Day Convention, but with no adjustment to the amount of interest otherwise calculated.

 

 

 

(c)        Business Day Convention:

Following Business Day Convention

 

 

(d)       Fixed Rate Day Count Fraction(s):

 

Actual/Actual (ICMA)

 

 

15.

Relevant Financial Center:

London and New York

 

16.

Relevant Business Days:

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

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 UK Main Market with effect from the Issue Date.

2.

Details of Clearance System Approved by the Bank and the
Global Agent and Clearance and
Settlement Procedures:

 

 

 

 

Euroclear Bank SA/NV and Clearstream Banking S.A.

 

3.

Syndicated:

No

4.

Commissions and Concessions:

No commissions or concessions are payable in respect of the Notes.

5.

Estimated Total Expenses:

The Dealer has agreed to pay for all material expenses related to the issuance of the Notes, except the Issuer will pay for the London Stock Exchange listing fees, if applicable.

6.

Codes:



(a)        Common Code:

271135688


(b)        ISIN:

XS2711356886


(c)        CUSIP:

ZH6905702

7.

Identity of Dealer

Banco Santander, S.A.

8.

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 Amended and Restated Global Agency Agreement, dated July 28, 2020, among the Bank, Citibank, N.A., as Global Agent, and the other parties thereto.

9.

Intended to be held in a manner which would allow Eurosystem eligibility:

 

Not Applicable

10.

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 (a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the "FSMA")) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Bank, and (b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to such Notes in, from or otherwise involving the UK.

 

 

(c)        Singapore:

The Dealer represents, warrants and agrees, that it has not offered or sold any Notes or caused the Notes to be made the subject of an invitation for subscription or purchase and will not offer or sell any Notes or cause the Notes to be made the subject of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute the Prospectus, this Pricing Supplement or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Notes, whether directly or indirectly, to any person in Singapore other than: (i) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 274 of the SFA or (ii) to an accredited investor (as defined in Section 4A of the SFA) pursuant to and in accordance with the conditions specified in Section 275 of the SFA and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018 of Singapore.

 

Investors should note that there may be restrictions on the secondary sale of the Notes under Section 276 of the SFA.

 

Any reference to the SFA is a reference to the Securities and Futures Act 2001 of Singapore and a reference to any term that is defined in the SFA or any provision in the SFA is a reference to that term or provision as amended or modified from time to time including by such of its subsidiary legislation as may be applicable at the relevant time.

 

In the case of the Notes being offered into Singapore in a primary or subsequent distribution, and solely for the purposes of its obligations pursuant to Section 309B of the SFA, the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A of the SFA) that the Notes are "prescribed capital markets products" (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

 

 

(d)       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.

 




General Information

Additional Information Regarding the Notes

1.       Matters relating to MiFID II and UK MiFIR

The Bank does not fall under the scope of application of either the MiFID II or the UK MiFIR regime.  Consequently, the Bank does not qualify as an "investment firm", "manufacturer" or "distributor" for the purposes of MiFID II or UK MiFIR.

MiFID II product governance / Retail investors, professional investors and ECPs target market - Solely for the purposes of the EU manufacturer's 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 EU manufacturer's 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 EU manufacturer's target market assessment) and determining appropriate distribution channels.

For the purposes of this provision, the expression "EU manufacturer" means the Dealer and the expression "MiFID II" means Directive 2014/65/EU, as amended.

UK MiFIR product governance / Retail investors, professional investors and ECPs target market - Solely for the purposes of the UK manufacturer's 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 retail clients, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK domestic law by virtue of the EUWA, eligible counterparties, as defined in COBS, and professional clients, as defined in UK MiFIR; 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 UK manufacturer's target market assessment; however, a distributor subject to the UK MiFIR Product Governance Rules is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the UK manufacturer's target market assessment) and determining appropriate distribution channels.

For the purposes of this provision, (i) the expression "UK manufacturer" means the Dealer, (ii) the expression "COBS" means the FCA Handbook Conduct of Business Sourcebook, (iii) the expression "UK MiFIR" means Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA and (iv) the expression "UK MiFIR Product Governance Rules" means the FCA Handbook Product Intervention and Product Governance Sourcebook.

 

INTER-AMERICAN DEVELOPMENT BANK

 

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