
PRICING SUPPLEMENT
Global Debt Program
Series No: 865
Tranche No.: 7
Issue Price: 99.327 percent plus 294 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
The date of this Pricing Supplement is
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
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), which are expressly incorporated hereto, these are the only terms that form part of the form of Notes for such issue.
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1. |
Series No.: |
865 |
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Tranche No.: |
7 |
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2. |
Aggregate Principal Amount: |
As from the Issue Date, the Notes will be consolidated and form a single series with the Series 865 Tranche 1 Notes, the Series 865 Tranche 2 Notes, the Series 865 Tranche 3 Notes, the Series 865 Tranche 4 Notes, the Series 865 Tranche 5 Notes, and the Series 865 Tranche 6 Notes. |
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3. |
Issue Price: |
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4. |
Issue Date: |
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5. |
Form of Notes |
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6. |
New Global Note: |
No |
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7. |
Authorized Denomination(s) |
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8. |
Specified Currency |
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9. |
Specified Principal Payment Currency |
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10. |
Specified Interest Payment Currency |
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11. |
Maturity Date |
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12. |
Interest Basis |
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13. |
Interest Commencement Date |
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14. |
Fixed Interest Rate (Condition 5(I)): (a) Interest Rate: |
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(b) Fixed Rate Interest Payment Date(s): |
Annually in arrear on
Each Interest Payment Date is subject to the |
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(c)
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Following Business Day Convention |
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(d) Fixed Rate Day Count Fraction(s): |
Actual/Actual (ICMA)
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15. |
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16. |
Relevant Business Days: |
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17. |
Issuer's Optional Redemption (Condition 6(e)): |
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18. |
Redemption at the Option of the Noteholders (Condition 6(f)): |
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19. |
Governing Law: |
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Other Relevant Terms |
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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 |
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2. |
Details of Clearance System Approved by the Bank and the |
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3. |
Syndicated: |
No |
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4. |
Commissions and Concessions: |
No commissions or concessions are payable in respect to the Notes. An affiliate of the Dealer has arranged a swap with the Bank in connection with this transaction and will receive amounts thereunder that may comprise compensation. |
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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
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6. |
Codes: |
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(a) Common Code: |
259403499 |
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(b) ISIN: |
XS2594034998 |
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(c) CUSIP: |
ZL2667265 |
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7. |
Identity of Dealer: |
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8. |
Provisions for Registered Notes: |
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(a) Individual Definitive Registered Notes Available on Issue Date: |
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(b) DTC Global Note(s): |
No |
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(c) Other Registered Global Notes: |
Yes, issued in accordance with the Amended and Restated Global Agency Agreement, dated |
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9. |
Intended to be held in a manner which would allow Eurosystem eligibility: |
Not Applicable |
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10. |
Selling Restrictions: (a)
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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 |
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(b)
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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
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(c)
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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
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
In the case of the Notes being offered into |
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Products) Regulations 2018 of
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(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.
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General Information
Additional Information Regarding the Notes
1. Use of Proceeds
The net proceeds from the sale of the Notes will be included in the ordinary capital resources of the Bank and, will not be committed or earmarked for lending to, or financing of, any specific loans, projects or programs. The IDB, in partnership with its member countries, works to reduce poverty and inequalities in
The Bank's strategic priorities include social inclusion and equality, productivity and innovation and economic integration along with three cross-cutting issues: gender equality and diversity, climate change and environmental sustainability, and institutional capacity and the rule of law. Each strategic priority of the IDB aligns to at least one of the United Nations Sustainable Development Goals (SDGs), with all goals covered within the IDB institutional strategy, which may be adapted from time to time should the United Nations SDGs definition evolve.
All projects undertaken by the IDB go through the Bank's rigorous sustainability framework. The framework tracks measurable results, adherence to lending targets and the effectiveness of its environmental and social safeguards. IDB's administrative and operating expenses are currently covered entirely by IDB's various sources of revenue, consisting primarily of net interest margin and investment income (as more fully described in the Information Statement).
2. Additional Investment Considerations
Although the net proceeds from the sale of the Notes will be included in the ordinary capital resources of the Bank, used in its ordinary operations, the Notes may not satisfy an investor's requirements if the investor seeks to invest in assets with certain sustainability characteristics. No assurance is or can be given to investors that the use of proceeds will satisfy, whether in whole or in part, any present or future investor expectations or requirements regarding any investment criteria or guidelines applicable to any investor or its investments. In addition, no assurance is or can be given to investors that any projects undertaken by the Bank will meet any or all investor expectations regarding "sustainable" or other equivalently-labelled performance objectives or that any adverse environmental, social and/or other impacts will not occur during the implementation by the borrower or any other implementing entity of any projects. Furthermore, it should be noted that there is currently no clearly-defined definition (legal, regulatory or otherwise) of, nor market consensus as to what constitutes, a "sustainable" or an equivalently-labelled project or as to what precise attributes are required for a particular project to be defined as "sustainable" or such other equivalent label and if developed in the future, Notes may not comply with any such definition or label.
There can be no assurance that the net proceeds from the sale of any particular tranche of Notes will be totally or partially disbursed for any projects undertaken by the Bank within the term of such Notes. Not all projects undertaken by the Bank will be completed within the specified period or with the results or outcome as originally expected or anticipated by the Bank and some planned projects might not be completed at all. Each potential purchaser of the Notes should determine for itself the relevance of the information contained in this Prospectus regarding the use of proceeds and its purchase of the Notes should be based upon such investigation as it deems necessary.
3. Matters relating to
The Bank does not fall under the scope of application of the
For the purposes of this provision, (i) the expression "
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