Inter-American Dev - Issue of Debt
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RNS Number:6863P Inter-American Development Bank 07 March 2008 PRICING SUPPLEMENT Inter-American Development Bank Global Debt Program Series No.: 194 GBP32,000,000 Floating Rate Notes due December 20, 2017 (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 Gilt Edged and Fixed Interest Market Deutsche Bank The date of this Pricing Supplement is as of March 5, 2008 This Pricing Supplement ("Pricing Supplement") supplements the terms and conditions in, and incorporates by reference, the Prospectus dated January 8, 2001, and all documents incorporated by reference therein (the "Prospectus"), and should be read in conjunction with the Prospectus. Unless otherwise defined in this Pricing Supplement, terms used herein have the same meaning as in the Prospectus. This document is issued to give details of an issue by Inter-American Development Bank (the "Bank") under its Global Debt Program and to provide information supplemental to 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.: 194 2. Aggregate GBP32,000,000. Principal Amount: 3. Issue Price: GBP32,000,000, which is 100.00 percent of the Aggregate Principal Amount. 4. Issue Date: March 7, 2008. 5. Form of Notes Bearer only. (Condition 1(a)): The Notes will initially be represented by a temporary global note in bearer form (the "Temporary Bearer Global Note"). Interests in the Temporary Bearer Global Note will, not earlier than the Exchange Date, be exchangeable for interests in a permanent global note in bearer form (the "Permanent Bearer Global Note"). Interests in the Permanent Bearer Global Note will be exchangeable for definitive Notes in bearer form ("Definitive Bearer Notes"), in the following circumstances: (i) if the Permanent Bearer Global Note is held on behalf of a clearing system and such clearing system is closed for business for a continuous period of fourteen (14) days (other than by reason of holidays, statutory or otherwise) or announces its intention to permanently cease business or does in fact do so, by any such holder giving written notice to the Global Agent; and (ii) at the option of any such holder upon not less than sixty (60) days written notice to the Bank and the Global Agent from Euroclear and Clearstream, Luxembourg on behalf of such holder; provided that no such exchanges will be made by the Global Agent, and no Noteholder may require such an exchange, during a period of fifteen (15) days ending on the due date for any payment of principal on the Notes. 6. Authorized Denomination(s) (Condition 1(b)): GBP50,000 or any integral multiple thereof. 7. Specified Currency (Condition 1(d)): Sterling ("GBP") being the lawful currency of the United Kingdom. 8. Specified Principal Payment Currency (Conditions 1(d) and 7(h)): Sterling ("GBP"). 9. Specified Interest Payment Currency (Conditions 1(d) and 7(h)): Sterling ("GBP"). 10. Maturity Date (Condition 6(a)): December 20, 2017. 11. Interest Basis (Condition 5): Variable Interest Rate (Condition 5(II)). 12. Interest Commencement Date (Condition 5(III)): March 7, 2008. 13. Variable Interest Rate (Condition 5(II)): (a) Calculation Amount (if different than Principal Amount of the Note): GBP32,000,000. (b) Business Day Convention: Modified Following Business Day Convention. (c) Specified Interest Period: Not Applicable. (d) Interest Payment Date: Quarterly in arrear on March 20, June 20, September 20 and December 20 in each year, commencing on March 20, 2008, and with a short first coupon on March 20, 2008. (in respect to the determination of the Reference Rate for the Interest Period from and including the Interest Commencement Date to but excluding March 20, 2008 (being a short first Interest Period) the Reference Rate shall be calculated by the Calculation Agent by linear interpolation between the 1-Week GBP-LIBOR-BBA and the 2-Week GBP-LIBOR-BBA). Each Floating Rate Interest Payment Date is subject to adjustment in accordance with the Modified Following Business Day Convention. (e) Reference Rate: 3-Month GBP-LIBOR-BBA 3-Month GBP-LIBOR-BBA means the rate for deposits in GBP 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 first London Banking 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 GBP-LIBOR-BBA shall be determined on the basis of the rates at which deposits in GBP 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 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 GBP-LIBOR-BBA shall be the arithmetic mean of such quotations. If fewer than two quotations are provided as requested, the rate for 3-Month GBP-LIBOR-BBA shall be the arithmetic mean of the rates quoted by major banks in London, selected by the Calculation Agent, at approximately 11:00 a.m., London time, on the first day of the relevant Interest Period for loans in GBP to leading European banks for a period of 3 months 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 GBP-LIBOR-BBA 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. The calculations and determinations of the Calculation Agent shall (save in the case of manifest error) be final and binding upon all parties but all determinations made by the Calculation Agent shall be made in good faith. "1-Week GBP-LIBOR-BBA" shall be determined as set forth under "3-Month GBP-LIBOR-BBA" whereby references to "3-Month" or "3 months" shall be replaced by references to "1-Week" or "1 week" respectively. "2-Week GBP-LIBOR-BBA" shall be determined as set forth under "3-Month GBP-LIBOR-BBA" whereby references to "3-Month" or "3 months" shall be replaced by references to "2-Week" or "2 weeks" respectively. (f) Primary Source for Interest Rate Quotations for Reference Rate: Reuters. (g) Calculation Agent: See "7 Identity of Calculation Agent" under "Other Relevant Terms" Germany 14. Other Variable Interest Rate Terms (Conditions 5 (II) and (III)): (a) Spread: -0.3965 percent. (b) Variable Rate Day Count Act/365 Fraction if not actual/360: (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 The following should be read in Restrictions: conjunction with the more complete description contained in Exhibit D to the Standard Provisions dated January 8, 2001, which are incorporated by reference into the Terms Agreement. Under the provisions of Section 11(a) of the Inter-American Development Bank Act, (a) United States: 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, warrants 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 the 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 Gilt Edged and Fixed Interest Market. 2. Details of Clearance System Approved by the Bank and the Global Agent and Clearance and Settlement Procedures: Euroclear Bank SA/NV; Clearstream Banking, societe anonyme. 3. Syndicated: No. 4. Commissions and No commissions or concessions are payable Concessions: in respect of the Notes. The Dealer has arranged the swap and has been paid a fee in this respect. 5. Codes: (a) Common Code: 035169326 (b) ISIN: XS0351693261 (c) CUSIP: Not Applicable 6. Identity of Dealer: Deutsche Bank AG, London Branch 7. Identity of Calculation Agent Deutsche Bank Aktiengesellschaft (if not the Global Agent): Grosse Gallusstrasse 10-14 60272 Frankfurt am Main 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. 8. Provisions for Bearer Notes: a) Exchange Date: Not earlier than April 16, 2008, which is the date that is 40 days after the Issue Date b) Permanent Global Note: Yes c) Definitive Bearer Notes: No, except in the limited circumstances described in the Prospectus d) Individual Definitive Registered Notes: No e) Registered Global Notes: No 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, Belgium 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 Consequences 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 but will, depending on your circumstances, be "passive" or "general" income which, in either case, is treated separately from other types of 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, 2009 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 R. Bartholomew Title: General Manager and Chief Financial Officer, Finance Department This information is provided by RNS The company news service from the London Stock Exchange END IODUBSURWARORUR
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