Issue of Debt
Summary by AI BETAClose X
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 1096
USD 60,000,000 Multi Callable Zero Coupon Notes due October 27, 2046 (the “Notes”)
Issue Price: 100.00 percent
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 Regulated Market
TD Securities
The date of this Pricing Supplement is October 22, 2026
The Series 1096 Notes have been issued with original issue discount for U.S. tax purposes; therefore, the Notes are not intended to be sold or resold to persons subject to U.S. tax laws.
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 base prospectus for the purposes of Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”), the Public Offers and Admissions to Trading Regulations 2024, or the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook). 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.
UK MiFIR product governance / Professional investors and ECPs target market – See “General Information—Additional Information Regarding the Notes—Matters relating to 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), which are expressly incorporated hereto, these are the only terms that form part of the form of Notes for such issue.
1. |
Series No.: |
1096 | |
2. |
Aggregate Principal Amount: |
USD 60,000,000 | |
3. |
Issue Price: |
USD 60,000,000, which is 100.00 percent of the Aggregate Principal Amount
| |
4. |
Issue Date: |
October 27, 2026 | |
5. |
Form of Notes |
Registered only, as further provided in paragraph 8(c) of “Other Relevant Terms” below.
| |
6. |
New Global Note: |
No | |
7. |
Authorized Denomination(s) |
USD 1,000,000 and integral multiples thereof.
| |
8. |
Specified Currency |
| |
9. |
Specified Principal Payment Currency |
| |
10. |
Specified Interest Payment Currency |
| |
11. |
Maturity Date |
October 27, 2046
The Maturity Date is subject to the Business Day Convention, but with no adjustment to the amount of interest otherwise calculated.
| |
12. |
Interest Basis |
Zero Coupon (Condition 5(IV))
The Notes constitute “Par Zero Coupon Notes” under the Conditions.
| |
13. |
Zero Coupon (Conditions 5(IV) and 6(c)): |
| |
|
(a) Amortization Yield: |
6.236 percent per annum
| |
|
(b) Reference Price: |
Issue Price
| |
|
(c) Basis: |
Compounded annually
| |
14. |
Relevant Financial Center: |
London and New York
| |
15. |
Relevant Business Days: |
London and New York
| |
16. |
Redemption Amount (Condition 6(a)): |
Unless previously redeemed or purchased and cancelled as specified in the Terms and Conditions, the Notes will be redeemed by the Bank by payment of the Redemption Amount on the Maturity Date. The Redemption Amount will be USD 201,180,301.99, being 335.30050332 percent of the Aggregate Principal Amount, subject to Item 17 (Issuer’s Optional Redemption) below.
| |
17. |
Issuer’s Optional Redemption (Condition 6(e)): |
Yes, in whole but not in part | |
(a) Notice Period: |
No less than five (5) Relevant Business Days prior to the Optional Redemption Date
| ||
(b) Amount: |
100.00 percent per Authorized Denomination
| ||
(c) Date(s): |
October 27 in each year, commencing on October 27, 2031, up to and including October 27, 2045.
| ||
(d) Early Redemption Amount: |
October 27, 2031 |
USD 81,191,357.30 which is 135.31892883 percent of the Aggregate Principal Amount
| |
October 27, 2032
|
USD 86,254,450.35 which is 143.75741725 percent of the Aggregate Principal Amount
| ||
October 27, 2033 |
USD 91,633,277.87 which is 152.72212978 percent of the Aggregate Principal Amount
| ||
October 27, 2034 |
USD 97,347,529.08 which is 162.24588180 percent of the Aggregate Principal Amount
| ||
October 27, 2035 |
USD 103,418,120.99 which is 172.36353498 percent of the Aggregate Principal Amount
| ||
October 27, 2036 |
USD 109,867,275.02 which is 183.11212503 percent of the Aggregate Principal Amount
| ||
October 27, 2037 |
USD 116,718,598.29 which is 194.53099715 percent of the Aggregate Principal Amount
| ||
October 27, 2038 |
USD 123,997,170.07 which is 206.66195012 percent of the Aggregate Principal Amount
| ||
October 27, 2039 |
USD 131,729,633.60 which is 219.54938933 percent of the Aggregate Principal Amount
| ||
October 27, 2040 |
USD 139,944,293.55 which is 233.24048925 percent of the Aggregate Principal Amount
| ||
October 27, 2041 |
USD 148,671,219.70 which is 247.78536617 percent of the Aggregate Principal Amount
| ||
|
October 27, 2042 |
USD 157,942,356.96 which is 263.23726160 percent of the Aggregate Principal Amount
| |
October 27, 2043 |
USD 167,791,642.34 which is 279.65273723 percent of the Aggregate Principal Amount
| ||
October 27, 2044 |
USD 178,255,129.15 which is 297.09188192 percent of the Aggregate Principal Amount
| ||
October 27, 2045
|
USD 189,371,119.01 which is 315.61853168 percent of the Aggregate Principal Amount
| ||
18. |
Redemption at the Option of the Noteholders (Condition 6(f)): |
No
| |
19. |
Early Redemption Amount (including accrued interest, if applicable) (Condition 9): |
In the event of any Note becoming due and payable prior to the Maturity Date in accordance with Condition 9 (but, for the avoidance of doubt, not Condition 6(e)), the Early Redemption Amount will be an amount equal to the Amortized Face Amount of such Note (calculated in accordance with Condition 6(c)).
| |
20. |
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 Regulated Market.
| |
2. |
Details of Clearance System Approved by the Bank and the |
Euroclear Bank SA/NV and/or Clearstream Banking, Luxembourg
| |
3. |
Syndicated: |
No | |
4. |
Commissions and Concessions: |
No commissions or concessions are payable in respect of 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.
| |
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) ISIN: |
XS3543729597 | |
|
(b) Common Code: |
354372959 | |
7. |
Identity of Dealer: |
The Toronto-Dominion Bank | |
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 as of July 28, 2020, as may be amended from time to time, between the Bank, Citibank, N.A., London Branch 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.
The Issuer and the Dealer have agreed that the Series 1096 Notes will not be offered, sold or distributed by the Dealer, directly or indirectly, in the United States of America, its territories or possessions, or to, or for the account or benefit of, persons subject to U.S. tax laws in respect of the interest income on the Notes.
| |
|
(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
- Matters relating to UK MiFIR
The Bank does not fall under the scope of application of the UK MiFIR regime. Consequently, the Bank does not qualify as an “investment firm”, “manufacturer” or “distributor” for the purposes of UK MiFIR.
UK MiFIR product governance / 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 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 European Union (Withdrawal) Act 2018, as amended, 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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