Issue of Debt
Summary by AI BETAClose X
PRICING SUPPLEMENT
Inter-American Development Bank
Global Debt Program
Series No: 877
Tranche No.: 9
GBP 50,000,000 5.000 percent Notes due July 20, 2030 (the "Notes") as from July 28, 2026 to be consolidated and form a single series with the Bank's GBP 400,000,000 5.000 percent Notes due July 20, 2030, issued on July 20, 2023 (the "Series 877 Tranche 1 Notes"), the Bank's GBP 100,000,000 5.000 percent Notes due July 20, 2030, issued on March 22, 2024 (the "Series 877 Tranche 2 Notes"), the Bank's GBP 300,000,000 5.000 percent Notes due July 20, 2030, issued on March 19, 2025 (the "Series 877 Tranche 3 Notes"), the Bank's GBP 50,000,000 5.000 percent Notes due July 20, 2030, issued on April 11, 2025 (the "Series 877 Tranche 4 Notes"), the Bank's GBP 100,000,000 5.000 percent Notes due July 20 2030, issued on May 16, 2025 (the "Series 877 Tranche 5 Notes"), the Bank's GBP 100,000,000 5.000 percent Notes due July 20 2030, issued on July 24, 2025 (the "Series 877 Tranche 6 Notes"), the Bank's GBP 100,000,000 5.000 percent Notes due July 20 2030, issued on April 10, 2026 (the "Series 877 Tranche 7 Notes"), and the Bank's GBP 50,000,000 5.000 percent Notes due July 20, 2030, issued on July 17, 2026 (the "Series 877 Tranche 8 Notes")
Issue Price: 101.703 percent plus 8 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
BMO Capital Markets
The date of this Pricing Supplement is July 23, 2026.
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 / Retail investors, 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.
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1. |
Series No.: |
877 |
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Tranche No.: |
9 |
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2. |
Aggregate Principal Amount:
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GBP 50,000,000 As from the Issue Date, the Notes will be consolidated and form a single series with the Series 877 Tranche 1 Notes, Series 877 Tranche 2 Notes, Series 877 Tranche 3 Notes, Series 877 Tranche 4 Notes, Series 877 Tranche 5 Notes, Series 877 Tranche 6 Notes, Series 877 Tranche 7 Notes, and Series 877 Tranche 8. |
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3. |
Issue Price:
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GBP 50,906,500.00, which amount represents the sum of (a) 101.703 percent of the Aggregate Principal Amount plus (b) the amount of GBP 55,000.00 representing 8 days' accrued interest, inclusive. |
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4. |
Issue Date:
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July 28, 2026 |
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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) |
GBP 1,000 and integral multiples thereof |
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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 July 20 in each year, commencing on July 20, 2027, 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 |
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(c) Business Day Convention: |
Following Business Day Convention |
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(d) Fixed Rate Day Count Fraction(s): |
Actual/Actual (ICMA)
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15. |
Relevant Financial Center: |
London and New York |
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16. |
Relevant Business Days: |
London and New York |
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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: |
New York |
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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 London Stock Exchange plc's UK Main Market with effect from the Issue Date. |
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2. |
Details of Clearance System Approved by the Bank and the |
Euroclear Bank SA/NV and Clearstream Banking S.A. |
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3. |
Syndicated: |
No |
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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. |
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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 London Stock Exchange listing fees, if applicable. |
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6. |
Codes: |
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(a) Common Code: |
265198317 |
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(b) ISIN: |
XS2651983178 |
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(c) CUSIP |
ZJ7430169 |
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7. |
Identity of Dealer: |
Bank of Montreal, London Branch |
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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 July 28, 2020, as may be amended from time to time, among the Bank, Citibank, N.A., as Global Agent, and the other parties thereto. |
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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) 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. |
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(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.
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(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).
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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. 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 / 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 and eligible counterparties, each 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.
2. 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 Bank, in partnership with its member countries, works to reduce poverty and inequalities in Latin America and the Caribbean by promoting economic and social development in a sustainable, climate-friendly way.
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 Bank aligns to at least one of the United Nations Sustainable Development Goals ("SDGs"), with all goals covered within the Bank's institutional strategy, which may be adapted from time to time should the United Nations SDGs definition evolve.
All projects undertaken by the Bank 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. The Bank's administrative and operating expenses are currently covered entirely by the Bank's various sources of revenue, consisting primarily of net interest margin and investment income (as more fully described in the Bank's Information Statement).
3. 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.
INTER-AMERICAN DEVELOPMENT BANK
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