Commentary & Deal Flow

Reoffer: 5yr: SOFR MS+30bp / 99.898 / 4.27%
Benchmark: 5yr: T 4.125 31-May-31 @ 99-18+ / 4.22% / B+5bp / HR 103%

Launched: 5yr: US$3bn @ SOFR MS+30bp - Books closed > US$4.9bn (excl JLM)
Spread set at: 5yr: SOFR MS+30bp - Books > US$5bn (excl JLM interest)
Guidance: 5yr: SOFR MS+31bp - IOIs > US$3.8bn (excl JLM)
IPTs: 5yr: MS+32a (currently equivalent to ~CT5+6.97bp)

• Issuer: Inter-American Development Bank (IADB)
• Issue Ratings: Aaa/AAA (Moody's/S&P - stable/stable)
• Format: Global (SEC Exempt) Sustainable Development Bond
• Size: US$3bn
• Maturity: 11-Aug-31
• Settlement: 10-Jun-26 (T+5)
• Coupon: 4.25%, Fixed %, SA 30/360, Long first on 11-Feb-27
• Spread: SOFR MS SA 30/360 +30bp
• Reoffer: 99.898% / 4.270% semi
• CT5 Spread: T 4.125 31-May-31 Govt +5.0bp (Ref: 99-18+ / 4.22% semi, HR 103%)
• Listing: London Stock Exchange's Regulated Market
• Denominations: US$1k
• Docs: Issuer's Global Debt Programme
• Law: New York
• ISIN / CUSIP: US4581X0FA13 / 4581X0FA1
• Leads: BofA / BNP / Scotiabank / WFS (DM/B&D)
• Clearing: Fedwire, Euroclear, Clearstream
• Timing: Priced. TOE 12:06 EST / 17:06 LDN. FTT immediately
• UoP: IDB's mission is to improve lives in Latin America and the Caribbean countries by contributing to the acceleration of the process of economic and social development and by supporting efforts to reduce poverty and inequality in a sustainable, climate friendly way. For more information, please consult the IDB SDB Framework: https://www.iadb.org/document.cfm?id=EZIDB0000550-1177496895-675