Commentary & Deal Flow

Reoffer: 18yr: SARON MS+27 / 101.024 / 1.1711%
Benchmark: 18yr: Govt + 52.1

Spread set at: 18yr: SARON MS+27bp
IPTs: 18yr: SARON MS+27a

• Issuer: Inter-American Development Bank (Ticker: IADB)
• Issuer Domicile: Supranational
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Sustainable Development Notes
• Ranking: Senior unsecured
• Issuer Rating: Aaa (stable) / AAA (stable) (Moody's/S&P)
• Instrument Rating (exp): Aaa/AAA (Moody's/S&P)
• Issue Size: CHF 60m (new total size: CHF 175m)
• Coupon: 1.2350% p.a. (30/360, following unadj.)
• Maturity: 17-Jun-44
• Spread/Yield: SARON MS +27.0 // YTM 1.1711% // Govt + 52.1
• Issue Price: 101.024%
• ISIN / Valor: CH1590978123 / 159.097.812
• Accrued Interest: 50 days
• Original ISIN / Valor: CH1570292529
• Lead Manager(s): Deutsche Bank
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 1)
• Documentation: Off the Issuer's Global Debt Program dated 28-Jul-20
• FinSA Prospectus: No prospectus required in accordance with Art. 37(1) (h.) FinSA
• Governing Law: New York law
• SIX Listing: 05-Aug-26
• Use of Proceeds: 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. 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. 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, and will not be committed or earmarked for lending to, or financing of, any specific loans, projects, or programs. 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).
• Framework: https://www.iadb.org/document.cfm?id=EZIDB0000550-1177496895-675
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: As described in detail in the Issuer’s Documentation. In particular United States of America, United Kingdom, Japan, and Singapore in accordance with the Global Debt Issuance Program dated 28 July 2020. RegS TEFRA D Rules apply, no communications with or into the US.
• Target Market: Manufacturer target market (MiFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.
• Settle: 07-Aug-26