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WASHINGTON - The Inter-American Development Bank (IDB) has issued $100 million in floating rate notes due March 13, 2030, as part of its ongoing Global Debt Program, according to a statement released Tuesday.
The notes, priced at 100.042 percent plus 60 days’ accrued interest, represent the fourth tranche of the bank’s Series 980 notes. Upon issuance, they will be consolidated with previously issued notes from the same series, bringing the total outstanding amount to $1.5 billion.
The notes will pay interest quarterly based on the Compounded Secured Overnight Financing Rate (SOFR) plus a spread of 0.39 percent per annum, with a minimum interest rate of zero percent. Interest payments will be made on March 13, June 13, September 13, and December 13 each year, beginning September 13, 2025.
HSBC Bank plc served as the dealer for this transaction, with a commission of 0.007 percent of the aggregate principal amount.
Application has been made for the notes to be admitted to the Official List of the UK Financial Conduct Authority and to trading on the London Stock Exchange (LON:LSEG)’s UK Regulated Market.
The notes are part of IDB’s Global Debt Program and are considered exempted securities within the meaning of U.S. securities laws. They will be cleared through the Federal Reserve Bank of New York, Euroclear Bank SA/NV, and Clearstream Banking S.A.
This issuance comes as financial markets continue to transition from LIBOR to alternative reference rates, with SOFR having been identified by the Alternative Reference Rates Committee as the preferred benchmark for certain U.S. dollar financial contracts.
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