Vertex Pharmaceuticals stock falls after pain drug fails in Phase 2 study
WASHINGTON - The Inter-American Development Bank (IDB) has announced the pricing of a new series of notes under its Global Debt Program. The bank has issued $2 billion in 3.75 percent notes due on June 14, 2030, with an issue price set at 99.665 percent of the aggregate principal amount.
The notes, which were issued on Wednesday, May 7, 2025, have been applied to be listed on the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange (LON:LSEG)’s UK Regulated Market. This move is part of the bank’s ongoing efforts to raise funds for its development programs across the American continent.
The notes will be in book-entry form only and will not be exchangeable for definitive Fed Registered Notes. They are denominated in U.S. dollars, with a minimum denomination of $1,000 and in integral multiples thereof. Interest on the notes will be paid semi-annually in arrears on June 14 and December 14 of each year, starting with a long first coupon on December 14, 2025. The interest payment dates will observe the following business day convention without adjustment to the interest amount calculated.
The syndication of the notes was managed by several leading international banks, including HSBC, J.P. Morgan, RBC Capital Markets, and Scotiabank (TSX:BNS) as the lead managers. A total commission of 0.125 percent of the aggregate principal amount was agreed upon for the deal. The lead managers have also agreed to pay for all material expenses related to the issuance, except for the London Stock Exchange listing fees, which will be paid by the issuer.
The notes have been designated as exempted securities under U.S. law, specifically within the meaning of Section 3(a)(2) of the U.S. Securities Act of 1933 and Section 3(a)(12) of the U.S. Securities Exchange Act of 1934.
This financial move by the IDB comes as part of its larger strategy to support economic development and integration in Latin America and the Caribbean. The proceeds from the notes are expected to finance various projects aimed at improving infrastructure, reducing poverty, and promoting sustainable development within its member countries.
The details of this issuance are based on a press release statement by the Inter-American Development Bank.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.