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IDB Launches $2 Billion 4.500% 10-year Fixed-Rate Bond

The Inter-American Development Bank (“IDB” or “IADB”), rated Aaa/AAA (Moody’s/S&P), priced a new US$ 2 billion 10-year Global benchmark.

The transaction pays a semi-annual coupon of 4.500% and matures on September 13, 2033. It was priced with a spread of 48 basis points over SOFR mid-swaps, which equates to 20.2 basis points over 3.875% UST due August 2033 and carries a semi-annual yield of 4.507%.

The transaction marks IDB’s return to the USD benchmark market since June 2023, and represents IDB’s first 10-year fixed-rate USD benchmark since its $2.25 billion 10-year print in April 2023.

Despite a busy new issue calendar to kickstart the traditionally busy September, the transaction managed to attract strong investor interest from the outset, with indications of Interest (“IOIs”) reaching in excess of $1.8 billion (excluding joint lead managers interest) when books officially opened. The orderbook continued to grow gradually throughout the day, with the final orderbook in excess of $3.3 billion (excluding joint lead managers interest), enabling IDB to launch a $2 billion sized benchmark.

The success of the transaction highlighted the quality of IDB’s credit, as well as the strong following it enjoys with investors globally. The orderbook was of high quality, anchored by Banks/Bank Treasuries and Central Banks /Official Institutions with 40% and 30% of the final allocation, respectively.

“We sought a longer maturity as the August issuances focused on the short- to mid-part of the curve", said Laura Fan, Head of Funding, IDB. "Due to a lack of recent supply, we felt a 10-year transaction would be well received and indeed, our trade met with robust and diversified high-quality demand. This transaction concludes our successful run of USD fixed-rate global benchmark bond issuances for 2023.”


Investor Distribution*

Geographic Region

Investor Type




Central Banks / Official Institutions







Asia & Pacific



Asset Managers


*Numbers may not be add up to 100% due to rounding.



Bond Summary Terms:


Inter-American Development Bank (Ticker: IADB)

Issuer rating:

Aaa / AAA (Moody’s / S&P)


USD 2 billion

Settlement date:

September 13, 2023 (T+5)


4.500%, Fixed, SA 30/360

Coupon payment dates:

13th March and 13th September each year (semi-annually)

Maturity date:

September 13, 2033

Issue price:


Issue yield:

4.507% s.a.

Reoffer spread (bps):

SOFR MS+48 bps / UST 3.875% 08/33 + 20.2 bps


London Stock Exchange

Clearing systems:

Fedwire, Euroclear, Clearstream

Joint lead managers:

Citi, RBC Capital Markets, TD Securities, Wells Fargo

Co-lead managers:

Barclays, BNP Paribas, BofA, Deutsche Bank, HSBC, J.P. Morgan, Morgan Stanley, NatWest, Nomura, Scotiabank




Joint Lead Manager Quotes:

An outstanding result for IDB’s fourth USD benchmark transaction of the year! With a busy post Labor Day Sovereigns, supranationals and agencies (SSA) primary market, IDB gathered investor attention on the back of the strength of its credit and broad investor appeal to global fixed income investors achieving a diverse and high-quality orderbook. At SOFR MS+48bps, the deal priced at CT10+20.2bp, one of the tightest spreads to Treasuries in 10 years this year.  Congratulations again on a successful outcome, Citi is delighted to have been involved.” Ebba Wexler, Global Head of SSA DCM, Citi.

“IDB’s successful return to the 10 year maturity demonstrates that investor demand for duration remains strong for the top tier credits despite rates volatility. The final result is a testament to IADB’s established track record of bringing well placed liquid 10 year benchmarks that has long been supported by an extensive investor relations effort.” Jigme Shingsar, Managing Director, US DCM, RBC Capital Markets.

“Congratulations to the IDB team on another successful 10 year USD transaction. IDB navigated competing supply perfectly and chose the correct strategy to access the long end of the curve. IDB printing over USD 4 billion in 10 year supply this year is a testament to the strength of their name and commitment to accessing every part of the curve. TD is very pleased to be involved and to continue highlighting IDB's name to the global investor community.” Laura O'Connor, Managing Director, Head of UK DCM, TD Securities

“Congratulations to the IDB team on their second successful 10-year fixed rate benchmark of the year. It’s a privilege for Wells Fargo to be part of yet another oversubscribed trade that achieves a tighter spread at pricing. With it IDB shows it is one of the better-established names in the sector capable of garnering large orderbooks in the always tricky long part of the curve.” Carlos Perezgrovas, Head of SSA Origination, Wells Fargo Securities.

About the IDB

The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance, and training to public and private sector clients throughout the region.


Mena Duran,Melissa

Mena Duran,Melissa
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