Skip to main content
IDB Launches USD 3.0 Billion 1.75% 5-year Fixed Rate Global

The Inter-American Development Bank (“IDB” or “IADB”), rated Aaa/AAA (Moody’s/S&P), today priced a new USD 3.0 billion 5-year global bond.

The transaction pays a semi-annual coupon of 1.750% and matures on 14 March 2025. It priced with a spread of 8.3 basis points over the 1.750% UST due 31 December 2024, which represents a yield of 1.762% s.a.

This transaction marks IDB’s first USD fixed-rate benchmark of 2020. Similar to years past, IDB has started their funding programme with a USD 5yr Global benchmark. The IDB achieved it’s tightest 5-year USD Global print versus swaps since 2015 and it's tightest spread to treasuries. Despite a busy primary calendar, the credit quality of the IDB was evident, as orders reached in excess of US$ 3.3 billion across over 65 investors.

“Given the robust seasonal demand in January, we felt comfortable with this issuance window. We achieved a book of the highest quality spearheaded by central banks and official institutions which allowed us to achieve significant pricing milestones. We are off to a good start for the new year!” said Laura Fan, Head of Funding, IDB.


Investor Distribution:

By Geography

By Investor Type

Asia & Pacific



Central Banks / Official Institutions










Asset Managers





Pension Funds / Insurance / Corp



Overview of the IDB:

  • The IDB is a multilateral development institution established in 1959.
  • It is the largest government owned regional source of development finance for Latin America and the Caribbean.
  • The IDB is owned by 48 countries, including 26 Latin American and Caribbean countries and 22 non-borrowing member countries.
  • Information on bonds for investors is available on the IDB website:


Bond Summary Terms:


Inter-American Development Bank (Ticker IADB)

Issuer rating:

Aaa / AAA (Moody’s / S&P)


USD 3 billion

Settlement date:

16 January 2020 (T+5)


Coupon payment dates:


14 March and 14 September (semi-annual)

Maturity date:

14 March 2025

Issue price:


Issue yield:

1.762% s.a.

Reoffer spread:

Mid Swaps + 9 / CT5 +8.3


London Stock Exchange

Clearing systems:

Fedwire, Euroclear, Clearstream

Joint lead managers:

BofA Securities / BMO Capital Markets / Citi / TD Securities

Co-lead managers:

Barclays, Deutsche Bank, Goldman Sachs, HSBC, JPM, Morgan Stanley, Natwest, Nomura, RBC, Wells Fargo


US4581X0DK13 / 4581X0DK1


Joint Lead Manager Quotes:

“Amidst an extremely busy USD primary market and a volatile geopolitical environment, IADB secured strong demand for their inaugural benchmark of 2020. This success positions them well for future USD issuance this year.”
Adrien de Naurois, SSA Syndicate, BofA Merrill Lynch

“A strong way to kick-off IADB’s 2020 borrowing program, pricing new 5-year notes at a single digit spread over US Treasuries. In a week that saw over $16bn of USD SSA and GSE new issue supply, IADB’s high-quality orderbook stood out, with over half the deal sold to central bank and official money investors.”
Sean Hayes, Managing Director, Head of US Syndicate, BMO Capital Markets

“A fantastic trade from IADB who masterfully navigated a busy execution week in the USD market. Achieving the tightest spread to treasuries of any IADB 5-year USD benchmark is a phenomenal result. Citi is delighted to be part of this deal.”
Philip Brown, Head of Public Sector Debt Capital Markets, Citi

“Today’s benchmark deal was an excellent start to IADB’s 2020 USD funding programme. Amidst a busy primary pipeline, IADB navigated competing supply perfectly and chose the correct pricing strategy that was rewarded with broad-based demand. The final outcome - a new US$3bn 5-year benchmark pricing in line with the GSE market – is a testament to the credit quality of IADB and their global investor distribution”
Paul Eustace, Managing Director, Head of EMEA Syndicate at TD Securities

About the IDB 

The Inter-American Development Bank is a multilateral financial institution supporting Latin America and the Caribbean’s efforts to reduce poverty and inequality, and to bring about development in a sustainable, climate-friendly way. Established in 1959, it is the leading source of development financing for Latin America and the Caribbean, with a strong commitment to achieving measurable results.

External Contacts

Andrea Ortega

Andrea Ortega
Additional Contacts

Fan,Laura Emily

Fan,Laura Emily
Jump back to top