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Inter-American Development Bank – ‘QRTLYRPT’ for 12/31/23

On:  Thursday, 2/15/24, at 3:30pm ET   ·   For:  12/31/23   ·   Accession #:  1193125-24-37491   ·   File #:  83-00001

Previous ‘QRTLYRPT’:  ‘QRTLYRPT’ on 11/3/23 for 9/30/23   ·   Latest ‘QRTLYRPT’:  This Filing

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 2/15/24  Inter-American Development Bank   QRTLYRPT   12/31/23    1:245K                                   Donnelley … Solutions/FA

Quarterly Report by an International Development Bank

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: QRTLYRPT    Quarterly Report by an International Development    HTML    207K 
                Bank                                                             


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  QRTLYRPT  

File No. 83-1

Regulation IA

Rule 2 (a)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

100 F Street, NE

Washington, D.C. 20549

PERIODIC REPORT

The following information is filed in accordance with Regulation IA, Rule 2(a), adopted pursuant to Section 11(a) of the Inter-American Development Bank Act.

For the fiscal quarter ended December 31, 2023

INTER-AMERICAN DEVELOPMENT BANK (the “Bank”)

Washington, D.C. 20577

 

(1)

Information as to any purchases or sales by the Bank of its primary obligations during such quarter. There were no purchases by the Bank of its primary obligations.

Attached hereto as Annex A is a table which lists sales by the Bank of its primary obligations, all of which were of the Bank’s ordinary capital.

 

(2)

Copies of the Bank’s regular quarterly financial statements.

Attached hereto as Annex B are the financial statements, as of December 31, 2023, of the Bank’s ordinary capital.

 

(3)

Copies of any material modifications or amendments during such quarter of any exhibit (other than (i) constituent documents defining the rights of holders of securities of other issuers guaranteed by the Bank, and (ii) loans and guaranty agreements to which the Bank is a party) previously filed with the Commission under any statute.

Not applicable: there have been no modifications or amendments of any exhibits previously filed with the Commission.


Annex A

Sales by the Inter-American Development Bank

of its Ordinary Capital Primary Obligations

 

Borrowing

Currency

  

Borrowing

Amount

  

Coupon

(%)

  

Issue

Price (%)

  

Issue

Date

  

Maturity

Date

AUD

   300,000,000    4.70    99.764    3-Oct-2023    3-Oct-2030

USD

   500,000,000    Floating Rate    100.00    5-Oct-2023    5-Oct-2028

INR

   30,000,000,000    7.35    100.00    6-Oct-2023    6-Oct-2030

CAD

   500,000,000    4.60    99.99    12-Oct-2023    1-March-2029

GBP

   300,000,000    4.75    99.759    2-Nov-2023    5-Oct-2029

USD

   30,000,000    4.70    100.00    9-Nov-2023    9-Nov-2028

USD

   100,000,000    Floating Rate    99.498    13-Nov-2023    15-Feb-2029

USD

   30,000,000   

Zero Coupon

Multi-Callable

   100.00    16-Nov-2023    16-Nov-2043

USD

   50,000,000    Callable 5.125    100.00    17-Nov-2023    17-Nov-2026

HKD

   200,000,000    4.28    100.00    21-Nov-2023    23-Dec-2024

USD

   200,000,000    Floating Rate    99.9310    21-Nov-2023    4-Oct-2027

USD

   200,000,000    Floating Rate    99.507    29-Nov-2023    15-Feb-2029

NOK

   1,500,000,000    3.77    99.109    1-Dec-2023    17-Nov-2027

HKD

   340,000,000    4.26    100.00    5-Dec-2023    24-Jan-2025

USD

   100,000,000    Floating Rate    99.553    6-Dec-2023    15-Feb-2029

USD

   200,000,000    Floating Rate    100.0177    7-Dec-2023    4-Oct-2027

USD

   1,500,000,000    4.375    99.915    12-Dec-2023    1-Feb-2027

NOK

   1,000,000,000    3.84    100.00    13-Dec-2023    13-Dec-2028

USD

   50,000,000    4.35    100.00    18-Dec-2023    18-Dec-2028


Annex B

 

LOGO   

 

INTER-AMERICAN DEVELOPMENT BANK

 

ORDINARY CAPITAL

December 31, 2023


LOGO

 

  

INTER-AMERICAN DEVELOPMENT BANK

 

Monthly Financial Statements

 

Ordinary Capital

Balance Sheet - As of December 31, 2023

(Expressed in thousands of United States dollars)

 

Assets

        

Cash

         $ 996,447   

Investments

                   31,715,307   

Trading

        

Obligations issued or guaranteed by governments or issued by U.S. Agencies

     19,844,404         

Time deposits and other obligations of banks

     10,081,485         

Asset-and mortgage-backed and corporate securities

     1,562,087         

Accrued interest on investments

     227,331         
  

 

 

       

Developmental Assets

           116,248,100   

Loans outstanding

     116,166,511         

Allowance for loan losses

     (800,509)        

Deferred loan origination fees and cost

     71,542         
  

 

 

       
         115,437,544         

Debt securities

        

Measured at fair value

     104,174         

Measured at amortized cost

     732,190         

 Allowance for debt securities

     (25,808)        
  

 

 

       
     810,556         

Derivative assets, net

           150,268   

Accrued interest and other charges

        

On loans

     1,394,773         

Others

     11,868            1,406,641   
  

 

 

       

Other Assets

        

Property, improvements and equipment, at cost

     1,115,928         

Less accumulated depreciation & amortization

     (672,084)        
  

 

 

       
     443,844         

Receivable for investment securities sold

     170,581         

Assets under retirement benefit plans

     219,161         

Miscellaneous

     668,225            1,501,811   
  

 

 

       

 

 

 

Total assets

          $   152,018,574   
        

 

 

 

 

 

Page 1 of 5  


LOGO

 

  

INTER-AMERICAN DEVELOPMENT BANK

 

Monthly Financial Statements

 

Ordinary Capital

Balance Sheet - As of December 31, 2023

(Expressed in thousands of United States dollars)

 

Liabilities and Equity

        

Liabilities

        

Borrowings

         $ 108,299,778   

Short term borrowings

     2,194,917         

Medium-and long-term borrowings:

         106,104,861         

Measured at fair value

     81,081,558         

Measured at amortized cost

     25,023,303         
  

 

 

       

Derivative liabilities, net

           3,345,811   

Amounts payable to maintain value of currency holdings

           127   

Other liabilities

        

Payable for investment securities purchased

     177,532         

Due to IDB Grant Facility

     140,566         

Accrued interest on borrowings at amortized cost

     219,599         

Undisbursed Special programs

     213,547         

Other liabilities

     775,797            1,527,041   
  

 

 

       

 

 

 

Total liabilities

           113,172,757   
        

 

 

 

Equity

        

Capital stock

        

Subscribed - 14,170,108 shares

     170,940,140         

Less callable portion

     (164,900,691)        

Additional paid-in Capital (APIC)

     5,814,982            11,854,431   
  

 

 

       

Receivable from members

        

Non-negotiable, non-interest bearing demand obligations

     (494,095)        

Non-negotiable, non-interest bearing term obligations

     (216,972)        

Amounts required to maintain value of currency holdings

     (102,172)           (813,239)  
  

 

 

       

General reserve

           23,911,554   

Special reserve

           2,665,500   

Accumulated other comprehensive income

        

Accumulated translation adjustments

     911,066         

Accumulated SFAS 158 adjustments

     344,228         

Net fair value adjustments on borrowings attributable to changes in instrument-specific credit risk

     (27,723)           1,227,571   
        

 

 

 

Total equity

           38,845,817   
        

 

 

 

Total liabilities and equity

          $   152,018,574   
        

 

 

 

 

 

Page 2 of 5  


LOGO

 

  

INTER-AMERICAN DEVELOPMENT BANK

 

Monthly Financial Statements

 

Ordinary Capital

Statement of Income (Loss) and General Reserve

For the Period Ended December 31, 2023

(Expressed in thousands of United States dollars)

 

     Month        Year-to-Date  
     2023      2022      2023      2022  

Income

           

From loans

           

- Interest, after swaps

   $ 615,881       $ 463,435       $ 6,386,342       $ 3,423,024   

- Credit commissions

     8,641         7,596         98,909         91,696   

- Fees from non-sovereign-guaranteed and emergency lending

     790         3,903         18,564         15,338   
  

 

 

    

 

 

    

 

 

    

 

 

 
     625,312         474,934         6,503,815         3,530,058   

From investments, after swaps

           

- Interest

     171,489         117,066         1,865,924         708,233   

- Net gain (loss)

     5,187         28,600         20,500         (126,100)  
  

 

 

    

 

 

    

 

 

    

 

 

 
     176,676         145,666         1,886,424         582,133   

Other interest income (loss)

     (24,621)        (9,694)        (203,256)        39,400   

From other sources

     (31,890)        (29,436)        72,128         42,960   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total income

     745,477         581,470         8,259,111         4,194,551   
  

 

 

    

 

 

    

 

 

    

 

 

 

Expenses

           

Borrowing expenses

     546,275         416,385         6,040,867         2,378,877   

Administrative expenses

     96,616         125,517         840,940         963,031   

Special programs

     18,186         22,598         109,877         108,880   

Provision for developmental assets losses

     (51,078)        358,377         60,627         425,926   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses

     609,999         922,877         7,052,311         3,876,714   
  

 

 

    

 

 

    

 

 

    

 

 

 

Operating Income

     135,478         (341,407)        1,206,800         317,837   

Net fair value adjustments on non-trading portfolios and foreign currency transactions

     (79,340)        207,139         (101,158)        1,278,871   

Board of Governors approved transfers

     -         -         (139,929)        (171,803)  

Other components of net periodic benefit costs

     17,740         1,464         212,875         17,570   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income (loss)

     73,878         (132,804)        1,178,588         1,442,475   

General reserve, beginning of period

     23,837,676         22,937,769         22,804,966         21,512,490   

Distributions on behalf of shareholders

     -         -         (72,000)        (150,000)  
  

 

 

    

 

 

    

 

 

    

 

 

 

General reserve, end of period

    $  23,911,554        $  22,804,965        $  23,911,554        $  22,804,965   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

 

Page 3 of 5  


LOGO

 

  

INTER-AMERICAN DEVELOPMENT BANK

 

Monthly Financial Statements

 

Ordinary Capital

Statement of Comprehensive Income

For the Period Ended December 31, 2023

(Expressed in thousands of United States dollars)

 

     Month      Year-to-Date  
     2023      2022      2023      2022  

Net income (loss)

   $ 73,878       $ (132,804)      $ 1,178,588       $ 1,442,475   

Other comprehensive income (loss):

           

Reclassification to income - amortization of net actuarial losses and prior service credit on retirement benefits plans

     (4,593)        6,450         (55,108)        77,408   

Recognition of changes in assets/liabilities under retirement benefits plans

     (109,021)        1,101,271         (109,021)        1,101,271   

Net fair value adjustments on borrowings attributable to changes in instrument-specific credit risk

     137,516         157,849         23,095         332,966   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total other comprehensive income (loss)

     23,902         1,265,570         (141,034)        1,511,645   
  

 

 

    

 

 

    

 

 

    

 

 

 

Comprehensive income

    $     97,780        $  1,132,766        $  1,037,554        $  2,954,120   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

 

Page 4 of 5  


LOGO

 

  

INTER-AMERICAN DEVELOPMENT BANK

 

Monthly Financial Statements

 

Ordinary Capital

Statement of Cash Flows

For the Period Ended December 31, 2023

(Expressed in thousands of United States dollars)

 

    

 

 
     2023      2022  

Cash flows from lending and investing activities

     

Loan disbursements

     (11,011,933)        (11,652,722)  

Loan collections

     8,161,236         6,956,897   

Purchase of debt securities

     (75,000)        (324,940)  

Collection of debt securities

     35,482         15,830   
  

 

 

    

 

 

 

Net cash used in developmental activities

     (2,890,215)        (5,004,935)  

Purchase of property, net

     (46,275)        (55,184)  

Miscellaneous assets and liabilities, net

     28,133         119,151   
  

 

 

    

 

 

 

Net cash used in lending and investing activities

     (2,908,357)        (4,940,968)  
  

 

 

    

 

 

 

Cash flows from financing activities

     

Medium- and long- term borrowings:

     

Proceeds from issuance

     18,818,436         16,988,858   

Repayments

     (18,513,565)        (19,453,822)  

Short term borrowings, net

     

Proceeds from issuance

     17,196,847         5,531,418   

Repayments

     (15,998,808)        (5,602,423)  

Cash collateral returned

     (147,090)        (270,002)  

Collections of capital subscriptions

     -         195   

Distributions paid on behalf of shareholders

     (76,911)        (148,555)  
  

 

 

    

 

 

 

Net cash provided by (used in) operating activities

     1,278,909         (2,954,331)  
  

 

 

    

 

 

 

Cash flows from operating activities

     

Gross purchases of trading investments

     (38,501,850)        (51,359,348)  

Gross proceeds from sale or maturity of trading investments

     38,967,580         57,934,257  

Loan income collections, after swaps

     6,137,192         2,903,018   

Interest and other costs of borrowings, after swaps

     (5,648,945)        (1,177,649)  

Income from investments

     1,560,509         271,579   

Other interest income

     (95,758)        55,003   

Other income

     76,155         46,669   

Administrative expenses

     (785,852)        (787,656)  

Transfers to the IDB Grant Facility

     (159,195)        (138,140)  

Special programs

     (122,814)        (107,586)  
  

 

 

    

 

 

 

Net cash provided by operating activities

     1,427,022          7,640,147   
  

 

 

    

 

 

 

Effect of exchange rate fluctuations on Cash

     (6,086)        (30,377)  
  

 

 

    

 

 

 

Net decrease in cash

     (208,512)        (285,529)  

Cash, beginning of period

     1,204,959         1,490,488   
  

 

 

    

 

 

 

Cash, end of period

     996,447         1,204,959   
  

 

 

    

 

 

 

Reconciliation of Net income to net cash used in operating activities:

     

Net income

     1,178,588         1,442,475   

Difference between amounts accrued and amounts paid or collected for:

     

Loan income

     (366,660)        (627,040)  

Income from investments

     (388,015)        (383,954)  

Other interest income

     107,498         15,603   

Other income

     4,027         3,709   

Interest and other costs of borrowings, after swaps

     391,922         1,201,228   

Administrative expenses, including depreciation

     55,125         175,375   

Special programs

     (12,937)        1,294   

Transfers to the IDB Grant Facility

     (19,266)        33,663   

Net fair value adjustments on non-trading portfolios and foreign currency transactions

     101,158         (1,278,871)  

Net unrealized (gain) loss on trading investments

     62,100         73,400   

Other components of net periodic benefit cost

     (212,875)        (17,570)  

Net increase (decrease) in trading investments

     465,730         6,574,909   

Provision for developmental assets losses

     60,627         425,926   
  

 

 

    

 

 

 

Net cash provided by operating activities

       1,427,022           7,640,147   
  

 

 

    

 

 

 

Supplemental disclosure of noncash activities

     

Increase (decrease) resulted from exchange rate fluctuations:

     

Trading investments and related swaps

     43,654         (1,398)  

Loans outstanding and related swaps

     120,455         (7,080)  

Debt securities

     126,439         (47,492)  

Borrowings and related swaps

     260,351         (29,688)  

Receivable from members, net

     (6,979)        17,541   

 

 

Page 5 of 5  


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘QRTLYRPT’ Filing    Date    Other Filings
Filed on:2/15/24None on these Dates
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