Capital Market Finance

AfDB issues $2bn five-year global benchmark bond

The African Development Bank has issued a two billion dollar five-year Global Benchmark bond due March 14, 2028.
The continental bank revealed this in a statement on Thursday, describing the bond as its first of the year. The bond was issued on March 7, 2023.
AfDB said that the bond is part of its funding strategy of issuing large liquid benchmark transactions.
Part of the statement read, “The deal enjoyed good investor demand during the first afternoon and overnight with Indications of Interest reaching USD 2.1 billion by the time books officially opened on Tuesday 7, March 2023 at 07:57 London time.
“The orderbook continued to grow throughout the European morning, with investor demand equaling USD 3.5 billion by 10:28 London time, which allowed the spread to be tightened by 2bps and set at SOFR mid-swaps + 33bps. Shortly thereafter, at 12:54 London time, the high quality orderbook allowed the transaction to be launched with a size of USD 2 billion, with Americas books set to go subject at 13:30 London time.”
The bank said the issue garnered interest from central banks and official institutions.
The lead managers of the bond include, Barclays, Crédit Agricole CIB, Deutsche Bank, J.P. Morgan, TD Securities. The co-lead manager is CastleOak Securities.
The AfDB seeks to spur sustainable economic development and social progress in its regional member countries, thus contributing to poverty reduction on the African continent.

Related posts

DMO announces October bond offers

Our Reporter

NIPCO Gas Limited Deepens South-West Gas Grid to Power Industrial Renaissance

Editor

Naira4Dollar: NACCIMA lauds scheme, urges focus on non-oil exports for forex inflow

Meletus EZE

2,000 persons benefit from CBN COVID-19 loan in S’East, S’South, says facilitator

Abisola THOMPSON 

FG to leave behind N60.9tr debt, other liabilities in 2023

Our Reporter

PenCom transfers 10,165 RSAs to new administrators in Q3 – official

Shile GIWA