African Development Bank (AfDB) has issued a five-year global benchmark bond to enable raise two billion dollars.
The bond was issued on March 7, 2023, and will mature by March 14, 2028.
According to the bank, bond issuance is part of its funding strategy of issuing large liquid benchmark transactions.
The issuance has a coupon of 4.375% and a re-offer price of 99.73%.
The lead managers of the bond include Barclays, Credit Agricole CIB, Deutsche Bank, J.P Morgan, and T.D securities while the co-lead manager is CastleOak securities.
The final order book closed in excess of USD 3.5bn with more than 90 orders.
Analysts believe the strong rating of Aaa/AAA and a stable outlook from Moody’s and S&P supported the large investor’s interest in the issuance.
For the geographic distribution of investors, EMEA had the highest at 64%, followed by Americans at 24% and Asia at 12% with Central banks/ official institutions being the highest investors.
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