<p>The African Development Bank, Africa’s premier
development finance institution, has launched and priced a US$ 2 billion 3-year
Global Benchmark bond due 16 September 2022, its first US$ benchmark of the
year.</p>



<p>This is contained in a statement from Apo
Group, made available to OpenLife.</p>



<p>According
to the statement, the bond issue which was launched on September 11,  ;is the Bank’s second Global Benchmark of 2019,
following a EUR 1 billion 10-year priced in March 2019. With this transaction,
the Bank has now raised US$ 4.4 billion in 2019 to date and executed 61% of its
borrowing program for the year. The transaction received strong support from
investors globally, with order books reaching US$ 2.8 billion and 53 investors
participating. The high quality of the order book is illustrated by the strong
participation of Central Banks and Official Institutions, taking 64% of the allocations.<br>
<br>
The African Development Bank decided to take advantage of favorable investor
sentiment post summer break to access the 3-year tenor, in spite of volatile
market conditions ahead of the Fed Meeting the following week. The mandate was
announced on Tuesday, September 10, at 12:00 London time with Initial Pricing
Thoughts of Mid-Swaps + 13 basis points (bps) area.<br>
<br>
The transaction met strong interest from the outset, with Indications of
Interest in excess of US$ 1.8 billion (excluding Joint-Lead Managers interest)
when order books officially opened at 08:00 London time the following morning,
with initial price guidance of Mid-Swaps + 13bps area.<br>
<br>
Momentum continued throughout the European morning, with orders in excess of
US$ 2.5 billion around 11:20 London time. At this time, final pricing was set
at Mid-Swaps + 13bps. Following the close of the order book in the US, the size
of the transaction was set at US$ 2 billion by 14:20 London time.<br>
<br>
The transaction was priced at 16:24 London time with a re-offer yield of
1.679%, equivalent to a spread of 8.75bps vs UST 1.5% 15 September 2022, the
issuer’s tightest print vs US Treasuries to date.<br>
<br>
“We are delighted with this successful dollar Global Benchmark, and
particularly pleased by both the very high quality of the order book and the
solid participation of African Central Banks. ;The ;African Development
Bank achieved its tightest ever spread to US Treasuries, and we ;are
grateful to our investors ;across the world for this outcome, and the
financing it will bring to the African continent,” Hassatou Diop N’Sele, Group Treasurer, African Development Bank
stated.</p>

Former Governor Sule Lamido, OpenLife Nigeria reports that the Economic and Financial Crimes Commission, EFCC…
“I Slept With Two Dead Bodies” – Doris Ogala Opens Up About Her Past OpenLife…
Cynthia Nwanne Azuka OpenLife Nigeria reports that Cynthia Nwanne Azuka, a Seoul based digital…
King Mitchy Issues Public Apology To Seyi Tinubu, VeryDarkman, Ooni Of Ife, And All Nigerians…
Uzor Arukwe Denies Dating rumours With BamBam OpenLife reports that Nollywood actor uzor arukwe…
Lagos Health Agency Launches Investigation After Socialite Reportedly Dies Following BBL Procedure OpenLife reports that…
This website uses cookies.