<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>

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