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BREAKING: AfDB Issues $2bn Five-Year Global Benchmark Bond

he African Development Bank has issued a two billion dollar, five-year Global Benchmark bond due March 14, 2028.

In a statement on Thursday, AfDB said it issued the bond on March 7, 2023.

It explained that that the bond is part of its funding strategy of issuing large liquid benchmark transactions.

“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, March 7, 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 statement added.

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.