• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

African Development Bank launches USD 2 billion 4.375% Global Benchmark due March 14, 2028

MSME Africa by MSME Africa
March 11, 2023
in Africa, Financial Services, News
0
African Development Bank launches USD 2 billion 4.375% Global Benchmark due March 14, 2028

Akinwumi Adesina AfDB President

Share

With the final orderbook closing in excess of USD 3.5 billion and 95 investors participating, the African Development Bank set the size of the transaction at USD 2 billion

The African Development Bank, rated Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable), has launched and priced a USD 2 billion 5-year Global Benchmark bond due March 14, 2028, its first of the year. The bond was issued on 7 March.

With this issue, the African Development Bank continues to carry out its funding strategy of issuing large liquid benchmark transactions and adds another on-the-run reference in the 5-year maturity while extending its outstanding USD curve. With the final orderbook closing in excess of USD 3.5 billion and 95 investors participating, the African Development Bank set the size of the transaction at USD 2 billion. The issue garnered interest from top quality investors with particularly good demand from Central Banks / Official Institutions.

The Bank’s mandate for a 5-year USD Global Benchmark was announced on Monday 6, March at 09:07 London time with Initial Pricing Thoughts (IPTs) released at mid-swaps plus 35bp (basis points) area at 12.34 London time.

The deal enjoyed good investor demand during the first afternoon and overnight with Indications of Interest (IoI) 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 trade officially priced at 5.58 pm London time at SOFR mid-swaps plus 33bps, equivalent to a reoffer yield of 4.435% and a spread of 14.3bp vs the on-the-run 5-year US Treasury.

With the final orderbook closing in excess of USD 3.5 billion with more than 90 orders, the success of this 5-year transaction is a clear vote of confidence from investors in the Bank’s AAA credit.

Post Views: 1
Share

Related Posts:

  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2024 Guide to the Top Business Enabling…
  • Oladimeji O. Peters Chairman Credit Bureau Association Of Nigeria
    Credit Reports are Useful Beyond Transactions with…
  • Moody’s Maintains Afreximbank’s Credit Rating at Baa1
    Moody’s Maintains Afreximbank’s Credit Rating at Baa1
  • FirstBank: A Triumphant Return to the Nigerian Banking Frontline
    FirstBank: A Triumphant Return to the Nigerian…
  • Stanbic IBTC Bank Nigeria PMI: Output returns to growth, but cost pressures limit demand
    Stanbic IBTC Holdings Receives 'AAA(nga)' Rating…
  • MSME Africa Unveils Top 50 Remarkable MSME Founders 2023, Awards them $25,000 in Media Credits
    MSME Africa Unveils Top 50 Remarkable MSME Founders…
Tags: AFDBAfrican Development BankGlobal Benchmark bond
Previous Post

Call for Applications: WASH Innovation Challenge and Incubation Programme (₦3.5 million Prize)

Next Post

Fairmont Expands Footprint in Sub-Saharan Africa with Iconic Cape Grace in Cape Town

Next Post
Fairmont Expands its Footprint in Sub-Saharan Africa with Iconic Cape Grace in Cape Town, South Africa

Fairmont Expands Footprint in Sub-Saharan Africa with Iconic Cape Grace in Cape Town

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • NADF, GIZ Push for Gender-Inclusive, Climate-Smart Financing to Boost Nigerian Agriculture
  • Nigeria Recommits to Africa’s Development with Fresh $500 million Trust Fund Boost – Edun
  • Manufacturers Seek Legal Measures for Violators of ‘Nigeria First Policy
  • LCCI Insists FG’s Policies Compounding Economic Hardship
  • Fincra Secures South African Payments Licence, Boosting Cross-Border Expansion Across Africa

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2025
  • Otabor Osayomore Blessing on Ultimate 2025 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.