The African Development Bank ('AfDB'), rated Aaa (Moody's) / AAA (S&P) / AAA (Fitch) / AAA (Japan Credit Rating), has launched and priced a new USD 2 billion 5-year Social Benchmark transaction due 18 September 2029, coinciding with the 60th anniversary of the founding of the AfDB.
Africa n Development Bank Launches USD 2 Billion 3.500 Percent Fixed Rate Social Global Benchmark Due 18 September 2029 As It Marks Its Diamond JubileeThe Africa n Development Bank , rated Aaa / AAA / AAA / AAA , has launched and priced a new USD 2 billion 5-year Social Benchmark transaction due 18 September 2029, coinciding with the 60th anniversary of the founding of the AfDB.
The new transaction brings an on-the-run reference point in the 5-year part of the USD curve, extending AfDB's outstanding curve, and demonstrating the issuer's commitment to maintain liquid lines at key benchmark maturities. With the final order book closing in excess of USD 3.7 billion interest), and 66 investors participating, the success of this 5-year transaction is a clear vote of confidence from investors in AfDB's AAA credit.
Investor demand was strong from the outset as Indications of Interest from AfDB's high quality investor base accumulated at a rapid pace, exceeding USD 2.5 billion overnight. Books officially opened the following morning, on Tuesday 10th September at 8:01 UKT, with price guidance tightening by 1bp to SOFR Midswaps + 41bps area.
At 13:52 UKT, the quality of the order book allowed the issuer to set the size at USD 2 billion, as the final order book closed in excess of USD 3.7 billion . At 15:58 UKT, the transaction officially priced at SOFR Midswaps + 41bps, equivalent to a reoffer yield of 3.574% and a spread of 11.27bps vs the on-the-run 5-year US Treasury .The geographical distribution highlights a diversified investor base with Americas , followed by Europe, Middle East and Africa and Asia .
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