Orders for AfDB bond top $1.5bn

  1. Posted on Thursday 8 October 2009 - 15:11
    Tom Minney
    Image of Tom Minney
    Tom Minney, AfricaNews reporter in Addis Ababa, Ethiopia
    The African Development Bank at the close of September reported orders for over US$1.5 billion for its recent $1 bln benchmark global bond issue in the international market.
    AFDB
    According to the africancapitalmarketnews.com website, AfDB’s 3-year bond, lead-managed by Credit Suisse, Deutsche Bank, Goldman Sachs and Morgan Stanley, was priced at “mid swap flat” and carries a coupon of 1.75%.

    “This transaction is a testimony of the confidence capital markets have towards the African Development Bank," said AfDB Treasurer, Pierre Van Peteghem. "It is the fifth transaction by the Bank in 2009 and the third $1 bln global benchmark market completed in 2009."

    Investor participation was from all over the world, including Americas (57%), Middle-East (18%), Europe (16%) and Asia (9%). The “orderbook”, the list of those investing, was also satisfactory and was dominated by central banks and official institutions (52%) and fund managers (42%).

    The AfDB's borrowing program for 2009 was authorized for an amount of up to $9.8 bln, of which it has completed 61%. The global bond is the Bank's ninth since 2002 in line with its strategy of maintaining presence and being “a rare but consistent issuer” according to the announcement.

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