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On Wednesday, March 5, 2014 the African Development Bank (AfDB) successfully issued a new a USD 1 billion three-year global benchmark due on May 15, 2017.
The benchmark was announced on March 4, 2014 for execution the following day. Overnight, the joint lead managers gathered more than USD 1.5 billion in expressions of interest, a clear demonstration of the high level of attention the transaction was drawing on the market.
Investors’ orders reached USD 2 billion after the book was officially opened the following morning, more than twice the amount the AfDB was willing to issue due to its comfortable liquidity levels. The high quality and strong order book allowed the AfDB to reduce its pricing from mid-swap +3 basis points to mid-swap +1 basis point.
There were over 50 investors involved in the transaction, with participation from European investors (37 percent) setting a new high for AfDB. The final order book was well diversified geographically with high-quality orders from Central Banks and Official Institutions (67 percent) taking the bulk of the transaction.
Joint Lead Managers on the transaction were Barclays, Deutsche Bank, Morgan Stanley and TD Securities.
The AfDB is a triple-A rated institution by the international ratings agencies Moody’s, Fitch, Standard & Poor’s and Japan Credit Rating Agency (JCR). The new USD 1 billion Global benchmark transaction demonstrates the loyal following the Bank benefits from in the international capital markets.