Published on 3/16/2021 in the Prospect News Emerging Markets Daily.
New Issue: African Development Bank sells $2.5 billion of 7/8% notes due 2026
By Cristal Cody
Chicago, March 16 – African Development Bank sold $2.5 billion of 7/8% notes due March 23, 2026 with a spread of Treasuries plus 13.5 basis points or mid-swaps plus 5 bps, according to a market source.
The notes were expected to price on Tuesday with a spread in the mid-swaps plus 6 bps area.
Barclays, BMO, BNP, Goldman Sachs and Societe Generale are working as managers for the offering.
The issuer is a multilateral development bank based in Abidjan, Ivory Coast.
| Issuer: | African Development Bank
|
| Issue: | Notes
|
| Amount: | $2.5 billion
|
| Maturity: | March 23, 2026
|
| Bookrunners: | Barclays, BMO, BNP, Goldman Sachs and Societe Generale
|
| Coupon: | 7/8%
|
| Spread: | Treasuries plus 13.5 bps, or mid-swaps plus 5 bps
|
| Trade date: | March 16
|
| Price talk: | Mid-swaps plus 6 bps area
|
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