By Rebecca Melvin
New York, Sept. 13 – African Development Bank priced $2 billion of 3% five-year global Securities and Exchange Commission-exempt bonds (expected ratings: Aaa/AAA/AAA) at 99.811 for a yield of 3.041%, or a spread of mid-swaps plus 5 basis points, according to a syndicate source on Thursday.
Pricing was tight compared to initial price talk at mid-swaps plus 7 bps.
Books were in excess of $3.4 billion
Barclays, BNP Paribas, Goldman Sachs International, JPMorgan and TD Securities are the bookrunners for the deal.
The issuer is a multilateral development bank based in Abidjan, Ivory Coast.
| Issuer: | African Development Bank
|
| Amount: | $2 billion
|
| Maturity: | Sept. 20, 2023
|
| Securities: | Global SEC-exempt bonds
|
| Bookrunners: | Barclays, BNP Paribas, Goldman Sachs International, JPMorgan and TD Securities
|
| Coupon: | 3%
|
| Price: | 99.811
|
| Yield: | 3.041%
|
| Spread: | Mid-swaps plus 5 bps
|
| Pricing date: | Sept. 13
|
| Settlement date: | Sept. 20
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
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