By Rebecca Melvin
New York, Oct. 16 – West African Development Bank priced $830 million of 12-year notes (expected ratings: Baa1//BBB) at par to yield 4.7%, or mid-swaps plus 297.2 basis points, according to a syndicate source on Wednesday.
Pricing was tightened from guidance in the area of 4 7/8% and initial talk in the area of 5%. Order books had been in excess of $2.5 billion.
BNP Paribas, JPMorgan, Natixis and Standard Chartered Bank were bookrunners of the Rule 144A and Regulation S deal.
The Lome, Togo-based lender is a regional development bank for states of the West African Economic and Monetary Union.
| Issuer: | Banque Ouest Africaine de Developpement (West African Development Bank)
|
| Amount: | $830 million
|
| Maturity: | Oct. 22, 2031
|
| Description: | Senior notes
|
| Bookrunners: | BNP Paribas, JPMorgan, Natixis and Standard Chartered Bank
|
| Coupon: | 4.7%
|
| Price: | Par
|
| Yield: | 4.7%
|
| Spread: | Mid-swaps plus 297.2 bps
|
| Pricing date: | Oct. 15
|
| Settlement date: | Oct. 22
|
| Ratings: | Moody’s: Baa1
|
| Fitch: BBB
|
| Distribution: | Rule 144A and Regulation S
|
| Talk: | Guided to 4 7/8% area from initial price talk in 5% area
|
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