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Home » AfDB Launches $2.5b Global Benchmark Due 23 March 2026
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AfDB Launches $2.5b Global Benchmark Due 23 March 2026

DigitalTimesNGBy DigitalTimesNG19 March 2021No Comments2 Mins Read1 Views
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The African Development Bank has launched and priced a $2.5 billion 5-year Global Benchmark bond due 23 March 2026, its first $ benchmark of the year.

The new transaction represents AfDB’s largest 5-year $ Global Benchmark ever issued, as well as its largest orderbook achieved for a 5-year benchmark transaction.

With the final orderbook closing in excess of $3.6 billion (excluding Joint Lead Managers (JLM) interest), and 72 investors participating, the success of this 5-year transaction is a clear vote of confidence from investors in AfDB’s AAA credit.

Global asset managers and bank treasuries were key contributors to the strong dynamic of the transaction and played a key role in its success, illustrating their solid partnership with the AfDB.

The AfDB’s mandate for a 5-year $ Global Benchmark was announced on Monday 15 March, at 12.04 pm London time with Initial Pricing Thoughts (IPTs) released at mid-swaps + 6 basis points (bps) area.

The deal enjoyed robust investor demand from the outset as Indications of Interest (IOIs) from AfDB’s high-quality investor base accumulated at a rapid pace, exceeding $2.4 billion (excluding JLM interest) overnight.

Books officially opened the following morning Tuesday 16 March, at 8.09 am London time. Off the back of the large and high-quality IOIs, price guidance was revised to mid-swaps + 5bps area.

The orderbook continued to grow throughout the morning, with investor demand approaching $3.4 billion by 10.50 am London time, which allowed to set the spread at mid-swaps + 5bps. This level represents a new issue concession of the only 1bp versus the estimated fair value.

At 2.06 pm London time, the quality of the orderbook allowed the transaction to be launched with a size of $2.5 billion, as the final orderbook closed in excess of $3.6 billion (excluding JLM interest).

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Shortly thereafter at 3.37 pm London time, the transaction officially priced at mid-swaps + 5bps, equivalent to a reoffer yield of 0.949% and a spread of 13.5bps vs the on-the-run 5-year US Treasury.

“This is our largest 5-year dollar benchmark transaction, and its success reflects the strong interest from our growing investors across the globe for the Bank’s credit story and the quality of its transactions,” said Hassatou Diop N’Sele, Group Treasurer, African Development Bank.

 

#$2.5b #23 March 2026 #AfDB #Global Benchmark
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