"AfDB launch $2bn global benchmark bond"

" AfDB launch $2bn global benchmark bond \r\n\r\nThe African Development Bank (AfDB) has launched and priced a US$ 2 billion 5-year Global Benchmark bond due 14 March 2028, its first of the year.\r\n\r\nThe bond was issued on 7 March.\r\n\r\nWith this issue, the African Development Bank continues to carry out its funding strategy of issuing large liquid benchmark transactions and adds another on-the-run reference in the 5-year maturity while extending its outstanding USD curve.\r\n\r\nWith the final orderbook closing in excess of US$3.5 billion and 95 investors participating, the African Development Bank set the size of the transaction at US$2 billion. The issue garnered interest from top quality investors with particularly good demand from Central Banks \/ Official Institutions.\r\n\r\nThe bank\u2019s mandate for a 5-year USD Global Benchmark was announced on Monday, 6 March at 09:07 London time with Initial Pricing Thoughts (IPTs) released at mid-swaps plus 35bp (basis points) area at 12.34 London time.\r\n\r\nThe deal enjoyed good investor demand during the first afternoon and overnight with Indications of Interest (IoI) reaching US$2.1 billion by the time books officially opened on Tuesday, 7 March 2023 at 07:57 London time.\r\n\r\nThe orderbook continued to grow throughout the European morning, with investor demand equaling US$3.5 billion by 10:28 London time, which allowed the spread to be tightened by 2bps and set at SOFR mid-swaps + 33bps.\r\n\r\nShortly thereafter, at 12:54 London time, the high quality orderbook allowed the transaction to be launched with a size of US$2 billion, with Americas books set to go subject at 13:30 London time.\r\n\r\nThe trade officially priced at 5.58 pm London time at SOFR mid-swaps plus 33bps, equivalent to a reoffer yield of 4.435% and a spread of 14.3bp vs the on-the-run 5-year US Treasury.\r\n\r\nWith the final orderbook closing in excess of US$3.5 billion with more than 90 orders, the success of this 5-year transaction is a clear vote of confidence from investors in the bank\u2019s AAA credit."

"AfDB launch $2bn global benchmark bond"

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