Commentary & Deal Flow

African Development Bank (AFDB), exp Aaa/AAA/AAA/AAA (s/s/s/s) by Moody's/S&P/Fitch/Japan Credit rating Agency, US$ benchmark SEC Exempt 5y FXD global bonds due 3/3/31. BMO/BofA/Daiwa/JPM/Nomura as JLMs. Listing: Luxembourg Stock Exchange’s Regulated Market. Docs/Law/Denoms: Issuer’s Global Debt Issuance Facility, English, US$1k. Taking IOIs, pricing expected tomorrow (2/24). Settle 3/3 (T+5). IPTs: SOFR MS+34 area (currently equiv to CT5+7.5bp area).