Commentary & Deal Flow

The African Development Bank, rated Aaa/AAA/AAA/AAA (Moody's/S&P/Fitch/Japan Credit Rating Agency), has mandated Credit Agricole CIB, Goldman Sachs, J.P. Morgan, and NatWest to lead manage its new 7-year Euro-denominated Social benchmark (Global SEC exempt) to be launched and priced in the near future, subject to market conditions.

• Use of Proceeds: An amount equal to the net proceeds of the Notes will be used to finance and/or refinance eligible social projects as further described in the Issuer’s Sustainable Bond Framework.
• Sustainable Bond Framework: https://www.afdb.org/sites/default/files/2023/09/12/230912_afdb_sustainable_bond_framework_final.pdf
• SPO: https://www.afdb.org/sites/default/files/2023/09/12/mis_spo_12092023_afdb_final.pdf
• Target Market: The manufacturer target markets (UK MiFIR/MIFID II product governance) as assessed by the lead managers are eligible counterparties, retail and professional (all distribution channels).
• Stabilisation: FCA/ICMA stabilisation.