Commentary & Deal Flow

Final Books: In excess of €2.1bn (incl. €300mm JLM). Peak book in excess of €2.2bn (incl. €275mm JLM).

Launched: 7yr: €1.25bn @ MS+14bp - Books closed in excess of €2.2bn (incl. €275mm JLM)
Spread set at: 7yr: MS+14bp - Books currently in excess of €2bn (incl. €225mm JLM)
Guidance: 7yr: MS+16a

• Issuer: African Development Bank
• Ticker: AFDB
• Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch) (all stable)
• Format: Global (SEC exempt)
• Size: €1.25bn
• Settlement: 10-Jun-26 (T+5)
• Maturity: 10-Jun-33
• Reference Gilt: DBR 2.3 15-Feb-33 TWIN (DE000BU2Z007) / HR 105%
• Hedge Deadline: 14:25 CET
• Coupon: Annual, Act/Act
• Denominations: €1,000 + €1,000
• Listing/Law: Luxembourg / English
• Docs: Issuer’s Global Debt Issuance Facility, dated 08-Sep-09 (the “Programme”)
• Leads: CACIB/GS(B&D)/JPM/NatWest
• ISIN: XS3402832441
• Timing: Books open, today's business
• Books Subject: To close at 11:45 CET
• 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).
• UoP: 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