Commentary & Deal Flow

Reoffer: 7yr: MS+14bp / 99.559 / 3.071%
Benchmark: 7yr: DBR 2.3% 15-Feb-33 @ 96.770 / B+23.6 / HR 105%

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
• Coupon: 3.000%, annual, Act/Act
• Reoffer: MS+14bp
• Price/Yield: 99.559 / 3.071%
• Bund Reference: +23.6bps vs DBR 2.3% 15-Feb-33 TWIN (bid @ 96.770 / 2.835%; HR 105%)
• 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: PRICED. TOE: 14:46 CET. FTT: Immediately.
• 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