Commentary & Deal Flow

African Development Bank, rated Aaa (Moody's, stable) / AAA (S&P, stable) / AAA (Fitch, stable) / AAA (Japan Credit Rating Agency, stable), has mandated Barclays, Deutsche Bank, HSBC and Natixis to lead manage its new 5-year Euro-denominated Social benchmark (Global SEC exempt) to be launched and priced in the near future, subject to market conditions.

• 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.
• 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