Commentary & Deal Flow

Tranche 1 (5yr): Peak book in excess of €1.75bn (incl. €200m JLM)

Launched: 5yr: €1bn @ MS+10bp - Orderbooks closed in excess of €1.75bn (incl. €200m JLM)
Spread set at: 5yr: MS+10bp - Orderbooks in excess of €1.5bn (incl. €200m JLM)
Guidance: 5yr: MS+11a

• Issuer: African Development Bank
• Ticker: AFDB
• Ratings: Aaa / AAA / AAA (all stable)
• Format: Global (SEC exempt)
• Size: €1bn
• Settlement: 21-Oct-26 (T+5)
• Maturity: 21-Oct-31 (5 years)
• Coupon: Fixed, Annual, ACT/ACT ICMA
• Spread set: MS + 10 bps
• Denoms: 1k + 1k
• Listing/Law: Luxembourg / English
• Docs: Issuer’s Global Debt Issuance Facility, dated 08-Sep-09 (the “Programme”)
• Leads: Barclays, Deutsche Bank, HSBC and Natixis
• DM & B&D: Natixis
• ISIN: XS3544706750
• Timing: Books to close at 10.45 LDN / 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.
• HR: 100% vs OBL 2.90% Oct-31
• Hedge Deadline: 12.30 UKT / 13.30 CET
• Pricing: Later today