AfDB $1bn global revived by surprise S&P upgrade after eight years at AA+
The African Development Bank's $1bn five year global bond received an unexpected lift late yesterday (Thursday) afternoon London time when Standard & Poor's upgraded the bank's rating from AA+ to AAA.
Lead managers Goldman Sachs, HSBC and Lehman Brothers were on
the point of pricing the transaction when the news hit the
In a bizarre cross-wiring of events, it appears the rating
agency was unaware that a deal was in the market, while the
borrower had no idea that S&P was sitting in
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