AfDB sells debut offshore renminbi bond

By Burhan Khadbai
13 Sep 2019

The African Development Bank has issued its first offshore renminbi bond, in what the supranational has described as a ‘strategic objective’ in response to a growing investor base for the currency.

The Rmb1bn ($142m) 2.54% three year bond was sold as a private placement via Crédit Agricole, which acted as sole bookrunner and hedge provider.

“The development of our capacity in renminbi is a strategic objective for the African Development Bank,” said Bakary Silue, the supranational’s principal treasury ...

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