AfDB to launch inaugural dollar global as first step to regular public issuance

18 Jul 2002

The African Development Bank (AfDB) is poised to launch a $500m three year global bond, the supranational’s first issue in the global arena and its largest US dollar transaction since 1994. Market participants expect the issue to be launched and priced today (Friday). Mandated banks are BNP Paribas and Daiwa Securities SMBC Europe.

Unofficial spread guidance is 92bp-93bp over the two year Treasury, which would equate to around mid-swaps minus 7bp, a pick-up of some 8bp or 9bp over such credits as the EIB and some 5bp over US agencies. Arunma Oteh, treasurer of the AfDB, told EuroWeek that the issue ...

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