Sierra Leone News & Information

State House | Press Union | Lumley Beach | AllAfrica | SL-Web

  Giving Knowledge to the People
welcome to sierra leone's premier news source
Last Updated: Mar 16th, 2017 - 18:11:25 
Front Page 
 Breaking News
 Local News
 Photo News
 Video News
 Moiie's Column
 Afsatu Kabba
 Role Models
 Awareness Lady
 Common Man
 Special Messages
 Legal Matters

Published online by
Sylvia Blyden Dot Com

17 Garrison Street,
Sierra Leone.
Tel: +232-77-772001
Tel: +232-88-321000
Tel: +232-76-350077
Tel: +232-30-321001

NEWS : Local News  

Sierra Leone News : AfDB issues 1.875% USD 2.5 billion Global benchmark due Today
Mar 16, 2017, 17:02
Email this article
 Printer friendly page

Abidjan, Côte d’Ivoire, March 14, 2017 – On Wednesday, March 8, 2017, the African Development Bank (AfDB), rated Aaa (Moody’s) / AAA (S&P) / AAA (Fitch), launched and priced a new USD 2.5 billion 3-year Global benchmark transaction due March 16, 2020. The new 3-year issue is AfDB’s first USD Global benchmark transaction this year, following a EUR 1 billion 7-year benchmark transaction priced in January. 


With a final size of USD 2.5 billion, the transaction was the largest benchmark ever launched by the Bank, and represents a clear step-up in issuing profile, positioning it within the restricted group of issuers of large, liquid global benchmark transactions. The size of the transaction and the increased borrowing program (USD 3.8 billion in 2012 versus USD 9.4 billion in 2017) reflect the growing operations of the Bank on the African continent. AfDB has also now completed 57% of its 2017 funding program.


The Bank decided to take advantage of the supportive market conditions for issuance and the clear execution window this week, ahead of the busy political and economic calendar in March. A mandate for a new 3-year USD Global benchmark was announced on Tuesday, March 7, 2017, at 1 pm London time, and Initial Pricing Thoughts (IPTs) in the context of mid-swaps (MS) plus 5 basis points (bps) area were released to the market in order to begin gathering Indications of Interest (IoIs) overnight. Joint-Lead Managers (JLM) for the transaction were BAML, Daiwa, Goldman Sachs International, JP Morgan and TD Securities.


The deal was met by strong investor interest from the outset and with IoIs in excess of USD 2.6 billion (excluding JLM interest), books were officially opened in the European morning on Wednesday at 8 am London time with a price guidance of MS+4bps area, 1bp tighter than IPTs. Momentum continued to build throughout the European morning. Books were in excess of USD 3.45 billion (excluding JLM interest) by 10.10 am London time, allowing the issuer to further tighten price guidance by 1bp and set the spread at MS+3bps, with books going subject for European and Asian investors at 10.30am London time. With books in excess of USD 3.8 billion (excluding JLM interest) by 12.15 pm London time, the transaction went subject for US investors at 8.30 am New York time.


On the back of extremely high quality orders and with final demand in excess of USD 3.8 billion (excluding JLM interest), the Bank decided to set the deal size at USD 2.5 billion. The pricing of the transaction took place at 6.25pm London time, with a re-offer yield of 1.926%, equivalent to a spread of 25.8bps against the 3-year 1.625% US Treasury bond due March 2020.


“We are very pleased with the outcome of this transaction: The largest benchmark ever launched by our institution, USD 2.5 billion, and its largest order book, greater than USD 3.8 billion, a testimony of investors’ interest in the AfDB name and credit.”

Hassatou N’Sele, Director of the Treasury Department.

© Copyright by Awareness Times Newspaper in Freetown, Sierra Leone.

Top of Page

Latest Headlines
APC Gov’t & Kuwait Sign $17 Million for Lumley-Tokeh Road
Sierra Leone News : Court Hears Case of Alleged Theft at Santana House
Sierra Leone News : Chinese Agricultural Technical Team Donates Fertilizers and Vegetable Seeds to Western Rural Farmers
Sierra Leone: Why Always Port Loko? Why? Why?
$200,000 AFCOM Scandal: Why VP Foh Must Be Very Careful
Front Page Editorial Advise... Tiffy Tiffy AFCOM's $200,000 Fake VSAT Contract & Hon VP Foh
Sierra Leone: Unwrapping Yasmin Jusu Sheriff
All Eligible Women of Sierra Leone Must Register to Vote An Op-Ed in Celebration of International Women’s Day
Mr. Sunil Saigal, there are 14 female Paramount Chiefs; not 11
"A journey of a million miles start with a single step!!"
Sierra Leone Cabinet Minister Calls On Police to Investigate Conspiracy to Defraud Donor Funds
Towards a modernised education system which can meet the challenges and opportunities of our future
Sierra Leone Social Welfare Deputy Calls Up Bizarre Press Conference
Who is Theresa May: A Profile of UK's New Female Prime Minister
No articles available.
OJU Wilson - Your contribution to the Human Rights Struggle and the Rule of Law will never be forgotten
Sierra Leone Politics : Alhaji Osman Foday Yansaneh, a Muslim Steering an all-inclusive APC Secretariat
No articles available.
Pa Blyden : The man, the myth, the legend
Thanks For Sympathy Edward Walter Babatunde Gustavus Blyden
Ministry Of Health And Sanitation Extension Of Dead Line – 31st March 2017
No articles available.
No articles available.
SATIRE: Question: What is this rabbit laughing hysterically about???

Copyright © 2005 - 2010, Awareness Times Sierra Leone; All Rights Reserved.
Hosted & Designed by West Africa Dot Net