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
Sierra Leone News : Chinese Ambassador Assures Commitmentto Koroma’s Priorities
Sierra Leone News : VP Foh Launches ACTB Savings and Loans Accounts
Sierra Leone News : Charliesco Donates 85 bags of rice & Money to 58 Mosques
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
Madam Zainab Sheriff Bangura For Lunsar Constituency
Sierra Leoneans still shamefully abusing social media to mislead public and tarnish the names of Government and country
7-storey APC/ CPC building and the hue and cry by detractors: The points being missed by the rabble-rousers
Sierra Leone Cabinet Minister Calls On Police to Investigate Conspiracy to Defraud Donor Funds
The Renaissance of Sierra Leone through the lenses of Attitudinal and Behavioural Change
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
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.
President Koroma Leaves for Germany
Standard Chartered Regional Head of Compliance, Africa & Middle East Visits Sierra Leone
First Lady Sia Nyama Koroma Visits Sierra Leonean Patients At Apollo Hospital In New Delhi, India
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