Published: March 20, 2012
Bank secures US$524.9mn from issuance.
The African Development Bank (AfDB) has launched a benchmark Australian dollar-denominated bond to raise A$500mn (US$524.9mn).
High demand for the 10-year Kangaroo bond, which has a 5.25% coupon, allowed the bank to raise more than double the A$200mn it initially targeted.
There were 18 investors involved in the transaction, including insurers and banks. Most investors were in Asia (70%), with Australian investors accounting for 28% of the issuance. The rest were from Europe.
The bond’s joint-lead managers were Deutsche Bank, RBC Capital Markets and TD Securities.