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The AAA-rated African Development Bank (Moody’s/S&P/Fitch/Japan Credit Rating Agency), issued its second “Feed Africa” bond for CAD 60 million, sold to Japan Post Insurance Co., Ltd., the sole investor in the transaction, with Citigroup Global Markets Limited acting as the arranger and lead manager of the transaction.
As part of its High 5 priorities, the Bank adopted a “Feed Africa” Strategy for Agricultural Transformation in Africa 2016-2025, investing US $24 billion over ten years to help end extreme poverty; eliminate malnutrition; end dependency on food imports, and move Africa to the top of the value chains in its areas of comparative advantage.
The Bank will make its best efforts to direct an amount equal to the net proceeds of the issue of notes to lending projects that aim to Feed Africa”, subject to and in accordance with its lending standards. Note proceeds will be included in the Bank’s ordinary capital resources and used for its general operations in accordance with the Agreement establishing the African Development Bank.
Summary terms of the Bond
Issuer: African Development Bank (AfDB
Notional Amount: Canadian Dollar (CAD)
Tenor: CAD 60,000,000
Settlement Date: 30 May 2018
Maturity Date:30 May 2028
Lead Manager Citigroup Global Markets Limited