Africa Development Bank sells NZ$200 mln Kauri bond

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SYDNEY, Feb 21 (Reuters) - The African Development Bank
(AfDB) [AFDB.UL] has priced an inaugural NZ$200 million ($160
million) Kauri bond, a joint lead said on Thursday.

The bonds paid 20 basis points under swap.

Kauri bonds are New Zealand dollar-denominated bonds sold
in New Zealand by foreign issuers.

The security will be eligible for repurchase agreement by
the Reserve Bank of New Zealand.

The offer was evenly split between New Zealand and
international investors.

The AfDB was established in 1964 to promote the social and
economic development of its regional member countries in
Africa.

The deal details are as follows:

Issuer: African Development Bank

Facility: NZ domestic fixed rate Kauri bond

Amount issued: NZ$200 million

Maturity: Feb. 28, 2013

Set date: Feb. 28

Coupon: 7.75%

Yield: 7.950%

Margin: -20 bps under swap or

+96.5 bps over NZGB April 2013

Issue price: 99.187900

Lead(s): ANZ Institutional and TD Securities

Issuer rating: AAA (S&P), Aaa (Moody's), AAA (Fitch)
($1=NZ$1.25)
(Reporting by Cecile Lefort)