LONDON, March 13 (IFR) - African Development Bank has mandated Barclays, BofA Merrill Lynch, BMO, Nomura and TD to lead manage a three-year US dollar transaction in Global SEC Exempt format. IPTs for the Mar 2021 bond are 1bp area over mid-swaps.
Lux listing. Coupon: Fixed, SA 30/360. Docs/Law/Denoms: Issuer’s Global Debt Issuance Facility, English, US$1k. Target market: Professional/Eligible Counterparties/Retail (all distribution channels).
Taking IOIs, expect tomorrow’s business.
The issuer is rated Aaa/AAA/AAA (all stable).
The issue will be launched in the near future, subject to market conditions. The manufacturer target markets (MIFID II product governance) as assessed by the lead managers are retail, eligible counterparties and professionals (all distribution channels). FCA/ICMA stabilisation.
The banks will be paid a fee by the issuer in respect of the placement of the securities.
Reporting by Melissa Song Loong