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AfDB launches US$ 2 billion 1.625% Global Benchmark due 16 September 2022

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The African Development Bank (AfDB) rated Aaa/AAA/AAA (Moody’s/S&P/Fitch, all stable), has launched and priced a US$ 2 billion 3-year Global Benchmark bond due 16 September 2022, its first US$ benchmark of the year.

Launched on September 11, the bond issue is the Bank’s second Global Benchmark of 2019, following a EUR 1 billion 10-year priced in March 2019. With this transaction, the Bank has now raised US$ 4.4 billion in 2019 to date and executed 61% of its borrowing program for the year. The transaction received strong support from investors globally, with order books reaching US$ 2.8 billion and 53 investors participating. The high quality of the order book is illustrated by the strong participation of Central Banks and Official Institutions, taking 64% of the allocations.

The African Development Bank decided to take advantage of favorable investor sentiment post summer break to access the 3-year tenor, in spite of volatile market conditions ahead of the Fed Meeting the following week. The mandate was announced on Tuesday, September 10, at 12:00 London time with Initial Pricing Thoughts of Mid-Swaps + 13 basis points (bps) area.

The transaction met strong interest from the outset, with Indications of Interest in excess of US$ 1.8 billion (excluding Joint-Lead Managers interest) when order books officially opened at 08:00 London time the following morning, with initial price guidance of Mid-Swaps + 13bps area.

Momentum continued throughout the European morning, with orders in excess of US$ 2.5 billion around 11:20 London time. At this time, final pricing was set at Mid-Swaps + 13bps. Following the close of the order book in the US, the size of the transaction was set at US$ 2 billion by 14:20 London time.

The transaction was priced at 16:24 London time with a re-offer yield of 1.679%, equivalent to a spread of 8.75bps vs UST 1.5% 15 September 2022, the issuer’s tightest print vs US Treasuries to date.

“We are delighted with this successful dollar Global Benchmark, and particularly pleased by both the very high quality of the order book and the solid participation of African Central Banks. The African Development Bank achieved its tightest ever spread to US Treasuries, and we are grateful to our investors across the world for this outcome, and the financing it will bring to the African continent”. Hassatou Diop N’Sele, Group Treasurer, African Development Bank

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‎Oseni Hails Folarin’s Political Experience, Contributions at 63

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‎The All Progressives Congress (APC) senatorial candidate for Oyo South, Hon. Aderemi Oseni, has congratulated former Senate Leader, Senator Teslim Folarin, on his 63rd birthday, acknowledging his years of political experience and contributions to public service.

Oseni, who represents Ibarapa East/Ido Federal Constituency in the House of Representatives, conveyed his felicitations in a statement issued by his Media Aide, Idowu Ayodele, on Friday and made available to journalists in Ibadan, the Oyo State capital.

He described Folarin’s birthday as an occasion to reflect on a career marked by years of involvement in legislative affairs and the political development of Oyo State and Nigeria.

‎The federal lawmaker noted that Folarin had established himself as a prominent figure in the state’s political landscape, having served in different legislative and political capacities, particularly as Senate Leader.

He said the former Senate leader’s experience in the legislature had given him valuable insight into governance, public service and the responsibilities of political leadership.

The APC chieftain added that Oyo State needed the collective wisdom and contributions of its political leaders, irrespective of their political affiliations, to sustain peace, stability and development.

He said, “Senator Teslim Folarin is a man whose years in public service have given him considerable experience in the political and legislative affairs of our country. His contributions to Oyo State and his commitment to public life are worthy of acknowledgement.

“On this special occasion, I celebrate him and wish him many more years of good health, wisdom and fulfilment.”

Oseni further wished the former Senate Leader renewed strength and greater opportunities to contribute to the development of his community, Oyo State and the country.

‎He also prayed for God’s continued protection, sound health and guidance for Folarin, expressing hope that his new year would bring him peace, happiness and greater accomplishments.

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Oyo South: Oseni releases N110m for ICT, water, solar streetlights in Ibarapa East

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The Oyo South Senatorial candidate of the All Progressives Congress (APC), Hon. Aderemi Oseni, has released N110m for youth digital training, boreholes and solar-powered streetlights across the 10 wards of Ibarapa East Local Government Area of Oyo State.

According to a statement by the lawmaker’s media aide, Idowu Ayodele, made available to journalists in Ibadan on Thursday, the intervention comprises N10m for equipping the Eruwa Youth Movement (EYM) Secretariat’s Information and Communication Technology Centre (ICT) and N100m for the provision of boreholes and solar-powered streetlights in Eruwa, Lanlate and other communities across the local government.

Oseni, who chairs the House of Representatives Committee on the Federal Road Maintenance Agency (FERMA), said the ICT centre allocation was intended to provide modern equipment to strengthen digital training and equip young people with practical skills relevant to employment and entrepreneurship.

He said the investment was driven by the need to prepare young people for the demands of an increasingly technology-driven economy.

“Our young people have talents and ambitions, but they need access to the right tools and opportunities. Equipping the Eruwa Youth Movement (EYM) ICT Centre is a practical step towards helping them develop useful skills, become more self-reliant and compete for opportunities in the digital economy,” he was quoted as saying.

The lawmaker explained that the larger allocation of N100m would support the provision of boreholes and solar-powered streetlights across the 10 wards of Ibarapa East.

He said the boreholes would improve access to water for households, while the streetlights would enhance security, improve visibility and make community roads and public spaces safer after dark.

Idowu said the latest intervention was in addition to the lawmaker’s earlier constituency development efforts in Ido and Ibarapa East local government areas, particularly in basic infrastructure and youth development.

He added that distributing the projects across the 10 wards was aimed at ensuring that communities across the local government benefited from the intervention.

“Our responsibility is to support projects that respond to the real needs of our people. Access to water, safer public spaces and opportunities for our young people are important to the well-being of our communities,” Oseni was further quoted as saying.

The APC senatorial candidate reaffirmed his commitment to effective representation and sustained grassroots engagement, assuring residents that he would continue to support initiatives addressing the needs of communities across the district.

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Swegop to Politicians: Stop Mudslinging, Fix Roads

The South West Guild of Online Publishers (SWEGOP) has urged politicians to stop mudslinging and focus on issues affecting Nigerians, while calling on the Federal Government and state governments to declare a state of emergency on roads ravaged by rainfall.

The guild said political campaigns should be centred on policies, development plans and practical solutions to the people’s problems, rather than false information, unsubstantiated allegations and personal attacks.

The position was contained in a statement signed by the guild’s Acting Chairman, Chief Tunde Busari, and Publicity Secretary, Mr Remi Oladoye.

SWEGOP warned that spreading misinformation during political campaigns could erode public confidence in the democratic process, urging politicians to tell the electorate what they intend to do and how they plan to deliver on their promises.

It called on political actors to embrace responsible communication and constructive engagement, stressing that campaigns should provide voters with clear choices on policies and programmes capable of improving their lives.

In a related development, the guild called on the Federal Government and state governments to urgently address the worsening condition of roads following damage caused by rainfall in several areas.

It expressed concern that some roads had been washed away or rendered impassable, making movement difficult for motorists and other road users.

The guild urged the relevant authorities to prioritise the rehabilitation of damaged roads, improve drainage systems and implement lasting solutions to prevent recurring damage, particularly during the rainy season.

It warned that the deteriorating road network posed risks to road users and could disrupt the movement of people and goods, with consequences for commercial activities and the wider economy.

SWEGOP stressed that emergency repairs must be backed by proper drainage, effective maintenance and coordinated action by the different levels of government to prevent the problem from recurring.

The guild maintained that responsible political campaigns and urgent action on failing infrastructure were both necessary to address public concerns and improve the lives of Nigerians.

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