Connect with us

News

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

Published

on

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

Comments

News

Rep Oseni Bids Farewell to Oyo Political Stalwart, Adeojo

Published

on

By

A member of the House of Representatives, Engr. Aderemi Oseni has paid glowing tribute to the late elder statesman and political icon, Alhaji Yekini Adeojo, describing his passing as the end of an era in Oyo State politics.

The lawmaker, who represents Ibarapa East/Ido Federal Constituency, extolled Adeojo’s lifelong commitment to the advancement of democracy and community development in the state and beyond.

In a statement released through his media aide, Idowu Ayodele, on Friday, in Ibadan, Oseni, who is also the Chairman, House Committee on Federal Roads Maintenance Agency (FERMA)  expressed deep sorrow over the demise of the former chieftain of the Peoples Democratic Party (PDP), noting that Adeojo’s legacy of selfless service, mentorship, and unwavering patriotism will continue to inspire generations of political leaders in the region.

“Alhaji Yekini Adeojo was not only a political leader but also a symbol of courage and unwavering loyalty to the good of Oyo State. His contributions to the socio-political growth of our dear state, especially during the formative years of the Fourth Republic, remain indelible,” he said.

The lawmaker stated that the elder statesman was always full of wisdom and generously offered guidance to younger politicians irrespective of party affiliation.

“His doors were always open. He believed in giving others a sense of belonging. We have lost a father figure,” he added.

The APC chieftain, Oseni, who shares the same Ido Local Government Area as the late Adeojo, extended his condolences to the deceased’s immediate family, the Ibadan community, and the broader political circle in Oyo State, urging them to find solace in his impactful legacy.

He prayed for the peaceful repose of Adeojo’s soul and fortitude for the family to bear the irreparable loss.

Continue Reading

News

Ibadan Businessman, PDP Chieftain, Adeojo, Passes On

Published

on

By

Renowned Ibadan-born businessman and prominent political figure, Chief Yekini Adeojo, has passed away.

Chief Adeojo, a respected elder statesman and a chieftain of the Peoples Democratic Party (PDP), died in the early hours of Friday.

Although the precise circumstances surrounding his death remain unclear as of the time of filing this report, sources indicate that he will be laid to rest later today in accordance with Islamic rites.

Adeojo was a founding member of the PDP and served as the party’s Deputy National Chairman (South). Over the years, he was a key player in Oyo State’s political landscape and had vied for the governorship seat on multiple occasions.

Beyond his political exploits, Chief Adeojo was also a respected voice within the community, known for his philanthropic gestures and deep-rooted influence in both business and religious circles.

He held the traditional title of Seriki Musulumi of Yorubaland, a position that amplified his standing among the Muslim faithful.

He is survived by children, among whom is Hon. Sheriff Adeojo, the current Chairman of Ido Local Government Area in Oyo State.

Continue Reading

News

Rep Oseni Fetes Agbaje on His  Birthday

Published

on

By

The House of Representative member representing Ibarapa East/Ido Federal Constituency, Oyo State, Engr. Aderemi Oseni has felicitated with Barrister Akeem Agbaje, a chieftain of the All Progressives Congress (APC), on his birthday.

Oseni, who also chairs the House Committee on Federal Roads Maintenance Agency (FERMA), in a statement by his media aide, Idowu Ayodele, described the celebrant as a man of integrity and an accomplished legal practitioner whose contributions to politics and governance in the state remain exemplary.

He commended the APC stalwart for his unwavering commitment to democratic ideals and party development, adding that his leadership qualities and dedication to service had earned him respect across political and professional circles.

“Barrister Akeem Agbaje is a brother and friend whose wisdom, integrity, and passion for public service stand out. He has remained one of the pillars of support for our great party and has consistently championed policies that uplift the people,” Oseni said.

The lawmaker lauded Agbaje’s efforts in mentoring young professionals and supporting initiatives that promote education and youth development, noting that his impact extended beyond politics.

Oseni prayed for his continued success, good health, and prosperity.

Continue Reading

Trending