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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.

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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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Lagos govt. approves full reopening of churches, mosques

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The Lagos state government on Saturday approved the full reopening of worship centres in the state.

Governor Babajide Sanwo-Olu, who announced this during a briefing in the state said churches are now allowed to observe their mid-week services, while the mosques are also allowed to carry out their five times a day prayer routine, with strict compliance to COVID-19 safety protocols.

“We must not forget that the coronavirus pandemic is still very much with us, and we must, therefore, strive to prioritize the safety of all our children, teachers, parents, and the entire society,” the governor said.

Before now, the state had allowed for a gradual re-opening of places of worship as lockdowns eased.

With the full re-opening now, the governor has urged Lagosians to continue to act responsibly and maintain the required levels of hygiene.

Some other parts of the world have witnessed a resurgence of COVID-19 infections and rising possibilities of “hard lockdowns”, which according to Governor Sanwo-Olu may become inevitable for Nigerians if caution is not applied.

“Let me make it clear that if we do not continue to maintain our guard, and sustain the adherence to all required protocols and guidelines, we will find ourselves in a situation where fresh lockdowns are inevitable,” he warned.

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“The only way to avoid this is to continue to act responsibly: maintain the required levels of hygiene, through regular handwashing and use of sanitizers, wear masks in all public places, avoid non-essential public gatherings, and maintain the prescribed levels of physical distancing at all times”.

The total infections in the country have now risen to 56,956, with 48,305 patients recovered and 1,094 deaths recorded.

At the onset of the virus in Nigeria, Lagos became the epicenter, gapping other states with its case load despite frantic efforts to curb the spread.

However, in recent times, other states such as Plateau have started to witness a surge with the Presidential Task Force on COVID-19 stating that it might become the new epicenter in the country.

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Photos: Oyo deputy gov. donates patrol motorcycles to security operatives

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The deputy governor of Oyo state, Engr. Raufu Olaniyan on Friday made a personal donation of patrol motorcycles to security operatives in Oke Ogun area of the state to boost their role of ensuring the safety of lives and properties.

Speaking at the event, Olaniyan noted  that Security is one of the cardinal objectives of the present administration headed by Governor Seyi Makinde, adding that the government has invested massively to provide facilities and equipment for security operatives in the state to perform their roles.

Speaking further, the deputy governor remarked that ” In the light of the security challenges in the country, it is imperative that we support the government in tackling this malady. It was therefore a delight for me to donate patrol motorcycles, from my purse, to the various security outfits operating in the Oke Ogun area of our state.”

He stressed that security matters should be the responsibility of all and not the government alone.

Olaniyan, however , urged well meaning individuals and lovers of peace to support the government in creating a safe and conducive environment for growth.

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Yorubas will resist arrest of proponents of Oodua Republic – Group

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Groups under the aegis  of Yoruba Frontier Movement (YFM) on Thursday called on President Muhammadu Buhari to resist from using security agencies to harass, intimidate or arrest proponents of Oodua Republic.

YFM in a statement made available to journalists by its National Coordinator, Comrade Abdulkabir Adesina and National Secretary, Aderemi Adisa condemned the plan by security agencies to arrest proponents of Oodua Republic, saying that such action will only lead to breakdown of law and order.

The statement read, “We have received reports that there are plans by security agencies to arrest proponents of Oodua Republic headed by Chief Sunday Igboho. We are using this medium to call on President Muhammadu Buhari to order security agencies to desist from such attempts because proponents of Oodua Republic are operating within the ambit of the law of the Federal Republic of Nigeria.”

The group wondered why proponents of Oodua Republic have become the target of security agencies while Fulani herdsmen and bandits have remained untouchable.

“We should even go down memory lane. President Muhammadu Buhari while desperately seeking to become Nigeria’s president made many inciting statements capable of bringing anachy into the country but ex- President Jonathan never ordered for his arrest. On many occasions northern youths and elders have made similar inciting statements and heaven didn’t come down. As a matter of fact we have been calling for restructuring of Nigeria for a very long time.The failure of government to restructure Nigeria is the reason why we are calling for Oodua Republic. Yorubas have suffered greatly since the amalgamation of the country in 1914 owing to injustice against Yoruba race in Nigeria. As a race we have every right to demand for our right to either stay with Nigeria or go our separate ways”, the statement added.

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It further lauded  Chief Sunday Igboho for taking the bull by the horn, saying that Yorubas are fully in his support.

“We are using this medium to call on traditional rulers, Obas , leaders and all Yoruba sons and daughters to support the proponents of Oodua Republic”, the statement concluded.

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