“The orderbook continued to grow throughout the European morning, with investor demand equaling USD 3.5 billion by 10:28 London time, which allowed the spread to be tightened by 2bps and set at SOFR mid-swaps + 33bps. Shortly thereafter, at 12:54 London time, the high quality orderbook allowed the transaction to be launched with a size of USD 2 billion, with Americas books set to go subject at 13:30 London time.”

The bank said the issue garnered interest from central banks and official institutions.

The lead managers of the bond include, Barclays, Crédit Agricole CIB, Deutsche Bank, J.P. Morgan, TD Securities. The co-lead manager is CastleOak Securities.

The AfDB seeks to spur sustainable economic development and social progress in its regional member countries, thus contributing to poverty reduction on the African continent.