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Khartoum, Sudan: skyline of the Sudanese capital - downtown area, waterfront along the Blue Nile river, government buildings, presidential palace, churches... and North Karthoum. Image used for illustrative purpose. Image courtesy: Mtcurado/ Getty Images
The Arab Bank for Economic Development in Africa’s (BADEA) has priced its 750 million euro Reg S three-year bond at mid-swap +75 basis points (bps), tighter than its price guidance.
The coupon payable is 3% annually, with an issue date of 20 March 2025.
Books were in excess of €1.9 billion.
The initial price thoughts (IPTs) for the category 2 senior unsecured structure were in the area of MS Euro +90 bps.
Banks mandated include the African Export-Import Bank, Citi, Deutsche Bank AG and J.P. Morgan as Joint Global Coordinators along with Emirates NBD Capital, Societe Generale and Standard Chartered Bank as Joint Bookrunners and Joint Lead Managers. Lazard and RB&A Partners are acting as financial advisors of BADEA.
Headquartered in Khartoum, Sudan, BADEA is a development financial institution owned by 18 member countries of the League of Arab States (LAS), including the UAE and Saudi Arabia.
It has been rated Aa1 (stable) by Moody’s, AA (positive) by S&P and AAA (stable) by JCR.
The bond issuance falls under BADEA’s existing Euro Medium-Term Note Programme and will be listed on the main market of the London Stock Exchange.
(Writing by Bindu Rai, editing by Brinda Darasha)
