Published on 7/20/2017 in the Prospect News Emerging Markets Daily.
New Issue: West African Development Bank prices $850 million 5% 10-year notes to yield 5¼%
By Rebecca Melvin
New York, July 20 – Banque Ouest Africaine de Developpement, or the West African Development Bank, launched and priced $850 million of 5% 10-year senior notes at 98.074 to yield 5¼% on Thursday, according to a syndicate source.
The Rule 144A and Regulation S notes (ratings: Baa1/BBB) were priced via JPMorgan, Citigroup, Natixis and Standard Bank, following a series of investor meetings in London and the United States.
The Lome, Togo-based lender is a regional development bank for states of the West African Economic and Monetary Union.
| Issuer: | Banque Ouest Africaine de Developpement (West African Development Bank)
|
| Amount: | $850 million
|
| Maturity: | July 27, 2027
|
| Description: | Senior notes
|
| Bookrunners: | JPMorgan, Citigroup, Natixis and Standard Bank
|
| Coupon: | 5%
|
| Price: | 98.074
|
| Yield | 5¼%
|
| Spread: | Treasuries plus 300.5 bps
|
| Trade date: | July 20
|
| Settlement date: | July 27
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB
|
| Distribution: | Rule 144A and Regulation S
|
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