The Trade and Development Bank (TDB), a trade and development bank for Eastern and Southern Africa (TDB), has successfully issued a $ 500 million Eurobond on Euronext Dublin for a 7-year maturity. In its press release on Thursday, June 24, the institution indicated that this senior unsecured bond relates to a 4.125% coupon.
The bond was oversubscribed an unprecedented 4.5 times, closing with an order book of $ 2.4 billion. The issue was arranged by banking groups Standard Chartered Bank Citi, Commerzbank, and J.P. Morgan Securities, among others.
Overall, TDB has been successful in attracting various leading investors from African and developing markets including Brazil, Chile as well as Nigeria and South Africa, in addition to its traditional global investors from Asia, from Europe, the Gulf and American regions.
“Even in the midst of the pandemic, TDB’s world-class risk management and good governance have allowed it to continue to build the confidence of financial partners and investors seeking healthy returns while enhancing impact in the region. Commented the development finance institution.
Note that the proceeds from the bonds will be used to refinance existing debt and increase the bank’s balance sheet through commercial transactions and financing of transformative projects.
Established in 1985, TDB is a premier, treaty-based multilateral development finance institution with 40 sovereign and institutional shareholders and assets of $ 6.7 billion. The bank serves 22 economies in its region, with a mandate to finance and promote trade, regional economic integration and sustainable development.