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Allen & Overy advises on African Development Bank’s first ever Sustainable Hybrid Capital transaction

Allen & Overy advises on African Development Bank’s first ever Sustainable Hybrid Capital transaction

News
13 February 2024
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Durham Jamie
Image of Aditya Vikram
Billik Diana
Durham Jamie
Jamie Durham

Partner

London
Image of Aditya Vikram
Aditya Vikram

Senior Associate

London
Billik Diana
Diana Billik

Partner

Paris
Cooke Justin
Justin Cooke

Partner

New York
Image of Cristina Palma
Cristina Palma

Associate

New York

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Allen & Overy has advised the managers on African Development Bank’s USD 750 million perpetual subordinated hybrid capital notes. The Notes have an initial coupon of 5.75% until August 2034.

African Development Bank is the first multilateral development bank (MDBs) to issue a hybrid capital instrument. This is a ground breaking transaction which is expected to provide AfDB and other MDBs a new tool to bolster their capital base and optimise their balance sheet. 

The proceeds of the Notes will be used to fund green and/or social projects in line with African Development Bank’s Sustainable Bond Framework.

 

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