Accédez à la page de syndication de nos liens RSS

USD 1 Billion 4.125% - 24 June 2011

 

Agence Française de Développement, following a close marketwatch since the beginning of the year, made an inaugural USD bond issue in June 2008 amounting to USD1 billion (644 million euros) with a 3 year bullet maturity and carrying a 4.125% coupon rate (i.e. mid-swap USD – 10 bp or US Treasury 2 year + 120 bp).

It is AFD’s first bond offer on the euro-dollar market in over 10 years.

AFD’s increased financing needs on financial markets, which stem from the doubling of its commitments over the past five years, means it has to extend and diversify its investor base over the coming years. In addition to technical factors, the US dollar market made it possible to attract capital from the main global investors which today predominantly hold sizeable reserves in USD.

The transaction was particularly successful thanks to the investor roadshow in Asia and New York in May.

The issue was a success, half of the subscriptions were underwritten by investors met during the roadshow. The order book topped the billion dollar mark in just a few hours and the bond was placed with institutional investors, mainly central banks (66%), but also asset managers (16%), private banks and supranational institutions (18%).

Asia accounted for 47% of the final placement, Europe and the Middle East 28% and America 25%.

The operation was managed by BNP Paribas, Crédit Suisse and HSBC.

 

Distribution detail:

 

Agence Française de Développement (AFD) is a public establishment and has been working for over sixty years to combat poverty and foster the development of South countries within the framework of France’s official development assistance. AFD is active in the field in over 70 countries and Overseas France and finances and supports projects to improve living conditions for populations, support economic growth and protect the planet. Sub-Saharan Africa is a priority for AFD and benefits from 70% of its grants. In 2007 AFD devoted 3.5 billion euros of financing for actions in South countries and Overseas France. Thanks to these financings 5.8 million children went to school and 4 million people received water supply. Energy efficiency projects for the same year reduced CO² emissions by 2.7 million tons a year. www.afd.fr

 

Press relations - AFD

Guillaume de Saint-Phalle, desaintphalleg@afd.fr - Tel. +33.1.53.44.36.64 - Anne-Sophie Morizot (Hopscotch), asmorizot@hopscotch.fr – Tel. +33.1.58.65.00.88
Information financière : Grégory Clémente, clementeg@afd.fr – Tel. +33.1.53.44.41.87