A massive success for the first public issue of the year of the AFD

published on 18 January 2019
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Tuesday the 15th of January, The French Development Agency, rated AA (S&P) / AA (Fitch), has issued with success 2 billion dollars of a 3 years Senior bond, with a 22 January 2022 maturity. It is the largest amount AFD ever issued.

This bond has a 2.75% coupon, with a final investor yield of 2.809% (semi-annual). Initially announced at mid-swaps + 22 bps, the spread has been tightened of 2 bps to reach the final level of 20 bps. The order book which had 60 orders of diversified international investors, has reach 2.5 billion USD of demand. Barclays, BNP Paribas, Deutsche Bank et J.P. Morgan (B&D) were joint lead managers on this deal. 

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Bokar Chérif,  AFD Head of Treasury and Capital Markets: “We have all the reasons to be happy with the result of this deal which underlines our long-term implementation on the dollar market. This positive signal comes at a time when our needs are increasing constantly between 500 million and 1 billion euros a year, and rewards our marketing efforts. The financial market is good since the beginning of January and the deal has been welcomed with success by the investors. The transaction is performing on the secondary market where it has tightened of 2bps already. The size and the performance were our priorities during the execution session. The idea is to demonstrate that we are capable of providing liquid transactions to investors, at a fair price and with a good secondary market performance.

Download the press release

Contact: _AFD_Funding@afd.fr