The African Development Bank (AfDB) priced a new $2.5 billion global bond on Wednesday, 21 October 2026, drawing $4.8 billion in investor orders. Announced by the lender on 23 October, it was the institution’s third benchmark issue in US dollars this year.
The bond carries a fixed annual coupon of 4.875%, paid semi-annually, and matures on 18 January 2030. Priced at 99.837% of face value, it offers a re-offer yield of 4.933%. Settlement is scheduled for 2 November, according to the terms released by the Bank.
Demand reached roughly 1.9 times the issue size, enabling the AfDB to narrow its initial pricing guidance by two basis points. The final spread was 28 basis points above SOFR mid-swaps. More than 80 orders were received, and 71 allocations were made.
Banks take nearly half the bonds
Banks accounted for 48% of allocations, compared with 39% for central banks and other official institutions and 13% for asset managers. Europe, the Middle East and Africa jointly received 54% of allocations, the Americas 40% and Asia 6%.
The transaction provides funding for the AfDB’s broader development-finance activities. It does not mean that the $2.5 billion has already been disbursed to individual projects. The institution previously issued a $1 billion ten-year dollar benchmark in January and a $2 billion five-year benchmark in February.