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AfDB looking at Maple market as it returns to Australia |
On the eve of its second Australian roadshow, in the week beginning May
22, African Development Bank (AfDB) (AAA/Aaa/AAA) outlined ambitions to
source funding in an increasingly diverse range of markets.
According to Pierre van Peteghem, manager of AfDB's capital markets and financial operations division: "The Maple market has recently become a target due to heavy investor demand for triple-A supranationals. An inaugural issue in this market is likely to be forthcoming in the near future." The supranational has also been active in the Samurai market as well as continuing a programme of issuing in African currencies that it initiated with a South African rand eurobond completed in 1998. It has also issued bonds denominated in or linked to African currencies including Botswana pula, Tanzanian shilling, Ghana cedi, Nigerian naira and Kenyan shilling.
AfDB also has subordinated debt on issue, rated AA+ by Standard & Poor's, although van Peteghem gives no indication about whether he would consider a Kangaroo sub debt issue.
The supranational last roadshowed in Australia in October 2004 but waited until February 2006 to issue its first Kangaroo, a A$300 million (US$250 million) five-year bond. The bank plans to visit Australia at least every two years, van Peteghem says, and "remains committed to maintaining a presence in the future". The May roadshow will visit Sydney, Melbourne and Brisbane and is arranged by ANZ Investment Bank.
AfDB, which has been based in Tunisia since the unstable political climate forced a temporary relocation from Ivory Coast in 2003, is also open to its Kangaroo issues being bought outside Australia. "A well-balanced distribution of Kangaroo bonds issued by supranationals leads to successful performance on the secondary market. We understand that recent developments have shown that this is best achieved when both Asian and domestic investors participate in these deals," van Peteghem explains.
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Last Updated ( Thursday, 31 May 2007 )
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