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A general view of buildings in Khartoum. REUTERS. Mohamed Nureldin Abdallah
The initial price thoughts (IPTs) for the Arab Bank for Economic Development’s (BADEA) category 2 Reg S senior unsecured structure are in the area of MS Euro +90 basis points (bps).
The issue date for the three-year euro bond is 20 March 2025.
Books are in excess of €1 billion, excluding joint lead manager interest.
Banks mandated include African Export-Import Bank, Citi, Deutsche Bank AG and J.P. Morgan as Joint Global Coordinators along with Emirates NBD Capital, Societe Generale and Standard Chartered Bank as Joint Bookrunners and Joint Lead Managers.
Lazard and RB&A Partners are acting as financial advisors of BADEA.
Headquartered in Sudan, BADEA is a development financial institution owned by 18 member countries of the League of Arab States (LAS), including the UAE and Saudi Arabia.
It has been rated Aa1 (stable) by Moody’s, AA (positive) by S&P and AAA (stable) by JCR.
The issuance falls under BADEA’s existing Euro Medium-Term Note Programme and is subject to market conditions.
The bond will be listed on the main market of the London Stock Exchange.
(Writing by Bindu Rai, editing by Seban Scaria)
