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09 April 2008
The African Development Bank (ADB) today issued its third inward listed bond on the Bond Exchange of South Africa. The ZAR denominated bond, the ADB03S, together with the ADB01S and ADB02S (which were issued in December last year) total R3.2 billion.
The ADB utilised the inward listing dispensation originally set out by the Minister of Finance in his 2004 budget speech.
The bond is classified as 'African debt' which means that institutional investors are entitled to utilise an additional 5% over and above their normal offshore investment allowance when investing in the bond.
The issue was managed and placed by The Standard Bank of South Africa Limited.
Pierre Van Peteghem, ADB Group Treasurer, said: "We are delighted to be issuing again in such quick succession in the domestic bond market of South Africa. We would like to be a regular issuer in this market and we are convinced that it will over time become a thriving bond market for international issuers like ourselves."
The ADB is a multilateral development bank whose shareholders include 53 African countries including South Africa and 24 non-African countries from the Americas, Asia, and Europe. It was established in 1964.
Its primary objective is to promote sustainable economic growth in order to reduce poverty in Africa and achieves this objective by financing a broad range of development projects and programs in the continent.
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