The African Development Bank (AfDB) has raised a record $3 billion in a three-year bond to help ease the economic and social impact of the Covid-19 pandemic on African economies.
The bond attracted interest from central banks and official institutions, bank treasuries, and asset managers including Socially Responsible Investors, with bids exceeding $4.6 billion, according to a statement from AfDB. The debt, the largest social bond ever launched in international capital markets to date, and the largest dollar benchmark ever issued by the bank, will pay an interest rate of 0.75 per cent.
