AFD prices $2bn 0.625% benchmark
Agence Francaise de Developpement (AFD) has priced a new $2 billion five-year Reg S Benchmark transaction due 22 January 2026.
The transaction carries a coupon of 0.625%, a re-offer yield of 0.737% s.a, equivalent to a spread of + 26.6bps vs UST 0.375% December 2025. Joint-Lead Managers were Barclays, Bank of America, BNPP, HSBC, and JPM (B&D/DM).
The distribution by investor type and geography was 50% with central banks and official institutions, 35% with banks, and 15% of the bonds were placed with fund managers, insurers and others. In terms of geographic distribution, 50% were placed in Europe, 21% went into Asia, 20% in the Americas and 9% in the Middle-East and Africa. It represents AFD’s first syndicated benchmark transaction of the year, and its largest orderbook on a USD transaction.
