Obbligazione African Development Bank 7.9% ( XS2293565268 ) in USD

Emittente African Development Bank
Prezzo di mercato 100 USD  ⇌ 
Paese  Costa d'Avorio
Codice isin  XS2293565268 ( in USD )
Tasso d'interesse 7.9% per anno ( pagato 2 volte l'anno)
Scadenza 01/02/2023 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione African Development Bank XS2293565268 in USD 7.9%, scaduta


Importo minimo 100 000 USD
Importo totale 6 000 000 USD
Descrizione dettagliata La Banca Africana di Sviluppo (BAD) è un'istituzione finanziaria internazionale dedicata allo sviluppo economico e sociale dell'Africa.

The Obbligazione issued by African Development Bank ( Côte d'Ivoire ) , in USD, with the ISIN code XS2293565268, pays a coupon of 7.9% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 01/02/2023







Pricing Supplement dated 28 January 2021
AFRICAN DEVELOPMENT BANK
Global Debt Issuance Facility
for issues of Notes with maturities of one day or longer

Issue of USD 6,000,000 7.90 per cent. Fixed Rate Notes due 1 February 2023
This document constitutes the Pricing Supplement relating to the issue of Notes described herein. This Pricing
Supplement constitutes Final Terms for the purposes of listing and trading Notes on the Regulated Market of the
Luxembourg Stock Exchange. Terms used herein shall be deemed to be defined as such for the purposes of the
Conditions set forth in the Information Memorandum dated 8 September 2009, as supplemented by the
Supplemental Information Memorandum dated 16 January 2017 (as so supplemented, the Information
Memorandum). This Pricing Supplement contains the final terms of the Notes and must be read in conjunction
with such Information Memorandum.

MiFID II product governance/Professional investors and eligible counterparties only target market ­ See item 39
below.

1.
Issuer:
African Development Bank
2.
(a)
Series Number:
976
(b)
Tranche Number:
One
3.
Specified Currency or Currencies:
United States Dollar ("USD")
4.
Aggregate Nominal Amount:

(a)
Series:
USD 6,000,000
(Equal to a Kenyan Shilling (`KES') amount of KES
661,111,800)
(b)
Tranche:
The Series Aggregate Nominal Amount
5.
(i) Issue Price:
100 per cent. of the Aggregate Nominal Amount
(ii) Net Proceeds:
USD 5,982,000 (99.70 per cent of Aggregate
Nominal Amount after payment of dealer fees)
6.
Specified Denominations:
USD 100,000 and integral multiples of USD 1,000 in
excess thereof.
7.
(a)
Issue Date:
1 February 2021
(b)
Interest Commencement Date:
1 February 2021
8.
Maturity Date:
1 February 2023


9.
Interest Basis:
7.90 per cent. Fixed Rate
(further particulars specified below)
10.
Redemption/Payment Basis:
Redemption at par
11.
Change of Interest or Redemption/Payment
Not Applicable
Basis:
12.
Put/Call Options:
Not Applicable
13.
Status of the Notes:
Senior
14.
Listing and Trading:
Luxembourg Stock Exchange
15.
Method of distribution:
Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16.
Fixed Rate Note Provisions
Applicable
(a)
Rate of Interest:
7.90 per cent. per annum payable annually in arrear
(b)
Interest Payment Date(s):
Subject to adjustment in accordance with Annex A,
interest is payable on 1 February 2022 and the
Maturity Date subject, in the case of payment only, to
the Modified Following Business Day Convention.
(c)
Fixed Coupon Amount(s):
Not Applicable
(d)
Broken Amount(s):
Not Applicable
(e)
Day Count Fraction:
Actual/365 (Fixed), unadjusted
(f)
Determination Date(s):
Not Applicable
(g)
Other terms relating to the method The amount of interest payable per Specified
of calculating interest for Fixed Denomination on each Interest Payment Date shall be
Rate Notes:
an amount in USD, equal to Interest Payable in KES
divided by the USDKES Reference Rate calculated
on the corresponding USDKES Determination Date
(rounded to the nearest USD0.01 with USD0.005
rounded up) for the relevant Interest Period.
Where:
`Interest Payable in KES' per Specified
Denomination means an amount equal to Reference
KES Amount per Specified Denomination multiplied
by the Rate of Interest multiplied by the Day Count
Fraction; and


`Reference KES Amount' per Specified
Denomination (of USD100,000) means KES
11,018,530.
17.
Floating Rate Note Provisions
Not Applicable
18.
Zero Coupon Note Provisions
Not Applicable
19.
Index-Linked Interest Note Provisions
Not Applicable
20.
Dual Currency Interest Note Provisions
Not Applicable
21.
Variable Coupon Amount Notes:
Not Applicable
PROVISIONS RELATING TO REDEMPTION
22.
Call Option
Not Applicable
23.
Put Option
Not Applicable
24.
Final Redemption Amount of each Note
The Final Redemption Amount payable on the
Maturity Date shall be an amount in USD, equal to
Reference KES Amount per Specified Denomination
(of USD100,000) divided by the USDKES Reference
Rate calculated on the USDKES Determination Date
(subject respectively to adjustment in accordance
with the Disruption Fallbacks and Annex A, and
rounded to the nearest USD0.01 with USD0.005
rounded up).
25.
Early Redemption Amount

Early Redemption Amount(s) of each Note As set out in the Conditions
payable on event of default and/or the
method of calculating the same (if required
or if different from that set out in the
Conditions):
26.
Variable Redemption Amount Notes:
Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE NOTES
27.
(a)
Form of Notes:

Bearer Notes:
Not Applicable
Registered Notes:
Applicable
Registrar and Transfer Agents
Citibank N.A.
Citigroup Centre


Canary Wharf
London E14 5LB
Transfer Agent:
Banque Internationale à Luxembourg société
anonyme, 69 route d'Esch, L-2953 Luxembourg
(i)
DTC Application
No
(ii)
Australian
Domestic No
Notes:
New Global Note:
No
28.
Relevant Financial Centre(s) or other special Nairobi, London and New York City
provisions relating to payment dates:
Notwithstanding Condition 6, if any date for the
payment of any amount due (whether in respect of
principal, interest or otherwise) in respect of the
Notes is not a Business Day, the holder shall not be
entitled to payment until the next following Business
Day and the holder shall not be entitled to payment of
any interest or other sum in respect of such postponed
payment.
29.
Talons for future Coupons to be attached to Not Applicable
Definitive Bearer Notes (and dates on which
such Talons mature):
30.
Details relating to Partly Paid Notes: amount Not Applicable
of each payment comprising the Issue Price
and date on which each payment is to be
made and consequences (if any) of failure to
pay, including any right of the Issuer to
forfeit the Notes and interest due on late
payment:
31.
Details relating to Instalment Notes: Not Applicable
Instalment Amount, date on which each
payment is to be made (Instalment Date):
32.
Redenomination,
renominalisation
and Not Applicable
reconventioning provisions:
33.
Consolidation provisions:
Not Applicable
34.
Other terms or special conditions:
"USDKES Determination Date" means, the day
which is the second Business Day prior to the relevant
Interest Payment Date or Maturity Date;


"Calculation Agent" means Citibank N.A. (London
Branch);
"USDKES Reference Rate" means:
The USD/KES (Central Bank of Kenya) rate, which
means the Mean Foreign Exchange Market Indicative
Rate (Mean Opening Exchange Rate), as displayed
under the section Foreign currency Exchange Rates
on the website of the Central Bank of Kenya (shown
below) and is expressed as the amount of Kenyan
Shilling per one USD, on the relevant USDKES
Determination Date.
(https://www.centralbank.go.ke/rates/forex-
exchange-rates/)
Disruption Fallbacks: If the USDKES Reference
Rate as defined above is not available for any
USDKES Determination Date (a "Price Source
Disruption"), then the USDKES Reference Rate shall
be determined as follows:
1. Fallback reference price: USD/KES Bloomberg
close (CMPL), where "USD/KES Bloomberg close
(CMPL)" means the USD/KES Bloomberg close
mid-rate (Composite London), which is expressed as
the amount of KES per one USD, or if not available
then;
2. Valuation Postponement;
3. Calculation Agent determination of USDKES
Reference Rate, in good faith and in consultation with
the Issuer.
35.
Governing law:
English
DISTRIBUTION
36.
(a)
If syndicated, names of Managers:
Not Applicable
(b)
Stabilising Manager (if any):
Not Applicable
37.
If non-syndicated, name of Dealer:
Merrill Lynch International

38.
Additional selling restrictions:
Not Applicable
39.
MiFID II product governance / Professional The Issuer is not subject to Directive 2014/65/EU (as
investors and ECPs only target market
amended, MiFID II) or the requirements of an
"investment firm", "manufacturer" or "distributor"
under the MiFID II product governance rules of EU


Delegated Directive 2017/593. For the purposes of
MiFID II, the Dealer shall be deemed the
"manufacturer" in respect of the Notes. Solely for the
purposes of the manufacturer's product approval
process, the target market assessment in respect of the
Notes has led to the conclusion that: (i) the target
market for the Notes is eligible counterparties and
professional clients only, each as defined in MiFID
II; and (ii) all channels for distribution of the Notes to
eligible counterparties and professional clients are
appropriate. Any person subsequently offering,
selling or recommending the Notes (a "distributor")
should take into consideration the manufacturer's
target market assessment; however, a distributor
subject to MiFID II is responsible for undertaking its
own target market assessment in respect of the Notes
(by either adopting or refining the manufacturer's
target
market
assessment)
and
determining
appropriate distribution channels.
OPERATIONAL INFORMATION
40.
ISIN Code:
XS2293565268
41.
Common Code:
229356526
42.
Any clearing system(s) other than Euroclear Not Applicable
and Clearstream, Luxembourg and the
relevant identification number(s):
43.
Delivery:
Delivery against payment
44.
Changes to the Agent(s) (if any):
Not Applicable
45.
Applicable TEFRA Rules:
Not Applicable
46.
Additional United States Federal Income Not Applicable
Tax Consequences:
47.
Intended to be held in a manner that would No
allow Eurosystem eligibility:




LISTING APPLICATION
This Pricing Supplement comprises the final terms required for issue and admission to trading on the Regulated
Market of the Luxembourg Stock Exchange and admission to trading on the Official List of the Luxembourg


Stock Exchange of the Notes described herein pursuant to the Global Debt Issuance Facility of the African
Development Bank.
NO MATERIAL ADVERSE CHANGE
There has been no material adverse change in the financial position of the Issuer since 31 December 2019.
AUDITORS
The annual accounts of the Issuer for the financial years ended 31 December 2018 and 31 December 2019 have
been audited by Deloitte & Associés.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in this Pricing Supplement.

Signed on behalf of African Development Bank:

By: ____________________________________________
Duly Authorised










Annex A

Definition of Unscheduled Holiday: Unscheduled Holiday means a day that is not a Business Day and in
respect of which the market was not aware of such fact (by means of a public announcement or by
reference to other publicly available information) until a time later than 9:00 a.m. local time in the
Principal Financial Center(s) of the Reference Currency two Business Days prior to the USDKES
Determination Date.

Deferral Period for Unscheduled Holiday: In the event a USDKES Determination Date becomes subject to
the Following Business Day Convention after the occurrence of an Unscheduled Holiday, and as a
consequence, the relevant USDKES Determination Date has not occurred on or before the 14th consecutive
day after the scheduled USDKES Determination Date (any such period being a Deferral Period), then the
next day after the Deferral Period that is or would have been a Business Day but for the Unscheduled
Holiday shall be deemed to be the USDKES Determination Date, subject to the Cumulative Events.

Valuation Postponement for Price Source Disruption: "Valuation Postponement" means, for purposes of
obtaining a USDKES Reference Rate, that the USDKES Reference Rate will be determined on the Business
Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source
Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source
Disruption, would have been the USDKES Determination Date) for a consecutive number of calendar days
equal to the Maximum Days of Postponement. In such event, the USDKES Reference Rate will be
determined on the next Business Day after the Maximum Days of Postponement (which will be deemed
to be the applicable USDKES Determination Date) in accordance with the next applicable Disruption
Fallback.

Cumulative Events: Except as provided below, in no event shall the total number of consecutive calendar
days during which either (i) valuation is deferred due to an Unscheduled Holiday, or (ii) a Valuation
Postponement shall occur (or any combination of (i) and (ii)), exceed 14 consecutive calendar days in the
aggregate. Accordingly, (x) if, upon the lapse of any such 14 calendar day period, an Unscheduled Holiday
shall have occurred or be continuing on the day following such period that otherwise would have been a
Business Day, then such day shall be deemed to be a USDKES Determination Date, and (y) if, upon the
lapse of any such 14 calendar day period, a Price Source Disruption shall have occurred or be continuing
on the day following such period on which the USDKES Reference Rate otherwise would be determined,
then Valuation Postponement shall not apply and the USDKES Reference Rate shall be determined in
accordance with the next Disruption Fallback.

Maximum Days of Postponement: 14 calendar days

Adjustment to Maturity Date and Interest Payment Dates: If the USDKES Determination Date in respect
of an Interest Payment Date or the Maturity Date is not the scheduled USDKES Determination Date in
respect of such Interest Payment Date or the Maturity Date, then such Interest Payment Date or the
Maturity Date (as applicable) shall be as soon as practicable after the relevant USDKES Determination


Date, but in no event later than the day which is 2 Business Days after the relevant USDKES Determination
Date. Further, if an Interest Payment Date or the Maturity Date is adjusted due to the occurrence of an
Unscheduled Holiday in accordance with the previous sentence, then such Interest Payment Date or the
Maturity Date shall be adjusted accordingly.

For the avoidance of doubt, such adjustments shall not apply in respect of Interest Period End Dates
(including the Maturity Date) for the purposes of determining the Interest Periods.

Relevant Cities for Business Day(s) for USDKES Determination Date(s): London, New York and Nairobi

Relevant Cities for Business Day(s) for all other purposes: London, New York and Nairobi