Obligation African Development Bank 6% ( XS2359822850 ) en KES

African Development Bank

100 % ▲

Cote d'Ivoire

XS2359822850 ( en KES )

6% par an ( paiement annuel )

06/07/2023 - Obligation échue

Prospectus brochure de l'obligation African Development Bank XS2359822850 en KES 6%, échue

1 000 000 KES

1 100 000 000 KES

La Banque africaine de développement (BAD) est une institution financière de développement multilatérale qui ?uvre à réduire la pauvreté et à améliorer les conditions de vie en Afrique en finançant des projets de développement économique et social.

L'Obligation émise par African Development Bank ( Cote d'Ivoire ) , en KES, avec le code ISIN XS2359822850, paye un coupon de 6% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 06/07/2023

Pricing Supplement dated 2 July 2021
AFRICAN DEVELOPMENT BANK
Global Debt Issuance Facility
for issues of Notes with maturities of one day or longer

Issue of KES 1,100,000,000 6.00 per cent. Fixed Rate Notes due 6 July 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:
1003
(b)
Tranche Number:
One
3.
Specified Currency or Currencies:
Kenyan Shilling ("KES"), provided that all payments
in respect of the Notes will be payable in US dollars
("USD") (further particulars specified below)
4.
Aggregate Nominal Amount:

(a)
Series:
KES 1,100,000,000
(Equal to USD 10,193,207.62, at the agreed rate of
KES 107.915 per USD 1.00)
(b)
Tranche:
The Series Aggregate Nominal Amount
5.
(i) Issue Price:
98.90 per cent. of the Aggregate Nominal Amount
(ii) Net Proceeds:
KES 1,087,900,000, which will be payable in USD in
the amount of USD 10,081,082.33 at the agreed rate
of KES 107.915 per USD 1.00
6.
Specified Denominations:
KES 1,000,000
7.
(a)
Issue Date:
6 July 2021

(b)
Interest Commencement Date:
6 July 2021
8.
Maturity Date:
6 July 2023
9.
Interest Basis:
6.00 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:
6.00 per cent. per annum payable annually in arrear
(b)
Interest Payment Date(s):
6 July 2022 and the Maturity Date subject, in the case
of payment only, to the Following Business Day
Convention (further particulars in paragraph 16(g)
below).
(c)
Fixed Coupon Amount(s):
Not Applicable
(d)
Broken Amount(s):
Not Applicable
(e)
Day Count Fraction:
Actual/Actual (ICMA), 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 USD/KES Reference Rate calculated
on the corresponding USD/KES Fixing 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;
`Reference KES Amount' per Specified
Denomination means KES 1,000,000; and
"USD/KES Fixing Date" means, the day which is
the fifth Business Day prior to the relevant Interest
Payment Date or Maturity Date ("Scheduled Fixing
Date"). If such Scheduled Fixing Date is an
Unscheduled Holiday (as defined below), the
USD/KES Fixing Date shall be the next following
Business Day, provided that if the USD/KES Fixing
Date has not occurred on or before the fourteenth
(14th) consecutive calendar day after the originally
Scheduled Fixing Date (any such period being a
"Deferral Period"), then the next day after the
Deferral Period that would have been a Business Day
but for the Unscheduled Holiday (as defined below),
shall be deemed to be the USD/KES Fixing Date. If a
Price Source Disruption Event (as defined below)
occurs or otherwise subsists on such day further to
which Disruption Fallbacks (as defined below) shall
apply, the USD/KES Fixing Date shall be the earlier
of (i) the Business Day on which the Issuer is notified
by the Calculation Agent that a Price Source
Disruption Event (as defined below) no longer
subsists and (ii) the fourteenth (14th) calendar day
following the original Scheduled Fixing Date;
"Calculation Agent" means BNP Paribas;
"Disruption Fallbacks" means that if the USD/KES
Reference Rate as defined above is not available for
any USD/KES Fixing Date, then the Calculation
Agent shall determine that a price source disruption
event (a "Price Source Disruption Event") has
occurred, and shall promptly inform the Issuer and
Agent
of
such
occurrence.
Following
the
determination of the occurrence of a Price Source
Disruption Event, the Noteholders will not be entitled
to any amounts in respect of the Notes until the day
falling five (5) Business Days after the day on which
the Issuer is notified by the Calculation Agent that a
Price Source Disruption Event no longer subsists.

If the USD/KES Reference Rate (defined below) is
still unavailable on the Fixing Cut-Off Date (defined
below), the Calculation Agent shall determine the
USD/KES Reference Rate, in consultation with the
Issuer, acting in good faith and in a commercially
reasonable manner.
For the avoidance of doubt, no additional amounts
shall be payable by the Issuer in respect of any delay
in payment beyond the originally scheduled Interest
Payment Date or Maturity Date in all cases because
of the operation of this "Disruption Fallbacks"
provision.
"Fixing Cut-Off Date" means the fourteenth (14th)
consecutive calendar day falling after the USD/KES
Fixing Date.
"Unscheduled Holiday" means that a day is not a
Business Day and 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 Nairobi
two (2) Business Days prior to the USD/KES Fixing
Date.
"USD/KES Rate" means the USD/KES exchange
rate as determined by the Calculation Agent, in the
amount of KES per USD by reference to the
applicable KES WMR (KES03) Rate.
"KES WMR (KES03) Rate" means the KES/USD
rate quotation provided by Refinitiv Benchmark
Services Ltd on Refinitiv Screen USDKES08FIX
(rounded to the fourth decimal place) at
approximately 11.00 a.m., Nairobi time, on the day
which is five Business Days prior to the relevant
Interest Payment Date or Maturity Date.
"USD/KES Reference Rate" means the USD/KES
Rate determined by the Calculation Agent, in
consultation with the Issuer, in good faith and in a
commercially reasonable manner.
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 (as defined in paragraph
16(g) above) per Specified Denomination divided by
the USD/KES Reference Rate calculated on the
USD/KES Fixing Date (as defined in paragraph 16(g)
above),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:
Not Applicable
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:
BNP Paribas

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:
XS2359822850
41.
Common Code:
235982285
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 2020.
AUDITORS
The annual accounts of the Issuer for the financial years ended 31 December 2019 and 31 December 2020 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