Obligation African Development Bank 0% ( US00828EDE68 ) en USD

Société émettrice African Development Bank
Prix sur le marché 100 %  ⇌ 
Pays  Cote d'Ivoire
Code ISIN  US00828EDE68 ( en USD )
Coupon 0%
Echéance 18/11/2020 - Obligation échue



Prospectus brochure de l'obligation African Development Bank US00828EDE68 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 150 000 000 USD
Cusip 00828EDE6
Description détaillée L'Obligation émise par African Development Bank ( Cote d'Ivoire ) , en USD, avec le code ISIN US00828EDE68, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 18/11/2020









Pricing Supplement dated 4 December 2018
AFRICAN DEVELOPMENT BANK
Global Debt Issuance Facility
for issues of Notes with maturities of one day or longer
Issue of USD 100,000,000 Floating Rate Notes due 18 November 2020
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/Retail investors, professional investors and eligible counterparties ­ See item
40 below.
1.
Issuer:
African Development Bank
2.
(a)
Series Number:
826
(b)
Tranche Number:
1
3.
Specified Currency or Currencies:
U.S. dollars (USD)
4.
Aggregate Nominal Amount:

(a)
Series:
USD 100,000,000
(b)
Tranche:
USD 100,000,000
5.
(a)
Issue Price:
100.00 per cent. of the Aggregate Nominal Amount
(b)
Net proceeds:
USD 99,925,000.00
6.
Specified Denominations:
USD 1,000 (the Calculation Amount)
7.
(a)
Issue Date:
6 December 2018
(b)
Interest Commencement Date:
6 December 2018
8.
Maturity Date:
Interest Payment Date falling on or nearest to 18
November 2020
9.
Interest Basis:
SOFR
+0.32
per
cent.
Floating
Rate
(further particulars specified below)
10.
Redemption/Payment Basis:
Redemption at par


1






11.
Change of Interest or Redemption/Payment Not Applicable
Basis:
12.
Put/Call Options:
Not Applicable
13.
Status of the Notes:
Senior
14.
Listing:
The regulated market of the Luxembourg Stock
Exchange for the purposes of Directive 2014/65/EU
on Markets in Financial Instruments
15.
Method of distribution:
Syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16.
Fixed Rate Note Provisions
Not Applicable
17.
Floating Rate Note Provisions
Applicable
(a)
Interest Period(s):
As defined in the Conditions
(b)
Specified Interest Payment Dates:
18 February, 18 May, 18 August and 18 November
in each year up to and including the Maturity Date
with the first Interest Payment Date being 18
February 2019, subject to adjustment in accordance
with the Business Day Convention as specified
below. There will be a short first coupon from (and
including) the Issue Date to (but excluding) 18
February 2019.
(c)
Business Day Convention:
Modified Following Business Day Convention
(d)
Business Centre(s):
New York City and London
(e)
Manner in which the Rate(s) of ISDA Determination
Interest is/are to be determined:
(f)
Interest Period Date(s):
Not Applicable
(g)
Party responsible for calculating the Issuing and Paying Agent
Rate(s) of Interest and Interest
Amount(s) (if not the Issuing and
Paying Agent):
(h)
Screen Rate Determination:
Not Applicable
(i)
ISDA Determination:
Applicable

Floating Rate Option:
SOFR (as defined in item (o) below) and subject to
the fall-back provisions set out below

Designated Maturity:
Not Applicable

Reset Date:
Each day in the relevant Interest Period. The rate for
the Floating Rate Option for each Reset Date in the


2






period from, and including, the Rate Cut-Off Date
(as defined below) to, and including, the last day of
the relevant Interest Period shall be the rate in effect
on the Reset Date falling on the Rate Cut-Off Date
for such Interest Period. The method of calculation
for the determination of the Floating Rate where
there is more than one Reset Date in the relevant
Calculation Period shall be "Weighted Average",
with each such term, as applicable, having the
meaning given to it in the ISDA definitions.

ISDA
Definitions
(if Not Applicable
different from those set out
in the Conditions):
(j)
Relevant Margin(s):
+0.32 per cent. per annum
(k)
Minimum Rate of Interest:
0.00 per cent. per annum
(l)
Maximum Rate of Interest:
Not Applicable
(m)
Day Count Fraction:
Actual/360
(n)
Rate Multiplier:
Not Applicable
(o)
Fall back provisions, rounding "SOFR" means, with respect to any Reset Date:
provisions, denominator and any
other terms relating to the method of
(i)
the Secured Overnight Financing Rate in
calculating interest on Floating Rate
respect of the U.S. Government Securities
Notes, if different from those set out
Business Day immediately preceding such
in the Conditions:
Reset Date as provided by the Federal
Reserve Bank of New York, as the
administrator of such Rate (or a successor
administrator) on the New York Fed's
Website on or about 5:00 p.m. (New York
time) on such Reset Date (or, if such Reset
Date is not a U.S. Government Securities
Business Day, on the first U.S. Government
Securities Business Day following such
Reset Date);
(ii)
if the Secured Overnight Financing Rate
cannot be determined with respect to such
Reset Date as specified in paragraph (i),
unless both a SOFR Index Cessation Event
and a SOFR Index Cessation Effective Date
have occurred, the Secured Overnight
Financing Rate in respect of the last U.S.
Government Securities Business Day for
which such Rate was published on the New
York Fed's Website; or
(iii)
if a SOFR Index Cessation Event and SOFR
Index Cessation Effective Date have


3






occurred, the rate (inclusive of any spreads
or adjustments) that was recommended as
the replacement for the Secured Overnight
Financing Rate by the Federal Reserve
Board and/or the Federal Reserve Bank of
New York or a committee officially
endorsed or convened by the Federal
Reserve Board and/or the Federal Reserve
Bank of New York for the purpose of
recommending a replacement for the
Secured Overnight Financing Rate (which
rate may be produced by a Federal Reserve
Bank or other designated administrator),
provided that, if no such rate has been
recommended within one U.S. Government
Securities Business Day of the SOFR Index
Cessation Event, then the rate for each Reset
Date occurring on or after the SOFR Index
Cessation Effective Date will be determined
as if (i) references to SOFR were references
to OBFR, (ii) references to U.S. Government
Securities Business Day were references to
New York City Banking Day, (iii) references
to SOFR Index Cessation Event were
references to OBFR Index Cessation Event
and (iv) references to SOFR Index Cessation
Effective Date were references to OBFR
Index
Cessation
Effective
Date; and
provided further that, if no such rate has
been
recommended
within
one
U.S.
Government Securities Business Day of the
SOFR Index Cessation Event and an OBFR
Index Cessation Event has occurred, then the
rate for each Reset Date occurring on or after
the SOFR Index Cessation Effective Date
will be determined as if (x) references to
SOFR were references to FOMC Target
Rate, (y) references to U.S. Government
Securities Business Day were references to
New York City Banking Day and (z)
references to the New York Fed's Website
were references to the Federal Reserve's
Website.
where:
"Federal Reserve's Website" means the website of
the Board of Governors of the Federal Reserve
System currently at http://www.federalreserve.gov,
or any successor website of the Board of Governors
of the Federal Reserve System;
"FOMC Target Rate" means, the short-term


4






interest rate target set by the Federal Open Market
Committee and published on the Federal Reserve's
Website or, if the Federal Open Market Committee
does not target a single rate, the mid-point of the
short-term interest rate target range set by the
Federal Open Market Committee and published on
the Federal Reserve's Website (calculated as the
arithmetic average of the upper bound of the target
range and the lower bound of the target range);
"New York City Banking Day" means any day on
which commercial banks are open for general
business (including dealings in foreign exchange and
foreign currency deposits) in New York City;
"New York Fed's Website" means the website of
the Federal Reserve Bank of New York currently at
http://www.newyorkfed.org,
or
any
successor
website of the Federal Reserve Bank of New York;
"OBFR" means, with respect to any Reset Date, the
daily Overnight Bank Funding Rate in respect of the
New York City Banking Day immediately preceding
such Reset Date as provided by the Federal Reserve
Bank of New York, as the administrator of such Rate
(or a successor administrator) on the New York
Fed's Website on or about 5:00 p.m. (New York
time) on such Reset Date;
"OBFR Index Cessation Effective Date" means, in
respect of a OBFR Index Cessation Event, the date
on which the Federal Reserve Bank of New York (or
any successor administrator of the Overnight Bank
Funding Rate), ceases to publish the Overnight Bank
Funding Rate, or the date as of which the Overnight
Bank Funding Rate may no longer be used;
"OBFR Index Cessation Event" means the
occurrence of one or more of the following events:
(a) a public statement by the Federal Reserve Bank
of New York (or a successor administrator of the
OBFR) announcing that it has ceased or will cease to
provide OBFR permanently or indefinitely, provided
that, at that time, there is no successor administrator
that will continue to provide OBFR; or (b) the
publication of information which reasonably
confirms that the Federal Reserve Bank of New York
(or a successor administrator of OBFR) has ceased or
will cease to provide OBFR permanently or
indefinitely, provided that, at that time, there is no
successor administrator that will continue to publish
or provide OBFR; or (c) a public statement by a U.S.
regulator or other U.S. official sector entity
prohibiting the use of OBFR that applies to, but need


5






not be limited to, all Swap Transactions, including
existing Swap Transactions;
"Rate Cut-Off Date" means the day that is the
second U.S. Government Securities Business Day (as
defined below) prior to the Specified Interest
Payment Date in respect of the relevant Interest
Period;
"SOFR Index Cessation Effective Date" means, in
respect of a SOFR Index Cessation Event, the date
on which the Federal Reserve Bank of New York (or
any successor administrator of the Secured
Overnight Financing Rate) ceases to publish the
Secured Overnight Financing Rate, or the date as of
which the Secured Overnight Financing Rate may no
longer be used;
"SOFR Index Cessation Event" means the
occurrence of one or more of the following events:
(a) a public statement by the Federal Reserve Bank
of New York (or a successor administrator of the
Secured Overnight Financing Rate) announcing that
it has ceased or will cease to provide the Secured
Overnight
Financing
Rate
permanently
or
indefinitely, provided that, at that time, there is no
successor administrator that will continue to provide
a Secured Overnight Financing Rate; or (b) the
publication of information which reasonably
confirms that the Federal Reserve Bank of New York
(or a successor administrator of the Secured
Overnight Financing Rate) has ceased or will cease
to provide the Secured Overnight Financing Rate
permanently or indefinitely, provided that, at that
time, there is no successor administrator that will
continue to provide the Secured Overnight Financing
Rate; or (c) a public statement by a U.S. regulator or
U.S. other official sector entity prohibiting the use of
the Secured Overnight Financing Rate that applies
to, but need not be limited to, all Swap Transactions,
including existing Swap Transactions; and
"U.S. Government Securities Business Day"
means any day, except for a Saturday, Sunday or a
day on which the Securities Industry and Financial
Markets Association recommends that the fixed
income departments of its members be closed for the
entire day for purposes of trading in U.S.
government securities.
18.
Zero Coupon Note Provisions
Not Applicable
19.
Index-Linked Interest Note Provisions
Not Applicable


6






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
USD 1,000 per Calculation Amount
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
Registrar:
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
Yes
(ii)
Australian Domestic Notes:
No
28.
Relevant Financial Centre(s) or other special London and New York City
provisions relating to Payment Dates:
For the purposes of Condition 6, "Business Day"
means a day (other than Saturday or Sunday) on
which commercial banks and foreign exchange
markets settle payments and are open for general
business in London and New York City
Notwithstanding Condition 6, if any date for the
payment of any amount due (whether in respect of


7






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 unless such day falls in the next calendar month
in which case such date will be the first preceding
day that is a 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: amount Not Applicable
of each instalment, date on which each
payment is to be made:
32.
Redenomination,
renominalisation
and Not Applicable
reconventioning provisions:
33.
Consolidation provisions:
Not Applicable
34.
Other terms or special conditions:
Not Applicable
35.
Additional risk factors:
An investment in the Notes is subject to the risks
described below, as well as the risks described
under "Risk Factors" in the Information
Memorandum.
The Secured Overnight Financing Rate may be
discontinued or fundamentally altered in a
manner that is materially adverse to the interests
of investors in the Notes.
The Secured Overnight Financing Rate is published
by the Federal Reserve Bank of New York (the
"Federal Reserve") and is intended to be a broad
measure of the cost of borrowing cash overnight
collateralised by Treasury securities. The Federal
Reserve reports that the Secured Overnight
Financing Rate ("SOFR") includes all trades in the
Broad General Collateral Rate, plus bilateral
Treasury repurchase agreement transactions cleared
through the delivery-versus-payment service offered
by the Fixed Income Clearing Corporation (the
"FICC"), a subsidiary of the Depository Trust and


8






Clearing Corporation ("DTCC"). The Secured
Overnight Financing Rate is filtered by the Federal
Reserve to remove a portion of the foregoing
transactions considered to be "specials".
The Federal Reserve reports that SOFR is calculated
as a volume-weighted median of transaction-level
tri-party repo data collected from The Bank of New
York Mellon as well as General Collateral Finance
repurchase agreement transaction data and data on
bilateral Treasury repurchase transactions cleared
through the FICC's delivery-versus-payment service.
The Federal Reserve notes that it obtains information
from DTCC Solutions LLC, an affiliate of DTCC.
The Federal Reserve notes on its publication page for
the Secured Overnight Financing Rate that use of
SOFR is subject to important limitations and
disclaimers, including that the Federal Reserve may
alter the methods of calculation, publication
schedule, rate revision practices or availability of
SOFR at any time without notice.
Because SOFR is published by the Federal Reserve
based on data received from other sources, the Issuer
has no control over its determination, calculation or
publication. There can be no guarantee SOFR will
not be discontinued or fundamentally altered in a
manner that is materially adverse to the interests of
investors in the Notes. If the manner in which SOFR
is calculated is changed, that change may result in a
reduction of the amount of interest payable on the
Notes and the trading prices of the Notes. If the rate
at which interest accrues on any day (meaning the
SOFR for that Reset Date plus or minus the
applicable spread) declines to zero or becomes
negative, no interest will be payable on the Notes in
respect of that day.
The Federal Reserve began to publish SOFR in April
2018. The Federal Reserve has also begun publishing
historical indicative SOFRs going back to 2014.
Investors should not rely on any historical changes or
trends in SOFR as an indicator of future changes in
SOFR. Also, since SOFR is a relatively new market
index, the Notes will likely have no established
trading market when issued, and an established
trading market may never develop or may not be
very liquid. Market terms for debt securities indexed
to SOFR, such as the spread over the index reflected
in interest rate provisions, may evolve over time, and
trading prices of the Notes may be lower than those
of later-issued indexed debt securities as a result.
Similarly, if SOFR does not prove to be widely used


9






in securities like the Notes, the trading price of the
Notes may be lower than those of notes linked to
indices that are more widely used. Investors in the
Notes may not be able to sell the Notes at all or may
not be able to sell the Notes at prices that will
provide them with a yield comparable to similar
investments that have a developed secondary market,
and may consequently suffer from increased pricing
volatility and market risk.
36.
Governing law:
English Law
DISTRIBUTION

37.
(a)
If syndicated, names of Managers:
J.P. Morgan Securities plc
Merrill Lynch International
The Toronto-Dominion Bank
Wells Fargo Securities, LLC
(together, the Joint Lead Managers)
Crédit Agricole Corporate and Investment Bank
(the Co-Lead Manager and, together with the Joint
Lead Managers, the Managers)

(the Co-Lead Manager has no underwriting
commitment)

(b)
Stabilising Manager (if any):
J.P. Morgan Securities plc
38.
If non-syndicated, name of Dealer:
Not Applicable
39.
Additional selling restrictions:
Not Applicable
40.
MIFID
II
product
governance/Retail The Issuer is not subject to Directive 2014/65/EU (as
investors, professional investors and eligible amended, MiFID II) or the requirements of an
counterparties:
"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 Joint Lead Managers shall be deemed
the "manufacturers" in respect of the Notes. Solely
for the purposes of each 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, professional clients and retail clients,
each as defined in MiFID II; and (ii) all channels for
distribution of the Notes are appropriate, including
investment advice, portfolio management, non-
advised sales and pure execution services. Any
person
subsequently
offering,
selling
or
recommending the Notes (a distributor) should take
into consideration the manufacturers' target market
assessment; however, a distributor subject to MiFID


10