Goldman, BNP Paribas to Arrange Hybrid Bond Deal for AfDB

The African Development Bank is working with Goldman Sachs Group Inc. and BNP Paribas SA to help it arrange a hybrid bond issuance, as the multilateral lender returns to a model it pioneered last year in an effort to access more private capital.

AfDB may issue the bond “as soon as September,” Keith Werner, manager of capital markets and financial operations at AfDB, said in an interview. The bank, which also used Goldman and BNP for its debut hybrid issue, is now seeking to raise between $500 million and $1 billion in debt capital, he said.