The African Development Bank has launched a A$600m ($463.9m) 5.5-year Kangaroo bond as its return to the Australian dollar bond market.

AfDB revealed this in a statement on Monday, describing the bond as its first benchmark Kangaroo since early 2018.

The bank said the transaction was led by Nomura and RBC Capital Markets.

AfDB’s Treasurer, Hassatou N’sele said, “Following on from the ground breaking USD$3.1bn three-year ‘Fight Covid-19’ Social Bond we issued in 2020, we’re glad to see that public domestic markets, like the Kangaroo bond market, are now seeing similar development in terms of interest from dedicated ESG investors, which provided additional momentum enabling us to print the largest trade we’ve ever done in AUD.

“The African Development Bank’s social bonds have use of proceeds allocated to projects that alleviate or mitigate social issues such as improving access to electricity, water and sanitation, and improving livelihoods through flood-risk reduction and access to clean transportation and employment generation.”

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