It’s sized between $500 million and $1 billion, before the end of the month if market conditions are right, the bank’s acting treasurer said. AfDB is set to become to first multilateral lender to issue a perpetual hybrid note – a deeply subordinated, debt-like equity instrument that will have a lower credit rating than the lender’s AAA-rated bonds. “We’ve been ready to issue since the end of September… Unfortunately, market conditions have not been ideal and for us it’s very important to get this transaction done right,” the bank’s acting treasurer Omar Sefiani told Reuters in an interview. Sefiani said the note could be issued before end-November if financial market conditions continue to improve and before investors start to close their books for the year in December. Alternatively, the debut could be in 2024.