THE African Development Bank (AfDB) has sold its long-awaited hybrid capital note, the first financing of its kind for multilateral development banks, which are under increasing pressure to find ways to boost their lending. The G20 group of major economies has urged multilateral lenders to explore hybrid financing structures, to try to maximise balance sheets and increase funding to help developing economies with crises including climate change. The $750 million perpetual hybrid note has a 5.75% coupon, tighter than the 6.375% guidance. The deeply subordinated, debt-like equity instrument has a lower credit rating than the lender's AAA-rated bonds and can be redeemed…