By Cristal Cody
Chicago, April 21 – The Philippines’ Asian Development Bank sold $4 billion of notes on Wednesday, according to a market source.
The bank sold $3 billion of 2 7/8% three-year notes at 99.882. The spread priced out as SOFR mid-swaps plus 22 basis points, or alternatively at Treasuries plus 12.625 bps.
Additionally, the bank priced $1 billion of 3 1/8% 10-year notes at SOFR mid-swaps plus 47 bps, or at Treasuries plus 26.95 bps. The notes priced at 99.966.
J.P. Morgan Securities plc (stabilization coordinator), BofA, Goldman Sachs and Nomura are bookrunners of the offering.
Based in Manila, ADB provides financing for projects aimed at reducing poverty in Asia and the Pacific.
| Issuer: | Asian Development Bank
|
| Amount: | $4 billion
|
| Issue: | Notes
|
| Bookrunners: | J.P. Morgan Securities plc (stabilization coordinator), BofA, Goldman Sachs and Nomura
|
| Trade date: | April 20
|
|
|
| Three-year notes
|
| Amount: | $3 billion
|
| Maturity: | May 6, 2025
|
| Coupon: | 2 7/8%
|
| Price: | 99.882
|
| Spread: | SOFR mid-swaps plus 22 bps, or Treasuries plus 12.625 bps
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | April 27, 2032
|
| Coupon: | 3 1/8%
|
| Price: | 99.966
|
| Spread: | SOFR mid-swaps plus 47 bps, or Treasuries plus 26.95 bps
|
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