Chicago, April 18 – Asian Development Bank priced $3.5 billion of 3¾% five-year global bonds on Tuesday, according to a market source.
The bonds priced at 99.725 to yield 3.811%. Spread pricing came at 36 basis points over SOFR mid-swaps, or at Treasuries plus 16.5 bps.
Guidance started in the SOFR mid-swaps plus 37 bps area.
The bonds are being issued under the bank’s medium-term note program.
BofA Securities, BMO Capital Markets, BNP Paribas and HSBC are the joint lead managers for the notes.
Books closed in excess of $6.75 billion, including $250 million of interest from the joint lead managers. Initial interest was above $4.5 billion when books opened.
Listing will be in Luxembourg.
The offering will settle April 25.
The issuer is a Manila-based development bank.
| Issuer: | Asian Development Bank
|
| Amount: | $3.5 billion
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| Issue: | Global bonds
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| Maturity: | April 25, 2028
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| Bookrunners: | BofA Securities, BMO Capital Markets, BNP Paribas and HSBC
|
| Coupon: | 3¾%
|
| Price: | 99.725
|
| Yield: | 3.811%
|
| Spread: | SOFR mid-swaps plus 36 bps, or Treasuries plus 16.5 bps
|
| Trade date: | April 18
|
| Settlement date: | April 25
|
| Distribution: | SEC-exempt
|
| Price talk: | SOFR mid-swaps plus 37 bps area
|
| ISIN: | US045167FW84
|
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