By Cristal Cody
Chicago, June 12 – Asian Development Bank sold $4 billion of notes over two parts on June 9, according to filings with the Securities and Exchange Commission.
The global notes are SEC-exempt and the offering evenly breaks into $2 billion tranches.
The first tranche priced as 4 5/8% notes with a two-year tenor. The offering price is 99.998.
The second tranche priced as 3 7/8% notes with a 10-year tenor. The offering price is 99.255.
Credit Agricole CIB, Deutsche Bank AG, London Branch, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc led the sale as joint lead managers.
Talk on the notes due 2025 was in the SOFR mid-swaps plus 24 basis points area, a source noted.
Initial talk on the second tranche due 2033 was in the SOFR mid-swaps plus 50 bps area.
The issuer is a Manila-based development bank.
| Issuer: | Asian Development Bank
|
| Amount: | $4 billion
|
| Issue: | Senior notes
|
| Bookrunners: | Credit Agricole CIB, Deutsche Bank AG, London Branch, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc
|
| Co-managers: | Canadian Imperial Bank of Commerce, London Branch, RBC Capital Markets, LLC, Bank of Nova Scotia, London Branch and Toronto-Dominion Bank
|
| Trustee: | Federal Reserve Bank of New York as fiscal agent
|
| Counsel to underwriters: | Cleary Gottlieb Steen & Hamilton LLP
|
| Call features: | Non-callable
|
| Trade date: | June 9
|
| Settlement date: | June 14
|
| Distribution: | SEC-exempt
|
|
|
| 2025 notes
|
| Amount: | $2 billion
|
| Maturity: | June 13, 2025
|
| Coupon: | 4 5/8%
|
| Price: | 99.998
|
| Price talk: | SOFR mid-swaps plus 24 bps area
|
| Cusip: | 04517PBU5
|
|
|
| 2033 notes
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| Amount: | $2 billion
|
| Maturity: | June 14, 2033
|
| Coupon: | 3 7/8%
|
| Price: | 99.255
|
| Price talk: | SOFR mid-swaps 50 bps area
|
| Cusip: | 04517PBT8
|
|
|
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