Chicago, Feb. 27 – Asian Development Bank (Aaa/AAA/AAA) priced $3.5 billion of 4 3/8% global bonds due 2029 on Tuesday, according to a market source.
The bonds priced at 99.827 to yield 4.414%, or at SOFR mid-swaps plus 38 basis points. Alternatively, the spread was 12.7 bps to the benchmark Treasury. Guidance was in the SOFR mid-swaps plus 39 bps area after being revised from the 41 bps area.
Citigroup was listed as the billing and delivery bank. Bank of Montreal, BNP Paribas and HSBC are also bookrunners.
Initial interest, when books opened on Tuesday, was above $8.75 billion. The final book was over $14 billion.
The deal will be listed in Luxembourg.
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: | March 6, 2029
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| Bookrunners: | Citigroup (billing and delivery), Bank of Montreal, BNP Paribas and HSBC
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| Coupon: | 4 3/8%
|
| Price: | 99.827
|
| Yield: | 4.414%
|
| Spread: | SOFR mid-swaps plus 38 bps
|
| Trade date: | Feb. 27
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| Settlement date: | March 6
|
| Distribution: | Global, SEC exempt
|
| Price talk: | Mid-swaps plus 39 bps area, revised from mid-swaps plus 41 bps area
|
| ISIN: | US045167GD94
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