By Paul A. Harris and Aaron Hochman-Zimmerman
St. Louis, June 5 - Asian Development Bank (ADB) priced a $1 billion issue of 5 ¼% 10-year notes at a 38 basis points spread to Treasuries, according to a press release issued on Tuesday.
Daiwa, Deutsche Bank and Morgan Stanley were the lead managers for the deal.
Citigroup, Credit Suisse, Dresdner, Goldman Sachs, JP Morgan, Merrill Lynch, Mitsubishi Securities, Nomura, Royal Bank of Canada and UBS were the co-managers.
"We are very pleased with the transaction. The response from investors was quite strong, resulting in a high quality book exceeding $1.3 billion," stated ADB Treasurer Mikio Kashiwagi in a news release.
"This allowed ADB to launch and price the issue on the same day. The interest from investors in North America is the strongest we have seen, a reflection of more compelling pricing against US agencies as well as ADB's ongoing investor relations work in the region," Kashiwagi added.
The Manila-based financial institution plans to raise and additional $6 billion to $8 billion during 2007.
| Issuer: | Asian Development Bank
|
| Amount: | $1 billion
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| Maturity: | June 12, 2017
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| Lead managers: | Daiwa, Deutsche Bank and Morgan Stanley
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| Co-managers: | Citigroup, Credit Suisse, Dresdner, Goldman Sachs, JP Morgan, Merrill Lynch, Mitsubishi Securities, Nomura, Royal Bank of Canada, UBS |
|
| Coupon: | 5 ¼%
|
| Price: | 99.485
|
| Spread: | 38 bps
|
| Pricing date: | June 4
|
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