Philippines' Asian Development Bank plans another $7 billion of issuance in 2008

By Aaron Hochman-Zimmerman

New York, Jan. 15 - The Asian Development Bank plans to issue a total of $8 billion in 2008, according to a press release.

The Manila-based development financier priced $1 billion 3% notes on Monday with a spread of 51.75 basis points over Treasuries.

"We are very satisfied with the transaction and the robust demand from investors, which resulted in a book that exceeded $1.3 billion," said ADB Treasurer Mikio Kashiwagi in the release.

"The interest from central banks is the highest we have seen, reflecting the high quality of the order book," he said.

Approximately 40% of the bonds were placed in Asia, 33% in North America, and 27% in Europe and Middle East.

Interest came mainly from central banks which bought approximately 80%, 12% were bought by fund managers, 6% by pension funds and 2% by banks.

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