By Jennifer Chiou
New York, May 15 - Asian Development Bank said it priced $3 billion five-year bonds at 99.662 with a coupon of 2.75% to yield 86.25 basis points over the 1.875% Treasury note due April 2014.
Deutsche, HSBC, JPMorgan and Morgan Stanley were the lead managers. A syndicate group was also formed, consisting of Bank of America, BNP Paribas, Citi, Credit Suisse, Daiwa, Dresdner, Mizuho, Nomura, RBC and UBS.
"We are very satisfied with the transaction and the robust broad demand from investors, which resulted in an oversubscribed book in excess of $5 billion, the largest ever order book received for an ADB U.S. dollar global benchmark," company treasurer Mikio Kashiwagi said in a news release.
The proceeds will be part of the bank's ordinary capital resources and used in its non-concessional operations.
The bank added that it plans to raise around $10 billion in 2009.
The financial institution promotes economic and social progress in the Asia-Pacific region and is based in Manila, Philippines.
| Issuer: | Asian Development Bank
|
| Issue: | Five-year bonds
|
| Amount: | $3 billion
|
| Maturity: | May 21, 2014
|
| Coupon: | 2.75%
|
| Price: | 99.662
|
| Yield: | 86.25 bps over the 1.875% Treasury note due April 2014
|
| Lead managers: | Deutsche, HSBC, JPMorgan and Morgan Stanley
|
| Pricing date: | May 15
|
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