New Issue: Philippines' ADB prices $1.5 billion 1 7/8% notes at 23.9 bps over Treasuries

By Angela McDaniels

Tacoma, Wash., Jan. 23 - Asian Development Bank priced $1.5 billion of 1 7/8% notes due 2019 at 99.814 to yield Treasuries plus 23.9 basis points, according to a bank news release.

The transaction was led by Citigroup, HSBC, Morgan Stanley and RBC Capital Markets. The syndicate also included Daiwa Capital Markets, Deutsche Bank, Goldman Sachs International, Nomura Securities, Standard Chartered Bank and TD Securities.

Proceeds will be added to the bank's ordinary capital resources and used in its non-concessional operations.

ADB, a lender based in Manila, said it plans to raise $13 billion to $15 billion in the capital markets in 2014, and this deal is its first issue in the dollar global bond market this year.

Issuer:	Asian Development Bank
Amount:	$1.5 billion
Maturity:	April 12, 2019
Description:	Notes
Lead managers:	Citigroup, HSBC, Morgan Stanley and RBC Capital Markets
Co-managers:	Daiwa Capital Markets, Deutsche Bank, Goldman Sachs International, Nomura Securities, Standard Chartered Bank and TD Securities
Coupon:	1 7/8%
Price:	99.814
Spread:	Treasuries plus 23.9 bps
Trade date:	Jan. 23

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