By Susanna Moon
Chicago, Feb. 20 – Asian Development Bank has raised GEL 100 million from its sale of three-year floating-rate bonds.
ADB issued the bonds at par, with a floating-rate coupon that resets quarterly based on National Bank of Georgia’s three-month certificate of deposit yield.
JSC TBC Bank’s subsidiary TBC Broker arranged the private placement of GEL-denominated bonds, according to a press release.
Proceeds of the bond issue will be lent to TBC Bank to provide investment and working capital loans to micro, small and medium-sized enterprises in Georgia, according to another press release.
“We are pleased to offer a product that eliminates currency risks and stimulates private investment and employment throughout Georgia,” Todd Freeland, director general of ADB’s private sector operations department, said in the press release.
Asian Development Bank is an international development finance institution based in Manila.
| Issuer: | Asian Development Bank
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| Issue: | Bonds
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| Amount: | GEL 100 million
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| Maturity: | Feb. 15, 2018
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| Coupon: | At Georgia’s three-month certificate of deposit yield
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| Price: | Par
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| Pricing date: | Feb. 20
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