New York, Jan. 7 – Asian Development Bank priced $3.25 billion of three-year 1.375% global benchmark bonds at 99.655 to yield a spread of 23.2 basis points over Treasuries, according to an announcement from the issuer.
Bank of America Merrill Lynch, HSBC, Morgan Stanley, and TD Securities were lead managers.
ADB said the issue is its biggest global bond ever.
“We were definitely pleased by the level of oversubscription in the order book with investor interest in excess of $4 billion, testament to the institution’s robust credit fundamentals and loyal global following in the capital markets,” said ADB treasurer Pierre Van Peteghem in a news release.
Of the issue, 35% was placed in Asia, 34% in Europe, Middle East and Africa, and 31% in the Americas.
By investor type, 68% went to central banks and official institutions, 20% to banks and 12% to fund managers and other investors.
Proceeds will be added to the bank’s ordinary capital resources and used in non-concessional operations.
The bank plans to raise $20 billion from the capital markets this year.
Asian Development Bank is based in Manila, Philippines and works to reduce poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration.
| Issuer: | Asian Development Bank
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| Issue: | Global bond
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| Amount: | $3.25 billion
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| Maturity: | Jan. 15, 2019
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| Coupon: | 1.375%
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| Price: | 99.655
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| Spread: | 23.2 bps
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| Lead managers: | Bank of America Merrill Lynch, HSBC, Morgan Stanley, and TD Securities
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| Co-managers: | BMO Capital Markets, BNP Paribas, Citi, Credit Agricole, Credit Suisse, Daiwa, Deutsche Bank, J.P. Morgan, Mizuho, Nomura, RBC Capital Markets and Standard Chartered
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| Announcement date: | Jan. 7
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