By Tali Rackner
Norfolk, Va., July 6 – Asian Development Bank (ADB) has raised GEL 64 million ($30 million) from its sale of three-year floating-rate bonds, according to a press release.
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 reference rate plus 20 basis points.
Galt & Taggart was the manager and underwriter for the private placement.
Proceeds will be lent to Credo Microfinance Organization and Finca Bank Georgia, two microfinance lenders, to provide loans to microenterprises in Georgia. The issue will support the implementation of $30 million in ADB loans provided earlier this year to the two lenders to expand their support to small enterprises and to reach clients in remote areas of the country.
“Microenterprises play a critical role in employment creation in Georgia and getting better access to bank financing will help them to grow,” Pierre Van Peteghem, ADB treasurer, said in the release.
“ADB’s second lari denominated bond will help strengthen the Georgian bond market and provide critical support to the microfinance sector.”
Asian Development Bank is an international development finance institution based in Manila.
| Issuer: | Asian Development Bank
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| Issue: | Floating-rate bonds
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| Amount: | GEL 64 million ($30 million)
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| Maturity: | July 6, 2019
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| Coupon: | At Georgia’s three-month certificate of deposit reference rate plus 20 bps
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| Price: | Par
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| Pricing date: | July 6
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