By Susanna Moon
Chicago, July 28 – Asian Development Bank (ADB) has issued Rs. 5 billion of 6.45% bonds due 2021.
The bond was underwritten by Citibank and JPMorgan, with 31% of the bonds placed in Asia and 69% in Europe, Middle East and Africa, and 70% placed with banks and 30% with fund managers, according to an announcement.
Proceeds will be used to support private sector lending in the Indian market.
The issue was ADB's third in the offshore rupee-linked market and the second rupee-linked issue this year, the bank said.
“The strength of the Indian economy has led to increasing demand from international investors for Indian rupee-linked bonds,” ADB treasurer Pierre van Peteghem said in the release.
“Today’s transaction, with the longest maturity and the largest size of any previous ADB rupee bonds, demonstrates the underlying investor interest in India and ADB’s commitment to help develop the country’s capital markets.”
The bonds are denominated in Indian rupees but settled in dollars.
The issuer is a development bank based in Manila.
Issuer: | Asian Development Bank
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Issue: | Bonds
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Amount: | Rs. 5 billion
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Maturity: | Aug. 8, 2021
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Coupon: | 6.45%
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Underwriters: | Citibank and JP Morgan
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Announcement date: | July 28
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