By Susanna Moon
Chicago, Sept. 2 – Asian Development Bank issued another Rs. 7 billion of offshore Indian rupee-linked 6.45% bonds via a tap into the five-year bonds issued in July.
The bonds were priced to yield 6.33%.
JPMorgan is the lead manager.
Proceeds will be used to support private sector lending in the Indian market.
The tack-on issue brings the total deal size to Rs. 12 billion and is ADB's fourth bond issue in the offshore rupee-linked market and the third issue this year, the release noted.
The bonds are denominated in Indian rupees and settled in dollars.
“Today’s bond issue represents ADB's largest Indian Rupee bond issue to date,” ADB treasurer Pierre Van Peteghem said in the release.
“By tapping into emerging local currency markets, ADB is sending a clear sign to investors of our commitment to creating liquid benchmarks in capital markets in developing Asia.”
As announced July 28, the bank issued Rs. 5 billion of 6.45% bonds due 2021 in July, underwritten by Citibank and JPMorgan.
The issuer is a development bank based in Manila.
| Issuer: | Asian Development Bank
|
| Issue: | Bonds
|
| Amount: | Rs. 7 billion
|
| Maturity: | Aug. 8, 2021
|
| Underwriters: | Citibank and JPMorgan
|
| Coupon: | 6.45%
|
| Yield: | 6.33%
|
| Add-on date: | Sept. 2
|
| Total size: | Rs. 12 billion, including Rs. 5 billion priced on July 28
|
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