By Susanna Moon
Chicago, Sept. 23 – Asian Development Bank priced Rs. 9 billion of offshore Indian rupee-linked 6.2% 10-year bonds to yield 6.23%.
JPMorgan and TD Securities are the underwriters.
The “heavily oversubscribed” issue is the ADB's fifth in the offshore rupee-linked market, and the fourth issue year to date, according to a company announcement.
Proceeds will be used to support private sector lending in the Indian market.
The bonds are denominated in Indian rupees and settled in dollars.
“Today’s bond issue represents ADB's longest offshore Indian Rupee bond issue to date,” ADB treasurer Pierre Van Peteghem said in the release.
“Our aim is to establish yield curves with liquid benchmarks in the capital markets of developing Asia, while raising local currency funding to satisfy the increasing demand for local currency loans.”
The issuer is a development bank based in Manila.
| Issuer: | Asian Development Bank
|
| Issue: | Bonds
|
| Amount: | Rs. 9 billion
|
| Maturity: | 10 years
|
| Underwriters: | JPMorgan and TD Securities
|
| Coupon: | 6.2%
|
| Yield: | 6.23%
|
| Announcement date: | Sept. 23
|
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