By Rebecca Melvin
New York, Sept. 6 – The Philippines’ Asian Development Bank priced $4 billion of 1¾% five-year notes on Wednesday at 99.572 to yield 1.84%, or mid-swaps plus 12 basis points, according to a syndicate source.
Guidance had been for a spread in the mid-swaps plus 13 bps area, and the order book had been for $6.2 billion.
BofA Merrill Lynch, BNP Paribas, Mizuho and TD Securities were lead bookrunners for the Regulation S offering that was made under the issuer’s global medium-term note program.
Based in Manila, ADB provides financing for projects aimed at reducing poverty in Asia and the Pacific.
| Issuer: | Asian Development Bank (ADB)
|
| Issue: | Notes
|
| Amount: | $4 billion
|
| Maturity: | Sept. 13, 2022
|
| Bookrunners: | BofA Merrill Lynch, BNP Paribas, Mizuho and TD Securities
|
| Coupon: | 1¾%
|
| Price: | 99.572
|
| Yield: | 1.84%
|
| Spread: | Mid-swaps plus 12 bps
|
| Trade date: | Sept. 6
|
| Settlement date: | Sept. 13
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| Distribution: | Regulation S
|
| Talk: | Mid-swaps plus 13 bps area
|
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