By Devika Patel
Knoxville, Tenn., March 14 – Asian Development Bank sold $3.25 billion of 2.75% five-year global benchmark notes to yield 2.871%, or 25 basis points over Treasuries, on Wednesday, according to a press release.
BofA Merrill Lynch, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC and RBC Capital Markets Corp. were the lead managers. A syndicate group was also formed consisting of Credit Agricole, Daiwa, DBS Bank, SMBC Nikko and Wells Fargo.
The issue achieved wide primary market distribution with 39% of the bonds placed in Europe, the Middle East and Africa, 34% in Asia and 27% in the Americas.
By investor type, 55% of the bonds went to central banks and official institutions, 27% to banks and 18% to fund managers and other types of investors.
“We are very pleased with the strong reception to our second benchmark offering in 2018,” ADB treasurer Pierre Van Peteghem said in a press release.
“We are happy to accommodate ongoing demand for ADB paper with this new five-year issue following the solid performance of our dual tranche outing in January,” Van Peteghem stated.
ADB said in the release that it plans to raise around $25 billion from the capital markets in 2018.
The issuer is a development bank based in Manila.
| Issuer: | Asian Development Bank
|
| Description: | Global benchmark notes
|
| Amount: | $3.25 billion
|
| Maturity: | March 17, 2023
|
| Lead managers: | BofA Merrill Lynch, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC and RBC Capital Markets Corp.
|
| Coupon: | 2.75%
|
| Yield: | 2.871%
|
| Spread: | Treasuries plus 25 bps
|
| Trade date: | March 14
|
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