By Rebecca Melvin
New York, July 9 – The Philippines’ Asian Development Bank priced $3.25 billion of 1 7/8% three-year notes on Tuesday at 99.898 to yield 1.91%, or mid-swaps plus seven basis points, according to a syndicate source.
Guidance had been for a spread of mid-swaps plus eight basis points on Monday.
BofA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and TD Securities are joint lead managers of the Securities and Exchange Commission-exempt global deal, which is being brought under the issuer’s 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)
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| Issue: | Notes
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| Amount: | $3.25 billion
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| Maturity: | July 19, 2022
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| Bookrunners: | BofA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and TD Securities
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| Coupon: | 1 7/8%
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| Price: | 99.898
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| Yield: | 1.91%
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| Spread: | Mid-swaps plus 7 bps
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| Trade date: | July 9
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| Settlement date: | July 19
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| Distribution: | Global SEC-exempt
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| Talk: | Mid-swaps plus 8 bps
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