Sunday, November 29, 2020 | ePaper

ADB sells $4b 3-year global benchmark bond

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Business Desk :
The Asian Development Bank (ADB) returned to the US dollar bond market with the pricing of a $4 billion three-year global bond - the proceeds of which will be part of ADB's ordinary capital resources, according to a press release.
"We are very appreciative of the consistently solid investor support that ADB receives in its US dollar bond outings. This trade is no exception. The transaction was well oversubscribed, which enabled us to fine-tune pricing and still print one of our largest three-year USD issue sizes at $4 billion," said ADB Treasurer Pierre Van Peteghem.
He continued, "This gives us the resources to continue to provide much needed assistance to the Asia and Pacific region, particularly during this pandemic." The three-year bond, with a coupon rate of 0.25 percent per annum payable semi-annually and a maturity date of July 14, 2023, was priced at 99.833 percent to yield 12 basis points over the 0.25 percent US Treasury notes due June 2023, reads the statement.
The transaction was lead-managed by Bank of Montreal, Deutsche Bank, Goldman Sachs, and Morgan Stanley. A syndicate group was also formed consisting of ANZ, Credit Agricole CIB, Daiwa, ING, Mizuho, and Natwest.
The issue achieved wide primary market distribution with 43 percent of the bonds placed in Asia; 23 percent in Europe, Middle East, and Africa; and 34 percent in the Americas. By investor type, 62 percent of the bonds went to central banks and official institutions, 25 percent to banks and 13 percent to fund managers and other types of investors, adds the statement.
ADB plans to raise around $30 billion to $35 billion from the capital markets in 2020.
ADB adds it is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
Established in 1966, it is owned by 68 members-49 from the region- according to the press statement.

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