Asian Development Bank issues 1-billion-dollar, three-year bonds
( dpa ) - The Asian Development Bank (ADB) said Tuesday it has returned to the US dollar bond market with a 1-billion-dollar three-year global bond issue.
The Manila-based bank said the proceeds of the bond issue on Monday will be part of its ordinary capital resources and used in its non-concessional operations.
The bonds, with a coupon rate of 3 per cent per annum, were priced at 99.894 per cent to yield 51.75 basis points over the 3.25 per cent US Treasury note due December 2009.
The transaction was lead-managed by Daiwa, Morgan Stanely and RBC Capital Markets.
A syndicate group consisting of BNP Paribas, Citigroup, Deutsche Bank, Dresdner, HSBC, JP Morgan, Merill Lynch, Mitsubishi UFJ Securities, Nomura and UBS was formed as co-lead managers.
"We are very satisfied with the transaction and the robust demand from investors, which resulted in a book that exceeded 1.3 billion dollars," said ADB Treasurer Mikio Kashiwagi.
"The interest from central banks is the highest we have seen, reflecting the high quality of the order book," he added.
About 40 per cent of the bonds were placed in Asia, 33 per cent in North America, and 27 per cent in Europe and the Middle East.
By investor type, around 80 per cent were brought by central banks, 12 per cent by fund managers, 6 per cent by pension funds and 2 per cent by banks, the ADB said.