ADB returns to US dollar bond market

ADB returns to US dollar bond market

Baku, Azerbaijan, Oct. 11

By Leman Zeynalova – Trend:

The Asian Development Bank (ADB) returned to the US dollar bond market with the pricing of a $3 billion 5-year global benchmark bond issue, proceeds of which will be part of ADB’s ordinary capital resources, Trend reports citing ADB’s website.

“Market conditions have been volatile these past few months with rates marching steadily downward and swap spreads nearing their historical lows,” said ADB Treasurer Mr. Pierre Van Peteghem. “Following the pop-up in swap spreads, we saw a window to bring ADB’s last global benchmark of 2019 in the 5-year part of the curve adding to the existing 3-year, 5-year, and 10-year lines issued earlier on. The engagement from our investor base was typically strong and we are proud to be able to end the year on a high note.”

The 5-year bond, with a coupon rate of 1.500 percent per annum payable semi-annually and a maturity date of 18 October 2024, was priced at 99.722 percent to yield 11.4 basis points over the 1.500 percent US Treasury notes due September 2024.

The transaction was lead-managed by Bank of America Merrill Lynch, Citi, Daiwa Capital Markets Europe Limited, and HSBC Bank plc. A syndicate group was also formed consisting of Commerzbank, Danske Bank, DNB Bank, Nordea Bank, and Wells Fargo Securities.

With around 65 investors taking part, the issue achieved wide primary market distribution with 34 percent of the bonds placed in Asia; 42 percent in Europe, Middle East, and Africa; and 24 percent in the Americas. By investor type, 58 percent of the bonds went to central banks and official institutions, 32 percent to banks, and 10 percent to fund managers and other types of investors.

ADB plans to raise around $24 billion from the capital markets in 2019.

The Asian Development Bank was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world.

ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.

From 31 members at its establishment in 1966, ADB has grown to encompass 68 members— of which 49 are from within Asia and the Pacific and 19 outside.

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