ADB issues $3 billion 5-year global benchmark bond
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February 08, 2023

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WEDNESDAY, FEBRUARY 08, 2023
ADB issues $3 billion 5-year global benchmark bond

Economy

TBS Report
26 August, 2020, 11:25 am
Last modified: 26 August, 2020, 03:31 pm

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ADB issues $3 billion 5-year global benchmark bond

"We looked at the post-summer issuance window and saw an opportunity to add a new 5-year to our global benchmark curve"

TBS Report
26 August, 2020, 11:25 am
Last modified: 26 August, 2020, 03:31 pm
Asian Development Bank. Photo: Collected
Asian Development Bank. Photo: Collected

The Asian Development Bank (ADB) returned to the US dollar bond market with the pricing of a $3billion five-year global bond, proceeds of which will be part of ADB's ordinary capital resources.

"We looked at the post-summer issuance window and saw an opportunity to add a new 5-year to our global benchmark curve," said ADB Treasurer Pierre Van Peteghem.

"With most of the immediate action in the dollar market situated around the long end, we felt that the mid part of the curve was relatively undersupplied and decided to capitalize on pent-up demand. The result was a strong one with an oversubscribed orderbook for a $3 billion benchmark print that will provide much-needed resources to support ADB's increased assistance to its regional members in 2020," Van added.

The 5-year bond, with a coupon rate of 0.375% per annum payable semi-annually and a maturity date of 3 September 2025, was priced at 99.556% to yield 15.4 basis points over the 0.25% US Treasury notes due July 2025.

The transaction was lead-managed by Bank of America, Credit Agricole CIB, Citi, and JP Morgan. A syndicate group was also formed consisting of ANZ, BNP Paribas, DBS Bank Ltd., NATIXIS, and Rabobank.

The issue achieved wide primary market distribution with 41% of the bonds placed in Asia; 34% in Europe, Middle East, and Africa; and 25% in the Americas. By investor type, 52% of the bonds went to central banks and official institutions, 31% to banks, and 17% to fund managers and other types of investors.

ADB plans to raise around $30 billion to $35 billion from the capital markets in 2020.

ADB 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.

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