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ADB Raises $3.75bn in Return to US Bond Markets

Asian Development Bank returns to US dollar bond market with the pricing of a two-year global benchmark bond worth $2.25 billion and a seven-year global benchmark bond worth $1.5 billion

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ADB
China's economy will probably grow 5% this year, the Asian Development Bank (ADB) said, slower than its December projection. Photo: ADB.

 

The Asian Development Bank (ADB) has returned to the US dollar bond market with the pricing of a two-year global benchmark bond worth $2.25 billion and a seven-year global benchmark bond worth $1.5 billion.

The proceeds of which will be part of ADB’s ordinary capital resources.

The two-year bond, with a coupon rate of 1.625% per annum payable semi-annually and a maturity date of 15 March 2024, was priced at 99.867% to yield 11.2 basis points over the 1.50% US Treasury notes due February 2024.

The seven-year bond, with a coupon rate of 1.875% per annum payable semi-annually and a maturity date of 15 March 2029, was priced at 99.44% to yield 13.9 basis points over the 1.875% US Treasury notes due February 2029.

“We appreciate the support of our investors during these extremely turbulent times,” ADB treasurer Pierre Van Peteghem said.

“Through this transaction, we raised over $3.75 billion across the two maturities which provide us with the resources to assist our developing member countries in Asia and the Pacific.”

 

The transaction was lead-managed by HSBC, Morgan Stanley, RBC Capital Markets, and TD Securities. Both tranches achieved wide primary market distribution, ADB said.

On the two-year issue, 18% of the bonds were placed in Asia; 39% in Europe, Middle East, and Africa; and 43% in the Americas.

By investor type, 64% of the bonds went to central banks and official institutions, 31% to banks, and 5% to fund managers and other types of investors, the Manila-based lender said.

On the seven-year issue, 55% of the bonds were placed in Asia; 23% in Europe, Middle East, and Africa; and 22% in the Americas.

By investor type, 64% of the seven-year bonds went to central banks and official institutions, 16% to banks, and 20% to fund managers and other types of investors.

ADB plans to raise $34 billion to $36 billion from the capital markets in 2022.

 

  • George Russell

 

READ MORE:

 

ADB Sees Asia Pacific Remittances Up 6.7% in 2021

 

ADB Cuts Developing Asia Growth Forecasts Amid Omicron Fears

 

ADB Not Seeing China Evergrande as a ‘Lehman Moment’

 

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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