"We are very appreciative of the consistently solid investor support that ADB receives in its U.S. 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 U.S. dollars issue sizes at 4 billion U.S. dollars," ADB Treasurer Pierre Van Peteghem said in a statement.
"This gives us the resources to continue to provide much-needed assistance to the Asia and Pacific region, particularly during this pandemic," he added.
The Manila-based bank said the 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 U.S. Treasury notes due June 2023.
The ADB said 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, it added.
The ADB said 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, it said 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.
The ADB added that it plans to raise around 30 billion to 35 billion U.S. dollars from the global capital markets in 2020.
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