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Sunday, 18 January 2015

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ADB returns to dollar bond market

Manila, Philippines: The Asian Development Bank (ADB) returned to the US dollar bond market with the pricing of a dual tranche $1.75 billion 5-year and $1.25 billion 10-year global benchmark bond issue, proceeds of which will be part of the bank's ordinary capital resources and used in its non-concessional operations.

"We are pleased with the transaction and the strong reception from investors globally," said ADB Deputy Treasurer Kazuki Fukunaga.

The five-year bond, with a coupon rate of 1.5% per annum payable semiannually and a maturity date of 22 January 2020, was priced at 1.543% to yield 15.75 basis points over the 1.625% US Treasury notes due December 2019.

The 10-year bond, with a coupon rate of 2.0% per annum payable semiannually and a maturity date of 22 January 2025, was priced at 2.124% to yield 20.7 basis points over the 2.25% US Treasury notes due November 2024.

The transaction was lead-managed by Citigroup, Daiwa, Goldman Sachs and JP Morgan. A syndicate group was also formed consisting of Bank of America-Merrill Lynch, Credit Agricole CIB, Credit Suisse, Deutsche Bank, Development Bank of Singapore, HSBC, Morgan Stanley, Nomura International, RBC Capital Markets Corporation, SMBC Nikko Capital Markets, Standard Chartered Bank, and TD Securities.

The deal marks ADB's first global benchmark issue in the US dollar global bond market in 2015.

Both issues achieved wide primary market distribution with 40% of the five-year bonds placed in Asia, 24% in Europe, Middle East and Africa and 36% in the Americas. By investor type, 59% of the bonds went to central banks and official institutions, 34% to banks, 5% to fund managers, and 2% to other types of investors.

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