ADB prices benchmark dollar bond

Asian Development Bank gets the pricing just right as a small oversubscription supports secondary market trading.

The Asian Development Bank ADB priced its $1 billion 3-year global benchmark bond yesterday after a rapid 24-hour bookbuild.

The bonds, with a coupon rate of 2.125% per annum payable semi-annually and a maturity date of 15 March 2012, were priced at 99.779% to yield 92.25 basis points over the 1.125% US Treasury note due January 2012, or 25bp more than mid-swaps.

We are very satisfied with the transaction and the swift bookbuilding process, particularly amidst...

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