ADB debuts in Singapore dollars

Supranational takes advantage of widening bond-swap spreads.

The Asian Development Bank ADB launched its maiden Singapore dollar denominated bond yesterday Tuesday raising S$200 million $117.8 million from a dual tranche issue led by HSBC. The second tranche was denominated in Hong Kong dollars, making the deal the first Asian dual currency issue by a supranational since 1999 when both the IFC and EBRD completed issues in Hong Kong and Singapore dollars.

On a post swap basis, both tranches are said to have...

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