ADB launches benchmark dollar bond

Asian Development Bank builds a global book for a three-year US dollar deal following successful transactions from the Philippines and Korea last month.

Asian Development Bank ADB has launched a benchmark US dollar bond issue and will price it later today, according to market sources. The size of the deal will be at least $1 billion.

Daiwa Securities, Goldman Sachs, Morgan Stanley and UBS are believed to be mandated to sell the bonds, and global bookbuilding is underway.

The deal is likely to have a three-year tenor and be priced at around 25 basis points over mid-swap rates, in...

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