ADB 'back for good' in dollar bond market

The supranational returns to the public bond markets for the first time since May 2000 with its equal largest transaction to date.

Benefiting from a clear international pipeline and Asian price leadership, the Asian Development Bank ADB has been able to return to the international dollar markets in some style. With a $2 billion transaction, which matches for size a previous benchmark of May 1998, the triple-A rated credit has managed to re-position its credit where it always believed it should be - at the tighter end of the supranational spectrum.

A five-year deal was priced last night Tuesday in New York via Nomura and Morgan Stanley, the two banks that have traditionally monopolized its business, plus HSBC, which joins the ranks as bookrunner for the first time. For all three banks, what the deal...

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