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 line with where other triple-A rated issues are trading, according to a banker close to the deal.
He adds that the response in Asia across different types of accounts has been very enthusiastic...