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 a challenging market backdrop, says ADB treasurer Mikio Kashiwagi. There was healthy demand from high-quality investors, resulting in an oversubscribed book close to $1.2 billion.
The deal was lead-managed by Daiwa SMBC,...