adb-prices-benchmark-dollar-bond

ADB prices benchmark dollar bond

Asian Development Bank gets the pricing just right as a small oversubscription supports secondary market trading.

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,...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222