Opportunistic ADB launches $500 million bond

Supranational taps global market for third time in 2002 with seven-year deal.

The Asian Development Bank ADB, rated triple-A by Moody's and SP, encouraged by continuing strong appetite among Asian investors for quality credits as well as the recent back up in yields on US Treasuries, last week took the opportunity to tap the global bond market for the third time this year.

Dresdner Kleinwort Wasserstein and UBS Warburg acted as joint lead managers on the $500 million transaction, which takes ADB borrowing for the year past the US$4 billion mark, with $3 billion raised from the global bond market.

The seven-year issue was priced on Thursday in New York, with ADB joining the Swedish government as another high-profile recent issuer to lock-in US...

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