ADB sells $3.25bn global benchmark bonds

The Asian Development Bank (ADB) returned to the US dollar bond market with the pricing of a $3.25 billion five-year global benchmark bond issue. The bond, with a coupon rate of 2.75% per annum payable semi-annually and a maturity date of 17 March 2023, was priced at 2.871% to yield 25 basis points over the 2.625% US Treasury notes due 28 February 2023.

The transaction was lead-managed by Bank of America Merrill Lynch, HSBC, Morgan Stanley, and RBC Capital Markets. A syndicate group was also formed consisting of Credit Agricole, Daiwa, DBS Bank, SMBC Nikko, and Wells Fargo.