ADB raises $118m through INR-linked ten-year bonds
The Asian Development Bank has raised INR8.5 billion ($118 million) from a new issue of offshore Indian rupee-linked ten-year bonds.
It represents ADB’s first new maturity raised in Indian rupees since 2017 and contributes to an established yield curve which stretches from 2021 through 2030 with INR72.4 billion ($1 billion) of outstanding bonds.
The bonds bear a semi-annual coupon of 6.15% and priced to yield 6.19%. The bonds, which are denominated in Indian rupees but settled in US dollars, were underwritten by JP Morgan and primarily distributed to investors in the Americas (21%) and Europe (79%). By investor type, 28% of the bonds were placed with banks and 72% with fund managers.
ADB will dual list its bonds on the Global Securities Market of India International Exchange at GIFT IFSC and the Luxembourg Stock Exchange.
