In Short : The Asian Development Bank (ADB) issued a $4 billion five-year global benchmark bond with a 4.50% coupon, maturing August 2028. Priced at 99.961%, it yields 14.6 basis points over U.S. Treasuries. The issuance saw broad global demand: 53% EMEA, 29% Americas, 18% Asia. ADB plans to raise $28–30 billion from capital markets in 2023.
In Detail : MANILA, PHILIPPINES — The Asian Development Bank (ADB) has priced a $4 billion 5-year global bond, proceeds of which will become part of ADB’s ordinary capital resources.
“We are very pleased with ADB’s third fixed rate global benchmark issue of the year,” said ADB Treasurer Tobias Hoschka. “The nearly $12 billion orderbook represents an oversubscription of three times, demonstrating the enduring support of our investor base as an important cornerstone of our funding program to support development in Asia and the Pacific.”
The 5-year bond, with a coupon rate of 4.125% per annum payable semi-annually and a maturity date of 30 May 2030, was priced at 99.812% to yield 6.1 basis points over the 3.875% United States Treasury notes due April 2030.
The transaction was lead-managed by BNP Paribas, Crédit Agricole CIB, RBC Capital Markets and Wells Fargo Securities.
The issue achieved wide primary market distribution with 39% placed in Europe, Middle East, and Africa; 38% in the Americas; and 23% in Asia. By investor type, 42% went to central banks and official institutions, 38% to banks, and 20% to fund managers and other types of investors.
ADB plans to raise about $35 billion–$36 billion from the capital markets in 2025.
ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region.
