The bonds, with a coupon rate of 2.75% per annum payable semiannually and a maturity date of 21 May 2014, were priced at 99.662% to yield 86.25 basis points over the 1.875% US Treasury note due April 2014.
The transaction was lead-managed by Deutsche, HSBC, JP Morgan and Morgan Stanley. A syndicate group was also formed consisting of Bank of America, BNP Paribas, Citi, Credit Suisse, Daiwa, Dresdner, Mizuho, Nomura, RBC, and UBS.
“We are very satisfied with the transaction and the robust broad demand from investors, which resulted in an oversubscribed book in excess of US$5 billion, the largest ever order book received for an ADB US dollar global benchmark," said ADB Treasurer Mikio Kashiwagi.
The book was evenly distributed with about 32% of the bonds placed in Asia, 34% in Europe, Middle East and Africa, and 34% Americas. Around 34% were bought by central banks and official institutions, 26% by fund managers, 36% by banks and 4% by insurance companies.
ADB plans to raise around US$10 billion in 2009.
