Islamabad
The Asian Development Bank (ADB) Wednesday raised CNY2 billion (about $307 million) from its first Panda bond issue in more than a decade.
This bond represents ADB’s largest-ever borrowing in an Asian local currency, said a statement.
The bond pays a 3.20 percent annual coupon and features a 5-year bullet maturity, redeeming in March 2026.
It represents the first borrowing from a CNY10 billion programme approved by regulator National Association of Financial Market Institutional Investors in June 2020.
The offering was 1.86 times oversubscribed and widely distributed to domestic and international investors through centralized book building and auction in the China Interbank Bond Market, following a comprehensive program of investor roadshows and one-on-one meetings.
The issue was arranged by lead underwriter and bookrunner Bank of China, with joint leads BNP Paribas, CITIC Securities, and HSBC Bank and a syndicate of relationship banks.
Proceeds of the bond will be added to ADB’s ordinary capital resources and deployed to support ADB’s local currency operations in Chinese renminbi. . —TLTP
