ADB launches global bond

Fri, 10 Jan 2003 | Source: AFP

MANILA: The Asian Development Bank (ADB) said Thursday it has launched a US$1 billion three-year global bond to augment its own lending operations.

The bonds, issued through a syndicate headed by Lehman Brothers and UBS Warburg, have a yield of 70 basis points over the two-year U.S. Treasury bond.

"With its funding requirements expected to range between $5-7 billion in the coming years, ADB plans to undertake regular issuance of liquid benchmark bonds as a means of maintaining a strong presence in key currency bond markets," the Philippines- based lender said in a statement.

The bank said it plans one other global bond issue this year. It plans to borrow $6.4 billion for 2003.

Proceeds would support its non-concessional lending operations, the bank added. -- AFP

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