ADB, Daiwa in the works on two-tranche inaugural water bond issue

By Jennifer Chiou

New York, Feb. 22 - Asian Development Bank and Daiwa Securities Group announced a planned issue of its inaugural water bond.

The planned two-tranche offering will be used to finance work in the water sector in Asia and the Pacific.

The arranger will be Daiwa Securities Capital Markets Co. Ltd., with Daiwa Securities Co. Ltd. as distributor.

According to a company news release, Asia urgently needs to develop better water infrastructure.

As of the end of 2009, ADB said it has lent $25 billion for water-related projects.

ADB is a financial institution promotes economic and social progress in the Asia-Pacific region and is based in Manila, Philippines.

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