By Marisa Wong
Morgantown, W.Va., June 28 – Asian Development Bank said it raised Rs. 14 billion from a new issue of offshore Indian rupee-linked bonds.
The notes carry a semiannual coupon of 5.9% and mature in December 2022.
The rupee-denominated bonds are settled in dollars.
HSBC and TD Securities are the underwriters.
The final order book was almost three times the size at launch, with 84% of the bonds placed with fund managers and 16% with banks. Investors from Asia accounted for 4%, Americas 55% and Europe 41%.
The bond issue was launched in London as a Rs. 5 billion transaction, increased to Rs. 10 billion in New York and closed at Rs. 14 billion after including Asian investors, according to a press release.
This was ADB’s third bond issue in the offshore rupee-linked market for 2017.
Proceeds will be used to support ADB lending in India. ADB said its increased activity in the rupee capital markets is proving catalytic to the institution’s local currency lending program, which has been identified as a strategic growth area in partnership with the Indian government.
Based in Manila, ADB focuses on reducing poverty in Asia and the Pacific through economic growth, environmentally sustainable growth and regional integration.
| Issuer: | Asian Development Bank
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| Issue: | Offshore Indian rupee-linked bonds
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| Amount: | Rs. 14 billion
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| Maturity: | December 2022
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| Coupon: | 5.9%
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| Underwriters: | HSBC and TD Securities
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| Announcement date: | June 28
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