The Asian Development Bank (ADB) priced the first offshore supranational bond denominated in renminbi today.
The ADB may swap the fixed rate bond into floating interest rates subject to market conditions. The bond, issued in Hong Kong, has a 10-year maturity and an annual coupon of 2.85%.
The bond was more than two times oversubscribed, leading the size of the issue to increase from 1 billion renminbi ($150 million) to 1.2 billion renminbi. The joint lead managers for the issue were Bank of Chin