The Asian Development Bank ADB launched its maiden Singapore dollar denominated bond yesterday Tuesday raising S$200 million $117.8 million from a dual tranche issue led by HSBC. The second tranche was denominated in Hong Kong dollars, making the deal the first Asian dual currency issue by a supranational since 1999 when both the IFC and EBRD completed issues in Hong Kong and Singapore dollars.
On a post swap basis, both tranches are said to have fallen only marginally outside the supranational's current sub libor funding target of minus 25bp.
A HK$1 billion $128 million three-year issue was priced at par on a coupon of 2.85%....
