ADB issues global bonds to raise capital

Friday, 29 August 2008, 07:00 Hrs
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Manila:The Asian Development Bank (ADB) has issued global bonds worth $1.25 billion to raise capital, the Manila-based institution said Friday.

Proceeds from the issue will go into ADB's ordinary capital resources for use in its non-concessional operations, it said in a statement.

The ADB plans to raise around $9 billion during the current year.

"We are very satisfied with the transaction and the robust demand from investors, which resulted in an oversubscribed book," ADB official Mikio Kashiwagi said in the statement.

About 44 percent of the bonds were placed in Europe, the Middle East and Africa, 34 percent in Asia, and 22 percent in the Americas, according to the statement.

Around 92 percent of the bonds were bought by central banks, six percent by fund managers, and two percent by banks.

The ADB is a development financing institution established in 1966, whose mission is to help its developing members reduce poverty and improve the quality of life of their peoples. Its triple-A credit rating helps mobilise funds for development.
Source: IANS
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