Asian Development Bank’s $4.25 Billion Notes Offering


Cleary represented the managers in the Asian Development Bank’s offering.

Asian Development Bank completed the first two global offerings of 2020: US$2.25 Billion 1.625% Notes due 24 January 2023 and US$2 Billion 1.875% Notes due 24 January 2030. The debt offerings priced January 15, 2020 and will settle on January 24, 2020.

The transaction was lead-managed by Barclays, J.P. Morgan, Nomura, and RBC Capital Markets. A syndicate group was also formed consisting of ANZ, Commerzbank, ING, Credit Agricole, and Natwest Markets.

The Asian Development Bank, headquartered in Manila, Philippines, is a regional multilateral organization established in 1966. With a mission to facilitate sustainable economic development in Asia, ADB has grown to encompass 68 members since its establishment, of which 49 are from within Asia and the Pacific and 19 outside. ADB plans to raise around $25 billion from the capital markets this year.

The Cleary corporate team is based in New York and Hong Kong and included partner Jeffrey Karpf (Picture), counsel Robert Williams, senior attorney Elizabeth Chang, associate Connie Chu, law clerks Jason Benitez and Diana Ayoub, and corporate practice attorney Maya Ilich-Buxo, with assistance from associate Blaise Ross.

Involved fees earner: Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; Connie Chu – Cleary Gottlieb Steen & Hamilton; Maya Ilich-Buxo – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; Robert Williams – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: ANZ Securities Limited; Barclays Capital; Commerzbank AG; Credit Agricole; ING Bank; J.P. Morgan Securities LLC; NatWest Markets; Nomura; RBC Capital Markets;

Author: Ambrogio Visconti