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ADB raises $4 bln via bonds as it responds to pandemic

Published 07/08/2020, 03:03 PM
Updated 07/08/2020, 03:10 PM
© Reuters.

MANILA, July 8 (Reuters) - The Asian Development Bank (ADB)
said on Wednesday it had raised $4 billion through the sale of
U.S. dollar bonds to beef up its capital and provide more
assistance to countries impacted by the pandemic.
The Manila-based lender has tripled the size of its rescue
package to $20 billion to help developing countries in Asia
counter the severe macroeconomic and health effects of the
coronavirus pandemic. "This gives us the resources to continue to provide much
needed assistance to the Asia and Pacific region, particularly
during this pandemic," ADB treasurer Pierre Van Peteghem said in
a statement.
ADB said the 3-year bond fetched a coupon rate of 0.25% and
was priced to yield 12 basis points over the 0.25% on U.S.
Treasury notes.
ADB plans to raise around $30 billion to $35 billion from
the capital markets in 2020.
Global economic losses caused by the coronavirus pandemic
could be between $5.8 trillion and $8.8 trillion this year, ADB
data showed, with developing Asia's gross domestic product seen
barely growing this year.

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