Asian Development Bank received large demand for its inaugural Sonia-linked floater on Tuesday, despite offering no new issue concession. The supranational saw a number of new accounts and was able to increase the size of the deal to set the largest volume it has sold in sterling to date. Leads HSBC, RBC Capital Markets and TD Securities priced the £600m October 2023 global floating rate note at 25bp over Sonia, in line with initial price thoughts and guidance. The order book closed at over £690m. “We have been monitoring the development of Sonia with interest but needed some time ...
Asian Development Bank has become the latest in a series of borrowers to issue debt based on the SONIA benchmark setting a new record for the size of a deal using the new reference rate. The bank said it had issued $US1.07 billion ($A1.045 billion) worth of loans and guarantees since June last year, up from just over $1 billion at its peak in mid-2014.