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 lending has become the latest in a series of deals to issue debt premium on the SONIA benchmark setting a new record for the price of a loan using the new reference rate . Priced at 25bp over SONIA , and despite offering no new issued bonds , the deal yielded good results enabling the issue to increase the size by £ 90 m ( $ 107 ) to £ 690 m