ADB Debt Products

ADB pursues a strategy of issuing liquid benchmark bonds to maintain its presence in key currency bond markets. ADB has issued consistently in the US dollar global bond market, launching a bond issue at least once per year since 1994. ADB’s global bonds are issued using a price discovery process to reach the broadest possible range of investors, both by investor type and by geography.

A large, globally dispersed inventory of ADB bonds helps maintain high levels of secondary market liquidity in each issue.

As of 30 April 2022, ADB has over $76 billion in US dollar-denominated public offerings.

Outstanding US dollar global bonds and public offerings

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ADB has maintained a consistent presence in the Kangaroo market since 2006 with at least one issuance per year. As of 30 April 2022, ADB has A$9.9 billion principal outstanding. Year to date, ADB has issued about A$1.1 billion in Kangaroo bonds.

Outstanding Australian dollar public bonds

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ADB has also issued public offerings in other denominations such as Brazilian real, Canadian dollar, euro, Indian rupee, Indonesian rupiah, Japanese yen, New Zealand dollar, Norwegian krone, Pakistan rupee, Philippine peso, Pound sterling, PRC yuan, Russian ruble, Singapore dollar, Swiss franc, and Thai baht.

Notice to readers: Nothing included in this website or any materials shall be construed, implicitly or explicitly as containing any investment recommendation or advice, and constituting an offer of, or an invitation by or on behalf of, ADB to purchase or sell any securities. Please see "Terms of Use" for further details.

ADB is committed to helping its developing members develop their domestic capital markets by issuing local currency bonds and through other initiatives such as asset swaps, sound structuring and pricing of both sovereign and non-sovereign projects and through policy dialogue.

ADB has a long history of innovation in this area. In 1970, it was the first issuer of Samurai bonds in the Japanese yen market. ADB was also the first foreign issuer in the domestic capital markets of the People's Republic of China;* India; the Republic of Korea; Malaysia; the Philippines; Taipei,China; and Thailand.

In line with its keen support to the development of regional bond markets and the ASEAN+3 Bond Market Initiative, ADB has established a US$10 billion equivalent Asian Currency Note Program (ACNP). The ACNP is dedicated to note issuances in regional currencies and is a significant milestone for Asian capital market development. To date, five regional currencies have been approved for inclusion under the ACNP: Hong Kong dollar, Malaysian ringgit, Philippine peso, Singapore dollar, and NT dollar. ADB has also established a MYR3.8 billion Medium-Term Note Program in Malaysia.

Benefits to investors

• exposure to local currencies and interest rates through instruments of the highest credit quality
• investment diversification opportunity for local investors
• exposure to longer-dated investment instruments

Outstanding local currency borrowings (as of 30 April 2022)

*Co-issuer with IFC / **Offshore CNY.

FRN = floating rate note, PRC = People's Republic of China.

^1/Payable in US dollar.

Pricing supplement

Below is a list of selected bonds issued by ADB. The pricing supplement is provided to give details of an issue and should be read in conjunction with the prospectus.

FRN = Floating Rate Note /*Settles in US dollar / **Settles in US dollar or Japanese Yen / ***Offshore CNY

Notice to readers: Nothing included in this web site or any materials shall be construed, implicitly or explicitly as containing any investment recommendation or advice, and constituting an offer of, or an invitation by or on behalf of, ADB to purchase or sell any securities. Please see "Terms of Use" for further details.

ADB uses financial derivatives to raise operationally needed currencies in a cost-efficient way, usually undertaking currency and interest rate swaps simultaneously with an issue of bonds.

These transactions are fully hedged to remove currency and interest rate risk.

Effect of Swaps on Currency Composition of Outstanding Borrowings (31 December 2021)

Effect of Swaps on Interest Rate Structure of Borrowings (31 December 2021)

ADB undertakes most of its borrowings through its Global Medium Term Note (GMTN) program (GMTN prospectus). The program's flexibility allows ADB to immediately address funding needs through private placement transactions.

These private placements can be structured to meet the specific requirements of investors in terms of maturity and coupon. They can be targeted to retail as well as institutional investors, bear fixed or foreign exchange/interest rate-linked coupon, and can include caps, calls, and other features as required by investors. Private placement products issued by ADB have included some of the following features:

• Foreign exchange linked: Dual Currency Note, Reverse Dual Currency Note, Power Reverse Dual Currency Note, Chooser Power Reverse Dual Currency Note, Digital Coupon Note, Target Redemption Note
• Interest Rate Linked: Inverse Rate Floater, CMS-Indexed Note, Callable Floating Rate Note
• Others: Fixed Rate Note, Zero Coupon Callable Note, Uridashi (Straight or Deep Discount), Samurai (structured)

Notice to readers: Nothing included in this web site or any materials shall be construed, implicitly or explicitly as containing any investment recommendation or advice, and constituting an offer of, or an invitation by or on behalf of, ADB to purchase or sell any securities. Please see "Terms of Use" for further details.