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Bond Finance Banking Technology concept. Trade Market. Image used for illustrative purpose. Getty Images
The price guidance is out for New Development Bank’s three-year Regulation S dollar benchmark bond at SOFR mid-swaps plus 75 basis points area.
Books are at $1billion, with Joint Lead Manager interest at $500 million, reported IFR.
Net proceeds from the sale of the notes will be used as general corporate resources, including to finance or refinance past or future disbursements of loans directed to projects exclusively in Brazil, India, China, South Africa, Egypt, and Bangladesh.
The offering falls under NDB’s $50 billion Euro Medium Term Note Programme and will be listed on the London Stock Exchange.
NDB, formerly referred to as the BRICS Development Bank, mandated the UAE’s Emirates NBD Capital, the Bank of China, DBS Bank, ICBC, Natixis, Standard Bank, Standard Chartered and State Bank of India are joint lead managers on the senior unsecured fixed rate bonds.
The multilateral development bank was established by the BRICS states in 2014 to mobilise capital for infrastructure and sustainable development projects in emerging markets and developing countries.
Headquartered in Shanghai, the bank includes nine member states, including Egypt, India, China, Russia, South Africa and Brazil. The UAE became a member of NDB in October 2021.
The issuer has been rated AA+ by S&P and Fitch with the outlook stable.
(Writing by Bindu Rai, editing by Seban Scaria)
