Commentary & Deal Flow

Launched: Long 7yr: €1.25bn @ MS+12bp - Book closed over €9.3bn (including €800mm of JLM interest)
Spread set at: Long 7yr: MS+12bp - Book in excess of €7bn (including €800mm of JLM interest)
Guidance: 7yr: MS+15a

• Issuer: Asian Development Bank
• Ticker: ASIA
• Ratings: Aaa/AAA/AAA (all stable) (Moody's/S&P/Fitch)
• Format: Senior, Unsecured, Global SEC Exempt
• Size: €1.25bn (Upsized from €1bn)
• Ranking: Senior Unsecured
• Leads: BNPP / HSBC / MS / Nomura (B&D)
• Settlement: 17-Sep-26 (T+7)
• Maturity: 17-Jan-34
• Spread Set: MS+12bps
• Coupon: Fixed, Annual, ACT/ACT (short first coupon to be paid on 17-Jan-27)
• Denoms: €1k + €1k
• Docs: Issuer's Global Debt Programme
• Target Market: (UK MiFIR/MiFID II) Eligible Counterparties and Professional Clients (all distribution channels)
• Listing: Luxembourg
• Settlement: Euroclear / Clearstream
• ISIN: XS3504828735
• Books to close: 10am London / 11am CET
• Schedule: Books open, today's business
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus relating to the securities is available on the Luxembourg Stock Exchange: https://www.luxse.com/issuer/ADB/26709