Investor Relations

A leading triple-A borrower, ADB raises funds regularly through bond issues in international and domestic capital markets, reflecting strong credit fundamentals and conservative financial policies.

ADB Debt Products

ADB's borrowing proceeds finance Ordinary Capital Resources (OCR) operations, including development projects and programs within its developing members with the aim of reducing poverty in Asia and the Pacific region.

ADB's annual borrowing program is carefully planned to meet the requirements of its lending operations, debt redemptions, and liquidity policy within the context of a dynamic market environment.

  • ADB seeks to diversify its borrowings in a broad range of currencies, instruments, markets and maturities.
  • 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 and respond to specific investor requirements through its private placement transactions.
  • As part of its developmental mandate, ADB contributes to the development of regional markets through local currency bond issuances under its Asian Currency Note Program (ACNP Offering Circular).
  • For its short-term funding needs, ADB operates an $12 billion Euro-commercial Paper Program (ECP Prospectus). The ECP program provides flexible, short term (7 to 365 days) financing to bridge temporary cash flow requirements that may arise when market conditions are not favorable. 
  • 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.

As of 31 December 2023, ADB had borrowed in 49 currencies with an outstanding amount of around $143 billion.

Annual borrowing historical overview

Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023**
Issues 92 68 77 58 50 56 74 91 130 120 146 160 134 140
Volume (US$ Billion Equivalent) 15 14 13 12 14 19 21 29 24 25 36 36 36 29
Average Maturity* (Years) 5 5 5 4 4 5 4 5 5 5 4 5 5 5
Range of Maturity (Years) 2-30 1-30 1-30 1-30 1-11 1-10 1-30 1-40 1-22 1-31 1-15 1-19 1-20 1-20

* Based on first call date.

**as of 31 December 2023

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 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 6 March 2024, ADB has over US$87 billion outstanding in US dollar-denominated public offerings.

Outstanding US dollar global bonds and public offerings

Chart: Outstanding US dollar global bonds and public offerings
Click on image to view in full

ADB has maintained a consistent presence in the Kangaroo market since 2006 with at least one issuance per year. As of 6 March 2024, ADB has A$12.6 billion principal outstanding. Year to date, ADB has issued about A$1.6 billion in Kangaroo bonds.

Outstanding Australian dollar public bonds

Chart: Outstanding Australian dollar public bonds
Click on image to view in full

ADB has also issued public offerings in other denominations such as Brazilian real, Canadian dollar, euro, Japanese yen, New Zealand dollar, Norwegian krone, Pound sterling, PRC yuan, Russian ruble, Swiss franc, and Turkish lira.

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 6 March 2024)

Currency Issue Date Maturity Date Principal Amount Coupon %
Georgian lari 23-Feb-24 26-Feb-29 GEL 32,500,000 FRN
Indian rupee 21-Feb-24 8-Feb-28 INR 7,500,000,000 6.72
Indian rupee 8-Feb-24 8-Feb-28 INR 12,500,000,000 6.72
Azerbaijan manat 5-Feb-24 5-Dec-27 AZN 19,500,000 6.5
Azerbaijan manat 4-Dec-23 4-Dec-26 AZN 14,500,000 6.25
Georgian lari 13-Sep-23 18-Sep-28 GEL 259,690,000 FRN
Mongolian togrog 16-Aug-23 18-Jul-26 MNT 13,700,000,000 11.25
Mongolian togrog 4-Aug-23 5-Aug-25 MNT 35,000,000,000 11.25
Georgian lari 28-Jun-23 17-Dec-25 GEL 20,000,000 FRN
Kazakhstan tenge 26-Apr-23 17-Dec-30 KZT 2,300,000,000 10.5
Kazakhstan tenge 25-Apr-23 17-Dec-30 KZT 13,300,000,000 14.1
Kazakhstan tenge 07-Mar-23 18-Mar-25 KZT 17,978,400,000 15.88
Georgian lari 07-Feb-23 11-Feb-25 GEL 18,750,000 FRN
Azerbaijan manat 30-Jan-23 31-Jul-25 AZN 8,359,000 6
Kazakhstan tenge 24-Jan-23 21-Jan-25 KZT 8,900,684,000 16.65
Kazakhstan tenge 19-Oct-22 22-Oct-24 KZT 3,411,252,000 14.5
Kazakhstan tenge 9-Aug-22 12-Aug-25 KZT 6,479,250,000 14.15
Kazakhstan tenge 22-Jun-22 17-Sep-24 KZT 10,000,000,000 14
Georgian lari 10-Jun-22 10-Jun-25 GEL 144,941,000 FRN
Georgian lari 10-Jun-22 10-Jun-28 GEL 161,045,000 FRN
Kazakhstan tenge 24-Feb-22 17-Dec-30 KZT 14,000,000,000 11
Kazakhstan tenge 23-Jun-21 18-Sep-29 KZT 13,346,760,000 10.45
Pakistan rupee1/   16-Apr-21 16-Oct-25 PKR 1,110,000,000 8.7
Georgian lari 30-Mar-21 30-Mar-24 GEL 12,300,000 FRN
Kazakhstan tenge 19-Feb-21 17-Mar-26 KZT 9,038,783,000 9.95
Kazakhstan tenge 12-Feb-21 17-Dec-30 KZT 8,400,000,000 10.15
Pakistan rupee1/   4-Feb-21 16-Oct-25 PKR 1,600,000,000 8.7
Indian rupee1/   25-Jan-21 25-Feb-30 INR 3,000,000,000 6.15
Pakistan rupee1/   23-Nov-20 22-Aug-23 PKR 1,830,000,000 7.5
Mongolian togrog 9-Jun-20 24-Apr-25 MNT 21,000,000,000 10.1
Indian rupee1/   25-Feb-20 25-Feb-30 INR 8,500,000,000 6.15
Indian rupee1/   6-Feb-20 6-Oct-26 INR 3,000,000,000 6.2
Indian rupee1/   31-Oct-19 6-Oct-26 INR 3,000,000,000 6.2
Kazakhstan tenge 23-Jul-19 30-Jul-24 KZT 15,392,000,000 FRN
Philippine peso1/   27-Mar-19 9-Mar-23 PHP 5,460,000,000 (tap) 5.25
Indonesian rupiah1/   18-Mar-19 15-Mar-34 IDR 1,200,000,000,000 7.8
PRC yuan**/   5-Mar-19 5-Mar-24 CNY 300,000,000 2.9
Philippine peso1/   20-Feb-19 9-Mar-23 PHP 5,220,400,000 5.25
Kazakhstan tenge 25-Jan-19 30-Jan-26 KZT 15,234,400,000 FRN
Kazakhstan tenge 25-Jan-19 30-Jan-24 KZT 15,234,400,000 FRN
Armenian Dram1/   29-Aug-18 29-Aug-23 AMD 2,660,000,000 7.2392
Indonesian rupiah1/   13-Dec-17 13-Dec-28 IDR 1,000,000,000,000 6.3
Indian rupee1/   31-Oct-17 6-Oct-26 INR 11,000,000,000 6.2
Indian rupee1/   6-Oct-16 6-Oct-26 INR 9,000,000,000 6.2

*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.

Currency Amount Coupon Issue date Maturity date ISIN Pricing supplement
USD 3.5 billion 4.375% 6 Mar 24 6 Mar 29 US045167GD94 PDF
MXN 200 million 9.000% 22 Feb 24 22 Feb 34 XS2765734897 PDF
INR 7.5 billion 6.720% 21 Feb 24 8 Feb 28 XS2761151112 PDF
INR 12.5 billion 6.720% 8 Feb 24 8 Feb 28 XS2761151112 PDF
USD 50 million 4.180% 29 Jan 24 29 Jan 27 US04517PBX96 PDF
USD 3.0 billion 4.125% 12 Jan 24 12 Jan 27 US045167GA55 PDF
USD 2.0 billion 4.125% 12 Jan 24 12 Jan 34 US045167GB39 PDF
COP 65 billion 11.200% 4 Oct 2023 31 Jan 2025 XS2656548943 PDF
COP 250 billion 11.500% 3 Oct 2023 3 Oct 2025 XS2693066966 PDF
USD 500 million 4.875% 26 Sep 2023 26 Sep 2028 US04517PBW14 PDF
USD 4.0 billion 4.500% 31 Aug 2023 25 Aug 2023 US045167FZ16 PDF
USD 100 million FRN 9 Aug 2023 27 Aug 2026 US04517PBG63 PDF
USD 100 million FRN 2 Aug 2023 16 Jun 2026 US04517PBE16 PDF
COP 600 billion 11.200% 31 Jul 2023 31 Jan 2025 XS2656548943 PDF
COP 488 billion 11.750% 24 Jul 2023 24 Jul 2024 XS2654113393 PDF
GBP 1.0 billion 6.125% 17 Jul 2023 15 Aug 2025 XS2649502015 PDF
CAD 1.0 billion 4.400% 13 Jul 2023 13 Jul 2026 CA045167FY43 PDF
USD 100 million 4.375% 30 Jun 2023 30 Dec 2026 US04517PBV31 PDF
USD 2.0 billion 4.625% 14 Jun 2023 13 Jun 2025 US04517PBU57 PDF
USD 2.0 billion 3.875% 14 Jun 2023 14 Jun 2033 US04517PBT84 PDF
CAD 500 million 3.300% 24 May 2023 24 May 2028 CA045167FX69 PDF
USD 3.5 billion 3.750% 25 Apr 2023 25 Apr 2028 US045167FW84 PDF
USD 2.0 billion 4.000% 12 Jan 2023 12 Jan 2033 US045167FV02 PDF
USD 3.0 billion 4.250% 12 Jan 2023 9 Jan 2026 US045167FU29 PDF
USD 50 million 4.625% 21 Oct 2022 21 Oct 2027 US04517PBP62 PDF
USD 1.25 billion 3.875% 28 Sep 2022 28 Sep 2032 US045167FT55 PDF
USD 2.75 billion 4.125% 28 Sep 2022 27 Sep 2024 US045167FS72 PDF
COP 100 billion 11.500% 22 Sep 2022 22 Sep 2025 XS2533138033 PDF
CAD 700 million 3.800% 12 Sep 2022 12 Sep 2025 CA045167FQ19 PDF
USD 4.5 billion 3.125% 23 Aug 2022 20 Aug 2027 US045167FP34 PDF
NZD 450 million 3.750% 18 Aug 2022 18 Aug 2025 NZADBDT017C3 PDF
AUD 450 million 3.700% 17 Aug 2022 17 Jun 2025 AU3CB0290229 PDF
MXN 200 million 10.250% 7 Jul 2022 7 Jul 2024 XS2496451928 PDF
USD 100 million Step-up 20 May 2022 20 May 2025 US04517PBN15 PDF
USD 1 billion 3.125% 27 Apr 2022 27 Apr 2032 US045167FN85 PDF
USD 3 billion 2.875% 27 Apr 2022 6 May 2025 US045167FM03 PDF
USD 1.25 billion FRN 6 Apr 2022 6 Apr 2027 US04517PBK75 PDF
USD 1.5 billion 1.875% 15 Mar 2022 15 Mar 2029 US045167FL20 PDF
USD 2.25 billion 1.625% 15 Mar 2022 15 Mar 2024 US045167FK47 PDF
USD 100 million Step-up 11 Feb 2022 11 Feb 2027 US04517PBJ03 PDF
USD 50 million Step-up 3 Feb 2022 3 Feb 2027 US04517PBH47 PDF
USD 50 million Step-up 3 Feb 2022 3 Feb 2027 XS2437446870 PDF
NZD 1.2 billion 2.750% 28 Jan 2022 28 Jan 2027 NZADBDT015C7 PDF
USD 3.5 billion 1.500% 20 Jan 2022 20 Jan 2027 US045167FH18 PDF
GBP 1 billion 1.125% 12 Jan 2022 10 Jun 2025 XS2430947049 PDF
USD 3.0 billion 0.625% 6 Oct 2021 8 Oct 2024 US045167FG35 PDF
USD 150 million FRN 16 Sep 2021 16 Jun 2026 US04517PBE16 PDF
USD 1.0 billion FRN 27 Aug 2021 27 Aug 2026 US04517PBG63 PDF
NZD 750 million 1.500% 6 Aug 2021 6 Aug 2026 NZADBDT014C0 PDF
CAD 350 million 1.500% 4 May 2021 4 May 2028 CA045167FD06 PDF
USD 1.5 billion 1.250% 9 Jun 2021 9 Jun 2028 US045167FF51 PDF
USD 4.0 billion 0.375% 9 Jun 2021 11 Jun 2024 US045167FE86 PDF
CAD 750 million 1.500% 4 May 2021 4 May 2028 CA045167FD06 PDF
GBP 500 million 0.750% 20 Apr 2021 7 Dec 2027 XS2332979769 PDF
USD 5.0 billion 1.000% 14 Apr 2021 14 Apr 2026 US045167FC21 PDF
MXN 1.05 billion 4.700% 12 Mar 2021 12 Mar 2024 XS2311274455 PDF
USD 2.0 billion 1.500% 4 Mar 2021 4 Mar 2031 US045167FB48 PDF
AUD 350 million 1.100% 2 Mar 2021 2 Mar 2028 AU3CB0278091 PDF
CAD 1.25 billion 0.750% 10 Feb 2021 10 Feb 2026 CA045167FA66 PDF
USD 4.5 billion 0.500% 4 Feb 2021 4 Feb 2026 US045167EZ25 PDF
GBP 750 million 0.125% 4 Feb 2021 15 Dec 2026 XS2294319194 PDF
GHS 125 million 14.750% 15 Jan 2021 21 Jan 2022 XS2285179094 PDF
CNY 48 million 2.500% 1 Dec 2020 1 Dec 2025 XS2262826378 PDF
USD 1.0 billion 0.750% 6 Oct 2020 8 Oct 2030 US045167EY59 PDF
USD 3.0 billion 0.250% 6 Oct 2020 6 Oct 2023 US045167EX76 PDF
USD 3.0 billion 0.375% 3 Sep 2020 3 Sep 2025 US045167EW93 PDF
PLN 19 million 0.430% 17 Aug 2020 17 Aug 2025 XS2215529202 PDF
USD 4.0 billion 0.250% 14 Jul 2020 14 Jul 2023 US045167EV11 PDF
USD 100 million FRN 29 Jun 2020 15 Dec 2021 US045167CU55 PDF
ZAR 3.7 billion Zero Coupon 30 Apr 2020 30 Apr 2040 XS2164667482 PDF
USD 4.5 billion 0.625% 29 Apr 2020 29 Apr 2025 US045167EU38 PDF
USD 150 million 1.625% 20 Apr 2020 24 Jan 2023 US045167ES81 PDF
USD 4.5 billion 0.625% 7 Apr 2020 7 Apr 2022 US045167ET64 PDF
USD 250 million FRN 21 Feb 2020 15 Dec 2021 US045167CU55 PDF
USD 500 million FRN 3 Feb 2020 15 Dec 2021 US045167CU55 PDF
NZD 300 million 1.625% 28 Jan 2020 28 Jan 2025 NZADBDT010C8 PDF
USD 2.0 billion 1.875% 24 Jan 2020 24 Jan 2030 US045167ER09 PDF
USD 2.25 billion 1.625% 24 Jan 2020 24 Jan 2023 US045167ES81 PDF
USD 3.0 billion 1.500% 18 Oct 2019 18 Oct 2024 USO45167EQ26 PDF
USD 2.0 billion 1.750% 19 Sep 2019 19 Sep 2029 US045167EP43 PDF
USD 600 million FRN 12 Sep 2019 10 Sep 2021 US04517PAW23 PDF
NZD 425 million 3.000% 27 Aug 2019 17 Jan 2023 NZADBDT008C2 PDF
RUB 1.0 billion 7.000% 7 Aug 2019 14 Mar 2022 XS1960365390 PDF
USD 3.25 billion 1.875% 19 Jul 2019 19 Jul 2022 US045167EN94 PDF
USD 500 million FRN 28 May 2019 28 May 2024 US04517PAV40 PDF
IDR 1.2 trillion 7.800% 18 Mar 2019 15 Mar 2034 XS1963469884 PDF
USD 3.5 billion 2.625% 30 Jan 2019 30 Jan 2024 US045167EL39 PDF
AUD 1.0 billion 2.450% 17 Jan 2019 17 Jan 2024 AU3CB0259919 PDF
EUR 1.25 billion 0.200% 25 May 2018 25 May 2023 XS1824294901 PDF
AUD 500 million 3.300% 8 Feb 2018 8 Aug 2028 AU3CB0250520 PDF
USD 3.75 billion 2.250% 19 Jan 2018 20 Jan 2021 US045167EF60 PDF
USD 1.5 billion 2.750% 19 Jan 2018 19 Jan 2028 US045167EG44 PDF
USD 1.5 billion 2.500% 2 Nov 2017 2 Nov 2027 US045167EE95 PDF
INR 11 billion 6.200% 31 Oct 2017 6 Oct 2026 XS1496739464 PDF
USD 4.0 billion 1.750% 13 Sep 2017 13 Sep 2022 US045167ED13 PDF
USD 500 million 2.375% 10 Aug 2017 10 Aug 2027 US045167EC30 PDF
USD 750 million 1.875% 10 Aug 2017 10 Aug 2022 US045167EB56 PDF
NZD 350 million 3.500% 28 Jul 2017 30 May 2024 NZADBDT007C4 PDF
AUD 100 million 3.400% 18 Jul 2017 10 Sep 2027 AU3CB0243129 PDF
INR 14.0 billion 5.900% 6 Jul 2017 20 Dec 2022 XS1640903537 PDF
USD 1.75 billion 1.750% 6 Jun 2017 8 Jun 2021 US045167EA73 PDF
NZD 250 million 3.500% 30 May 2017 30 May 2024 NZADBDT007C4 PDF
INR 3.0 billion 6.000% 24 May 2017 24 Feb 2021 XS1618178567 PDF
USD 1.0 billion FRN 16 Mar 2017 16 Mar 2021 US045167DY68 PDF
USD 3.75 billion 2.000% 16 Feb 2017 16 Feb 2022 US045167DX85 PDF
EUR 520 million 1.400% 8 Feb 2017 6 Feb 2037 XS1561572287 PDF
USD 1 billion 2.625% 12 Jan 2017 12 Jan 2027 US045167DU47 PDF
INR 5 billion 6.450% 09 Dec 2016 08 Aug 2021 XS1464940565 PDF
INR 9 billion 6.200% 6 Oct 2016 6 Oct 2026 XS1496739464 PDF
USD 500 million FRN 16 Sep 2016 16 Jun 2021 US045167DP51 PDF
USD 500 million 1.750% 16 Aug 2016 14 Aug 2026 US045167DR18 PDF
USD 500 million FRN 16 Jun 2016 16 Jun 2021 US045167DP51 PDF
USD 1 billion 2.000% 26 Apr 2016 24 Apr 2026 US045167DN04 PDF
USD 3 billion 1.625% 16 Mar 2016 16 Mar 2021 US045167DL48 PDF
USD 2 billion 1.625% 26 Aug 2015 26 Aug 2020 US045167DE05 PDF
USD 500 million 2.125% 19 Mar 2015 19 Mar 2025 US045167CY77 PDF
USD 2.25 billion 1.875% 18 Feb 2015 18 Feb 2022 US045167CX94 PDF
USD 1.25 billion 2.000% 22 Jan 2015 22 Jan 2025 US045167CW12 PDF
USD 300 million FRN 15 Dec 2014 15 Dec 2021 US045167CU55 PDF
USD 1 billion 2.125% 24 Nov 2014 24 Nov 2021 US045167CT82 PDF

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 2022)

Effect of Swaps on Interest Rate Structure of Borrowings (31 December 2022)

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.