ADB raises USD 169 million via rupee-linked bonds

The Asian Development Bank (ADB) said it has raised about USD 169 million (around Rs 1,100 crore) from rupee-linked bonds.
The multilateral lending agency also said the bonds, denominated in Indian rupees but settled in US dollars, were underwritten by Citibank and TD Securities
"Proceeds from the bonds will be mobilized to support ADB lending in India," the bank said in a statement.
"The transaction was structured as a tap issue into ADB's 10-year bond originally issued in October 2016, raising the outstanding amount to USD 308 million - the largest local currency bond issued to date by ADB for on-lending purposes in the same currency," it added.

According to the statement, India is ADB's fourth largest shareholder and is its largest borrower.
In 2016, ADB approved USD 795 million in private sector projects in India.
The Manila-based body has raised more than USD 25 billion from the capital markets in 2017 so far.