The Asian Development Bank (ADB) said on Wednesday it had raised $4 billion through the sale of U.S. dollar bonds to beef up its capital and provide more assistance to countries impacted by the pandemic.
The Manila-based lender has tripled the size of its rescue package to $20 billion to help developing countries in Asia counter the severe macroeconomic and health effects of the coronavirus pandemic.
“This gives us the resources to continue to provide much needed assistance to the Asia and Pacific region, particularly during this pandemic,” ADB treasurer Pierre Van Peteghem said in a statement.
ADB said the 3-year bond fetched a coupon rate of 0.25% and was priced to yield 12 basis points over the 0.25% on U.S. Treasury notes.
ADB plans to raise around $30 billion to $35 billion from the capital markets in 2020.
Global economic losses caused by the coronavirus pandemic could be between $5.8 trillion and $8.8 trillion this year, ADB data showed, with developing Asia’s gross domestic product seen barely growing this year.