IADB launches largest-ever bond

The Inter-American Development Bank (IADB) has priced a new $4 billion, three-year global issue - its largest bond ever. The transaction pays a semi-annual coupon of 2.625% and matures on April 19, 2021. It priced with a spread of 22.1 basis points over the 2.375% UST due April 15, 2021, which represents a yield of 2.702% s.a. At $4 billion, the deal stands as the IADB's largest-ever USD benchmark and is now IADB's largest outstanding bond.