ADB’s largest sterling deal takes currency to record half year

The Asian Development Bank broke two records on Thursday as it printed its biggest sterling deal to date and took non-UK SSA issuance in the currency to a record level for a half year. Leads Citi, HSBC and TD Securities circulated initial price thoughts of 30bp area over compounded Sonia on Wednesday for a benchmark five year global floating rate note, but ended up printing a £700m deal from an over £765m book at plus 29bp. “Usually benchmark size in sterling means £250m,” said an SSA syndicate official at one of the leads.