Obligation Asia Development Bank 2.375% ( US045167EC30 ) en USD

Société émettrice Asia Development Bank
Prix sur le marché refresh price now   100 %  ▲ 
Pays  Philippines
Code ISIN  US045167EC30 ( en USD )
Coupon 2.375% par an ( paiement semestriel )
Echéance 10/08/2027



Prospectus brochure de l'obligation Asian Development Bank US045167EC30 en USD 2.375%, échéance 10/08/2027


Montant Minimal 1 000 USD
Montant de l'émission 500 000 000 USD
Cusip 045167EC3
Prochain Coupon 10/02/2026 ( Dans 97 jours )
Description détaillée La Banque asiatique de développement (BAD) est une institution financière internationale qui ?uvre à réduire la pauvreté et à promouvoir un développement économique et social durable dans l'Asie et le Pacifique.

L'Obligation émise par Asia Development Bank ( Philippines ) , en USD, avec le code ISIN US045167EC30, paye un coupon de 2.375% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 10/08/2027







PRICING SUPPLEMENT
ASIAN DEVELOPMENT BANK
GLOBAL MEDIUM-TERM NOTE PROGRAM
Series No.: 936-00-1
U.S.$ 500,000,000
2.375 per cent. Global Notes due 10 August 2027
Issue price: 99.172 per cent.
Joint Lead Managers
BofA Merrill Lynch
Crédit Agricole CIB
J.P. Morgan
Co-Lead Managers
Citigroup
HSBC
Morgan Stanley
TD Securities
The date of this Pricing Supplement is 8 August 2017.


This pricing supplement (the "Pricing Supplement") is issued to give details of an
issue of U.S.$500,000,000 2.375 per cent. Global Notes due 10 August 2027 (the "Notes") by the
Asian Development Bank ("ADB") under its Global Medium-Term Note Program and to provide
information supplemental to the Prospectus referred to below.
This Pricing Supplement supplements the terms and conditions of the Notes set
forth in the Prospectus dated 28 April 2011 (as amended and supplemented and together with the
documents incorporated by reference therein, the "Prospectus") and should be read in conjunction
with the Prospectus. Unless otherwise defined in this Pricing Supplement, capitalized terms used
herein have the meanings given to them in the Prospectus.
The issue of the Notes was authorized pursuant to a global borrowing authorization
of the Board of Directors of ADB dated 9 December 2016.
This Pricing Supplement does not constitute, and may not be used for the purposes
of, an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is
not authorized or to any person to whom it is unlawful to make such an offer or solicitation, and
no action is being taken to permit an offering of the Notes or the distribution of this Pricing
Supplement in any jurisdiction where such action is required.
The Notes are not required to be and have not been registered under the U.S.
Securities Act of 1933, as amended. The Notes have not been approved or disapproved by
the U.S. Securities and Exchange Commission or any state securities commission nor has the
Commission or any state securities commission passed upon the accuracy or adequacy of this
Pricing Supplement. Any representation to the contrary is a criminal offense in the United
States.
The distribution of this Pricing Supplement or the Prospectus and the offer and sale
of the Notes may be restricted by law in certain jurisdictions. Persons into whose possession this
Pricing Supplement or the Prospectus comes are required by ADB and the Managers to inform
themselves about and to observe any such restrictions. For a description of certain restrictions on
offers and sales of Notes and on the distribution of this Pricing Supplement or the Prospectus, see
"Plan of Distribution" in the Prospectus.
The Notes are not the obligation of any government.
2



TERMS AND CONDITIONS
The following items are the particular terms and conditions of the Notes to which
this Pricing Supplement relates. In case of any conflict between such terms and conditions and
the terms and conditions set forth in the Prospectus, the terms and conditions set forth in this
Pricing Supplement shall govern.
General Provisions
1.
Issuer:
Asian Development Bank ("ADB").
2.
Series Number:
936-00-1.
3.
(i)
Specified Currency
United States Dollars ("U.S.$").
(Condition 1(c)):
(ii)
Specified Principal Payment
Not applicable.
Currency if different from
Specified Currency (Condition
1(c)):
(iii)
Specified Interest Payment
Not applicable.
Currency if different from
Specified Currency (Condition
1(c)):
(iv)
Alternative Currency
Not applicable.
(Condition 7(i)) (if applicable):
4.
Aggregate Nominal Amount:
U.S.$500,000,000.
5.
(i)
Issue Price:
99.172 per cent. of the Aggregate Nominal
Amount.
(ii)
Net proceeds:
U.S.$494,985,000.
6.
Specified Denominations (Condition
U.S.$1,000.
1(a)):
7.
(i)
Issue Date (Condition 5(d)):
10 August 2017.
(ii)
Interest Commencement Date
Not applicable.
(if different from the Issue
Date) (Condition 5(d)):
8.
Maturity Date or Redemption Month
10 August 2027, subject to paragraph 31 below.
(Condition 6(a)):
3





9.
Interest Basis (Condition 5):
Fixed Rate (Condition 5(a)) (further particulars
specified in paragraph 16 below).
10. Redemption/Payment Basis
Redemption at par.
(Condition 6(a)):
11. Change of Interest or
Not applicable.
Redemption/Payment Basis:
12. Put/Call Options (Conditions 6(e)
Not applicable.
and (f)):
13. Status of the Notes (Condition 3):
Senior.
14. Listing:
Luxembourg Stock Exchange.
15. Method of distribution:
Syndicated.
Provisions Relating to Interest Payable
16. Fixed Rate Note Provisions
Applicable.
(Condition 5(a)):
(i)
Rate(s) of Interest:
2.375 per cent. per annum, payable semi-
annually in arrear.
(ii)
Interest Payment Date(s):
10 February and 10 August of each year,
commencing on 10 February 2018 up to and
including the Maturity Date, subject to
paragraph 31 below.
(iii) Fixed Coupon Amount(s):
U.S.$11.875 per Specified Denomination,
payable on each Interest Payment Date.
(iv)
Broken Amount(s):
Not applicable.
(v)
Relevant Financial Center:
New York.
(vi)
Additional Business Center(s)
Not applicable.
(Condition 5(d)):
(vii) Day Count Fraction (Condition 30/360.
5(d)):
(viii) Determination Date(s):
Not applicable.
4





(ix)
Other terms relating to the
No Calculation Period shall be adjusted in the
method of calculating interest
event that the first day or last day of such period
for Fixed Rate Notes:
falls on a day that is not a Business Day.

The last paragraph of Condition 5(a) shall be
replaced in its entirety by the following:

"Interest will cease to accrue on each Fixed
Rate Note on the Maturity Date unless, upon
due presentation thereof, payment of principal
is improperly withheld or refused, in which
event interest will continue to accrue at the
specified Rate of Interest up to but excluding
the earlier of (i) the date on which actual
payment of principal is made, or (ii) the 15th
calendar day following the receipt of such
payment of principal by the Paying Agent."

17. Floating Rate Note Provisions
Not applicable.
(Condition 5(b)):
18. Zero Coupon/Deep Discount Note
Not applicable.
Provisions (Conditions 5(c) and 6(c)):
19. Index-Linked Interest Note
Not applicable.
Provisions:
20. Dual Currency Note Provisions:
Not applicable.
Provisions Relating to Redemption
21. Call Option (Condition 6(e)):
Not applicable.
22. Put Option (Condition 6(f)):
Not applicable.
23. Final Redemption Amount:
Aggregate Nominal Amount.
(i)
Alternative Payment
Not applicable.
Mechanism (Conditions 7(a)
and (c)):
(ii)
Long Maturity Note (Condition Not applicable.
7(f)):
(iii) Variable Redemption Amount
Not applicable.
(Condition 6(d)):
5






24. Early Redemption Amount:

(i)
Early Redemption Amount(s)
As set out in the Conditions.
payable on an Event of Default
(Condition 9) and/or the
method of calculating the same
(if required or if different from
that set out in the Conditions):
(ii)
Unmatured Coupons to
Not applicable.
become void (Condition 7(f)):
Additional General Provisions Applicable to the Notes
25. Form of Notes:
Book-Entry Notes available on Issue Date.
26. Talons for future Coupons to be
Not applicable.
attached to definitive Bearer Notes
(and dates on which such Talons
mature):
27. Details relating to Partly Paid Notes:
Not applicable.
amount of each payment comprising
the Issue Price and date on which each
payment is to be made and
consequences (if any) of failure to pay,
including any right of ADB to forfeit
the Notes and interest due on late
payment:
28. Details relating to Installment Notes:
Not applicable.
29. Redenomination, renominalization and Not applicable.
reconventioning provisions:
30. Consolidation provisions:
Not applicable.
31. Other terms or special conditions:

(i) Payment Dates:
If any date for payment of any principal or
interest in respect of the Notes is not a Business
Day, ADB shall not be obliged to pay such
principal or interest until the first following day
that is a Business Day and shall not be obliged
6





to pay any interest or other payment in respect
of such postponed payment.
Distribution
32.
(i)
If syndicated, names of
Crédit Agricole Corporate and Investment Bank
Managers:
J.P. Morgan Securities plc

Merrill Lynch International
Citigroup Global Markets Limited
HSBC Bank plc
Morgan Stanley & Co. International plc
The Toronto-Dominion Bank
(ii)
Stabilizing Manager (if any):
Not applicable.
(iii)
Commissions and
0.175 per cent.
Concessions:
33.
If non-syndicated, name of Dealer:
Not applicable.
34.
Additional selling restrictions:
The following paragraph shall be deemed to be
set out under the heading "France" in the
section entitled "Plan of Distribution" in the
Prospectus:
"No prospectus (including any amendment,
supplement or replacement thereto or any other
offering material relating to the Notes) has been
prepared in connection with the offering of the
Notes which has been approved by the French
Autorité des marches financiers or by the
competent authority of another state that is a
contracting party to the Agreement on the
European Economic Area and notified to the
French Autorité des marchés financiers and to
the Issuer; no Notes have been offered or sold
nor will be offered or sold, directly or
indirectly, to the public in France; the materials
relating to the Notes have not been distributed
or caused to be distributed and will not be
distributed or caused to be distributed to the
public in France; any offer, sale and distribution
of the Notes has been and shall only be made in
France to providers of investment services
relating to portfolio management for the
account of third parties as defined in, and in
accordance with Articles L.411-2-II-1 and
7


D.321-1 of the French Code monétaire et
financier, and/or
qualified investors
(investisseurs qualifiés) other than individuals
investing for their own account, as defined in
Articles L. 411-2 and D. 411-1 to D.411-4, of
the French Code monétaire et financier. The
direct or indirect distribution to the public in
France of any Notes may be made only as
provided by French laws and regulations."
Operational Information

35. (i)
ISIN:
US045167EC30.
(ii)
CUSIP:
045167 EC3.
(iii)
CINS:
Not applicable.
(iv)
Other:
Not applicable.
36. Common Code:
166056713.

37. Any clearing system(s) other than
Federal Reserve Book-Entry System.
Euroclear, Clearstream, Luxembourg
and DTC and the relevant
identification number(s):
38. Delivery:
Delivery against payment.
39. Additional Paying Agent(s) (if any):
Not applicable.
40. Governing Law:
New York.
Listing Application
This Pricing Supplement comprises the details required to list the issue of Notes described
herein pursuant to the listing of the Global Medium-Term Note Program of ADB.
Use of Proceeds
The net proceeds of the issue of the Notes will be included in the ordinary capital resources
of ADB which will then be allocated to a special sub-portfolio therein and tracked against the
disbursements to Eligible Projects (as defined below). As long as the Notes are outstanding, the
balance of the sub-portfolio will be reduced, at the end of each quarter, by amounts matching the
disbursements made during the quarter with respect to the Eligible Projects. Pending such
disbursement, the sub-portfolio will be invested in accordance with ADB's liquidity policy.
Eligible projects under ADB's Green Bond framework ("Eligible Projects") include
projects funded by ADB, in whole or in part, that (i) target a reduction of greenhouse gas emissions
into the atmosphere or removal of greenhouse gas emissions from the atmosphere ("Climate
8





Change Mitigation Projects") and/or (ii) target the reduction of the vulnerability of human or
natural systems to the consequences of climate change and enhance resilience and adaptive
capacity ("Climate Change Adaptation Projects").
Examples of Climate Change Mitigation Projects would typically include, without
limitation, those that fall under the following sectors:
· Renewable energy ­ projects that use energy resources that can be naturally replenished
(solar, wind, geothermal, and small hydro energy generation);
· Energy efficiency ­ projects that deliver more energy services with the same energy
input (excluding fossil fuel projects); and
· Sustainable transport ­ projects that provide accessible, safe, environmentally friendly,
and affordable transportation.
Examples of Climate Change Adaptation Projects would typically include, without
limitation, those that fall under the following sectors:
· Energy ­ projects that help improve energy security (excluding fossil fuel projects);
· Water and other urban infrastructure and services ­ projects that improve water security
and livelihoods of vulnerable urban populations, such as, providing urban flood
protection; and
· Transport - projects that reduce the vulnerability of transport infrastructure.
The above examples of Eligible Projects are for illustrative purposes only and no assurance
can be provided that disbursements for projects with these specific characteristics will be made by
ADB during the term of the Notes.
Material Adverse Change Statement
There has been no material adverse change in the financial position or prospects
of ADB since the date of the financial statements included in the Information Statement of ADB,
which was most recently published on 25 April 2017.
Recent Developments
On 6 May 2017, ADB's Board of Governors approved the following with respect
to its 2016 reported net loss of U.S.$11.2 million after appropriation of guarantee fees to the
special reserve:
a.
U.S.$14.6 million, representing the adjustment to the loan loss reserve as of
31 December 2016, be added from the net income to the loan loss reserve;
b.
U.S.$513.9 million, representing the ASC 815/825 adjustments and the
unrealized portion of net income from equity investments accounted for
9


under the equity method, for the year ended 31 December 2016, be added
from the cumulative revaluation adjustments account;
c.
U.S.$123.7 million be allocated to the ordinary reserve;
d.
U.S.$259.4 million be allocated to the Asian Development Fund;
e.
U.S.$60.0 million be allocated to the Technical Assistance Special Fund;
f.
U.S.$20.0 million be allocated to the Asia Pacific Disaster Response Fund;
g.
U.S.$15.0 million be allocated to the Climate Change Fund; and
h.
U.S.$10.0 million be allocated to the Regional Cooperation and Integration
Fund.
Responsibility
ADB accepts responsibility for the information contained in this Pricing
Supplement which, when read together with the Prospectus referred to above, contains all
information that is material in the context of the issue of the Notes.
10


Document Outline