ASIAN

DEVELOPMENT
BANK
Investing in a Prosperous,
Inclusive, Resilient, and
Sustainable Asia and the Pacific

October 2021
  Overview
 Credit Profile
 Funding Operations
 Green Bond Framework

2  Appendices
 WHO WE ARE

• Founded in 1966
• A multilateral development bank
• Headquartered in Manila, Philippines
• 45 field offices
• 3,548 employees spanning 64 nationalities
3
 THE REGION’S
POVERTY CHALLENGE
• Asia and the Pacific region is still home to
around 40% of the world’s extreme poor1

• An estimated $1.7 trillion per year is

needed until 2030 to fill infrastructure
gaps

• Of the 10 countries most exposed to

climate change, environmental stress, and
natural disaster risk, 7 are ADB
developing member countries2

1/ Extreme poverty is measured by the $1.90/day threshold at 2011 purchasing power parity. World Bank.
PovcalNet. http://iresearch.worldbank.org/PovcalNet/home.aspx.
2/ These countries are Bangladesh, Cambodia, the Philippines, Solomon Islands, Timor-Leste, Tonga, and
Vanuatu. L. Kirch et al. 2017. WorldRiskReport: Analysis and Prospects 2017. Berlin: Bündnis Entwicklung Hilft.
4 https://www.adb.org/sites/default/files/institutional-document/435391/strategy-2030-main-document.pdf.
 CLIMATE CHANGE AND DISASTERS
IN ASIA AND THE PACIFIC

Note: The $ amounts refer to the monetary amount of damage to property, crops and livestock at the year of the event.
Source: Center for Research on the Epidemiology of Disasters

Photo Sources: Nepal 2015 earthquake: picture-alliance/dpa/mast irham; China 2016 flood: climatesignals.org/events/china-floods-june-july-2016; Australia Cyclone 2017:
https://www.usatoday.com/story/weather/2017/03/28/cyclone-debbie-deadly-storm-strikes-australia-thousands-flee/99723528/; Indonesia earthquake 2018:
https://edition.cnn.com/2018/09/29/asia/indonesia-earthquake/index.html; Australia wildfires 2019: https://www.ssec.wisc.edu/jpss-sdoc/events/2019-australian-wildfires

5
 STRATEGY 2030
OPERATIONAL PRIORITIES

Addressing remaining  Accelerating progress in  Tackling climate change, building climate 

poverty and reducing  gender equality and disaster resilience, and enhancing 
inequalities  environmental sustainability 
At least 75% of number of ADB  At least 75% of number of ADB committed 
committed operations by 2030 operations by 2030, total of $100 billion from 
ADB’s own resources from 2019 to 2030 

Making cities more  Promoting rural development  Strengthening governance  Fostering regional cooperation 

livable  and food security  and institutional capacity and integration

KEY APPROACHES
Expanding private  Catalyzing and mobilizing financial  Strengthening 
sector operations  resources for development  knowledge services 

1/3 of number of ADB  $1 in private sector operations financing matched 
committed operations by 2024 by $2.50 of cofinancing
6
 ADB’S OPERATIONAL PRIORITIES
MAPPED TO THE SDGs
ADB has worked to align its strategy and policies with the 17 Sustainable
Development Goals (SDGs) adopted by the United Nations General Assembly.

Addressing remaining Making cities

poverty and reducing more livable
inequalities

Accelerating progress Promoting rural

in gender equality development and food
security

Tackling climate change,

building climate and Strengthening
disaster resilience, and governance and
enhancing environmental institutional capacity
sustainability

Fostering regional
cooperation and
integration

7
 Response to the COVID-19 Pandemic
 ADB announced $20 billion comprehensive COVID 19 response package on 13 April 2020
 As of 31 December 2020, ADB committed $16.3 billion for DMCs and the private sector
 ADB mobilized $10.9 billion through cofinancing from development partners and commercial sources
 As of 31 December 2020, disbursed $10.2 billion to DMCs and private sector clients

Sovereign Operations
• First response on 27 January 2020 in the Greater Mekong Subregion. Reallocated $147 million from 
ongoing projects to support COVID‐19 pandemic response of DMCs
• $10.2 billion in quick‐disbursing budget support through COVID‐19 pandemic response option

Private Sector Operations
• $442 million in direct private sector lending
• $2.4 billion through short‐term financing program to support trade/supply chain and micro finance

Technical Assistance and Grants 
• To date, $190 million in technical assistance and quick‐disbursing grants to 41 DMCs for urgent needs 
(PPE purchase, strengthening health systems, support for food distribution, vaccine strategy)
• ADB worked closely with the World Bank and UN agencies to procure and deliver PPE

 ADB announced $9 billion Asia Pacific Vaccine Access Facility on 11 December 2020
 Will support DMCs to access and distribute COVID‐19 vaccines safely and swiftly
8
 Response to the COVID-19 Pandemic
Philippines: Health System Enhancement to Address and Limit COVID-19
• $125 million OCR loan
• The project will assist the government in
scaling up public health capacity to manage
the pandemic.
• It will provide medical equipment and supplies
and upgrade laboratories and isolation
facilities, in order to strengthen testing,
surveillance, infection prevention and control,
and treatment.

Indonesia: Responsive COVID-19 Vaccines for Recovery project

• $450 million OCR loan
• The project will fund the purchase of at least 65 million doses of COVID-19 vaccine
for priority groups determined by the Indonesian government. The project is
supported by ADB’s $9 billion APVAX facility.

9
 STRONG SHAREHOLDER
SUPPORT
68 members: 49 in the region
Shareholdings1 Shareholdings1
Non-Borrowing Shareholders Ratings2 2020 Borrowing Shareholders Ratings2 2020
Japan A1/A+ 15.6% People's Republic of China A1/A+ 6.4%
United States Aaa/AA+ 15.6% India Baa3/BBB- 6.3%
Australia Aaa/AAA 5.8% Indonesia Baa2/BBB 5.4%
Canada Aaa/AAA 5.2% Malaysia A3/A- 2.7%
Republic of Korea Aa2/AA 5.0% Philippines Baa2/BBB+ 2.4%
Germany Aaa/AAA 4.3% Pakistan B3/B- 2.2%
France Aa2/AA 2.3% Thailand Baa1/BBB+ 1.4%
United Kingdom Aa3/AA 2.0% Bangladesh Ba3/BB- 1.0%
Italy Baa3/BBB 1.8% Others 5.3%
New Zealand Aaa/AA+ 1.5%
Others 7.7%
27 Countries 66.8% 41 Countries 33.2%
Totals may not add up because of rounding.
1/ Percent of Total Subscribed Capital as of 31 December.
2/ Moody’s and Standard & Poor’s ratings are as of 30 September 2021. (Source: Bloomberg)

10
 SOLID CAPITAL
STRUCTURE
Growth in ADB’s capital base

ADB has raised its capital base $ bn

Q2 2021
five times since 1966 150.0 151.8

Callable capital is available for 130.0

the protection of ADB’s

110.0
bondholders
90.0
ADB has never made a call on
Pre-GCI-V
its callable capital 70.0
54.9

50.0 GCI-IV
ADB Capital Structure as of 30 June 2021 30.2
30.0 GCI-III
$billion GCI-I GCI-II 11.5
1.0 3.7
10.0
Paid-in capital 7.6
Callable capital 144.2 -10.0 1971
1976
1983
1994
2008
Subscribed capital 151.8 Jun-21

Callable Capital Paid-In Capital

11
  Overview
 Credit Profile
 Funding Operations
 Green Bond Framework

12  Appendices
 2020 OPERATIONS
TOTAL OPERATIONS

$31.6
BILLION

• $31.3 billion in loans and grants and others

• $294 million for technical assistance
• $16.4 billion from cofinancing partners

13
 ASSISTANCE TOTAL OPERATIONS

BY REGION IN 2020

$31.6
BILLION

$0.3 billion
Regional
$6.6 billion
Central and West Asia
$2.9 billion
East Asia
$9.0 billion
South Asia

$11.6 billion
Southeast Asia
$1.2 billion
Pacific

14
 APPROVED LOANS
BY BORROWER
TOTAL – $330.3 billion
Kazakhstan
$6,324 mn
Cumulative OCR regular and concessional lending,
Georgia
as of 30 June 2021
$4,157 mn Azerbaijan Mongolia
$4,443 mn Uzbekistan $3,435 mn
$10,010 mn
Armenia
People’s Republic Republic of Korea Regional
$1,571 mn
Turkmenistan Kyrgyz Republic Bhutan of China $6,338 mn $789 mn
$625 mn $1,340 mn $656 mn $44,893 mn

Afghanistan Tajikistan Nepal Taipei,China

$966 mn $493 mn $6,221 mn Bangladesh
$100 mn
$26,078 mn

Pakistan Lao PDR Hong Kong, China Kiribati Samoa Solomon Islands
Republic
$35,327 mn India $1,949 mn $102 mn $35 mn $191 mn $182 mn
of the
$53,503 mn
Union of
Myanmar Cambodia Viet Nam Philippines
$4,559 mn $3,579 mn $16,962 mn $25,916 mn Federated States Marshall
Republic of the Palau of Micronesia Islands
Maldives $155 mn $84 mn $93 mn
$234 mn Thailand
Sri Lanka $9,007 mn
$10,661 Nauru Tonga
mn Singapore $5 mn $69 mn
Malaysia $181 mn
$1,998 mn Papua New Guinea
Cook Islands
$3,475 mn
$152 mn
Indonesia Timor-Leste
Legend: $42,185 mn $319 mn Vanuatu Fiji Tuvalu
$98 mn $829 mn $8 mn
$0 - $500 million $5,001 - $10,000 million
$501 - $2,000 million $10,001 - $15,000 million
$2,001 - $5,000 million $15,001 million - and above
15
 COMMITTED LOANS
$179.7 BILLION1,2 As of 30 June 2021, there were five nonsovereign loans
(As of 30 June 2021) in non-accrual status with outstanding amount of $240
million, of which $18 million was overdue by more than
180 days. There were no outstanding sovereign loans in
non-accrual status as of 30 June 2021.3
Viet Nam
Philippines 6.1%
7.9%
Energy
Others 19.3%
Transport
Indonesia 27.3% 28.4% Water Urban
9.3% By By Infrastructure
Bangladesh Borrower Sector 9.6%
India Others
8.6% 4.7% Public Sector
16.1% Management
Pakistan Multi-Sector 14.6%
9.3% 1.8% Agriculture and
People’s Republic Natural Resources
of China Education
5.3% Finance 8.5%
15.4%
7.8%

1/ Includes concessional loans that were transferred from ADF to OCR effective 1 January 2017.
2/ OCR Committed Loans include Loans Outstanding at $132.6 billion (gross) and Undisbursed Effective Loans at $47.1
billion. Regular sovereign at $128.7 billion (72%), concessional sovereign at $41.9 billion (23%) and non-sovereign at $9.1
billion (5%).
3/ ADB has a strict policy with regard to non-accrual loans. If a loan is overdue by i) 60 days – no new loans. ii) 90 days –
suspension of disbursements, iii) 6 months – non-accrual status.

16
 OPERATION PORTFOLIO1,2 BY COUNTRY
92.1% SOVEREIGN, 7.9% NON-SOVEREIGN
(As of 30 June 2021)

Others
18%
Uzbekistan
4% India India
15% 15%
Sri Lanka
People’s Republic Others
4% of China
47%
Viet Nam 14% People’s
6% Republic
Bangladesh of China
Bangladesh 12%
9% Pakistan
3%
Philippines 10% Viet Nam Thailand
9% Indonesia 5% 11%
9% Indonesia
7%

Note: Totals may not add up because of rounding.

1/ The sum of disbursed and outstanding loan balances, present value of guaranteed obligations and fair values of equities.
2/ Includes concessional loans that were transferred from ADF to OCR effective 1 January 2017.

Source: ADB. Office of Risk Management.

17
 BALANCE SHEET
OVERVIEW
As of 30 June 2021

Assets Liabilities and Equity

Net Loans 1 Borrowings

$131.8bn $139.8bn

Investments Equity 2
$48.1bn $52.4bn
Other 3 Other 3
$125.8bn $113.5bn
TOTAL = $305.7bn TOTAL = $305.7bn

1/ Sovereign regular ($93.9 bn), sovereign concessional ($31.5 bn) and non-sovereign ($7.1 bn) less
allowance for loan losses ($0.7 bn).
2/ On 1 January 2017, $30.7bn were transferred from ADF to OCR ordinary reserve as a result of the
OCR-ADF merger.
3/ Mostly derivative assets and liabilities. Net derivative asset is $2.8 billion.
18
 CONTENTS

 Overview
 Credit Profile
 Funding Operations
 Green Bond Framework
 Appendices
19
 AAA RATING BASED ON
STRONG FUNDAMENTALS
 ADB is a leading AAA borrower in international and domestic capital markets, having issued bonds across various
markets in 41 currencies.
 Borrowings finance regular Ordinary Capital Resources (OCR) operations. Regular OCR loans are generally made
to developing members that have attained a higher level of economic development.
 ADB’s debt securities carry the highest possible investment ratings from major international credit rating agencies.

20
 SUPRANATIONALS RATING AND
RATING FACTORS SUMMARY
SACP* Rating Outlook Enterprise RIsk Financial Risk  Financial Risk 
Profile Profile Profile with 
extraordinary 
shareholder 
support
Asian aaa AAA Stable Extremely  Extremely  Extremely 
Development  Strong Strong Strong
Bank
African  aa+ AAA Stable Very strong Very strong Extremely 
Development  Strong
Bank
Inter‐American aaa AAA Stable Extremely  Very strong Extremely 
Development  Strong Strong
Bank
International aaa AAA Stable Very strong Extremely  n/a
Finance  Strong
Corporation
International  aaa AAA Stable Extremely  Extremely  Extremely 
Bank for Strong Strong Strong
Reconstruction 
and 
Development

*SACP = stand alone credit profile

Source: S&P Abridged Supranationals Interim Edition 2021. May 2021.

21
 BORROWINGS
ACROSS CURRENCIES
OUTSTANDING BORROWINGS1 – $139.8 billion
1/ As of 30 June 2021

Norway Sweden
Russian Federation
United Kingdom Netherlands Kazakhstan
Mongolia Canada
Poland
Belgium Germany Georgia
Republic
Ukraine Japan
Switzerland Armenia of Korea
Luxembourg
Turkey United States
Euro Italy Austria People’s
Kuwait Republic of Taipei,China
China
Mexico
Saudi Hong Kong, China
Pakistan
Arabia
Thailand
India Philippines
Republic of
Malaysia
Ghana Brazil
Singapore Indonesia

Australia
South Africa

New Zealand

22
 SELECTED BOND ISSUANCES
IN ASIA AND THE PACIFIC
GEL 100mn bond IDR 1.0tn bond
INR 5bn bond AMD 2.66bn bond
MYR 400mn bond SGD 500mn bond
SGD 200 mn bond INR 3.0bn bond
PKR 1.6bn bond
KZT 8.4 bn bond
CNY1.2bn bond
KZT 9.1 bn bond
AUD 1bn bond NZD 225mn bond
CNY 2.0 bn bond
GEL 12.3 mn bond
1970 1995 1998 2004 2005 2007 2014 2019 2021

CNY 1bn bond 2010 2013 2015 2017 2018 2020

JPY 6bn bond NTD 2.6bn bond PHP 2.5bn bond
KRW 80bn bond THB 4bn bond
KZT 15.3bn bond INR 3.0bn bond
KZT 15.3bn bond INR 8.5bn bond
KZT 6bn bond PHP 5.2bn bond MNT 21bn bond
PHP 5.56bn bond KZT 3.9bn bond
IDR 1.2tn bond KZT 10.1bn bond
KZT 15.4bn bond PKR 1.8bn bond
GEL 30mn bond
GEL 30mn bond
INR 3.0bn bond

INR 3.0bn bond
CNY 1.0bn bond
23
 FUNDING AVAILABILITY
AT ALL TIMES
$ billion 2

Structured private placements

Benchmark issuance Public bond issues Retail targeted transactions Local currency bond issuance ECP $8 billion Program2
and other reverse inquiries

Ensure availability of funds at all times to meet operational needs

1/ YTD 2020 figures include trades up to 7 October 2021.

2/ Includes Euro Commercial Paper (ECP) and bonds with less than 1 year tenor.
3/ ECP dealers include Bank of America Merrill Lynch International, Barclays, BRED Banque Populaire, Citigroup
Global Markets Limited, Crédit Agricole CIB, Goldman Sachs, ING Bank N.V., J.P. Morgan Securities plc, and UBS.

24
 DIVERSIFIED PRODUCT
AND CURRENCY MIX
Borrowings by Type: 2017 – YTD 2021
Ave. maturity
in years
100.0% 6.000 YTD 2021 Currency Mix
90.0% Global $ Benchmark
Bonds • Benchmark Bonds (USD)
36% 5.000
80.0%
48% • Public Bond Issues (AUD, CAD, 
55% 57% Public Bond Issues CNY,  GBP, NZD, USD)
70.0% 60%
4.000
60.0% 47% • Structured Private Placements 
Local Currency (EUR, USD)
50.0% 3.000
34%
• Other private placements 
40.0% 27% (institutional, uridashi) (AUD, 
Other private
29% 2.000 BRL, CAD, CNY, EUR, GHS, HKD, 
30.0% 28% placements
(institutional,Uridashi, MXN, NOK, NZD, RUB, SEK, TRY, 
20.0% retail-targeted) UAH, USD, ZAR)
Structured private
0% 1% 1% 1.000
placements
10.0% 2% 16% 13% 13% • Local Currency (CNY, GEL, INR, 
14%
8% KZT, PKR)
1% 1% 3% 2% 2% Average maturity
0.0% 0.000
2017 2018 2019 2020 Oct‐21 (based on first call date)

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 2021
No. of Currencies 7 9 9 8 10 11 11 14 15 17 18 22 21
No. of Transactions 44 92 68 77 58 50 56 74 91 130 120 146 151

Note: Excluding Euro-Commercial Paper issuances (ECPs). YTD 2020 figures include trades up to 7 October 2021.
Totals may not add up because of rounding.

25
 DIVERSIFIED ISSUANCE CURRENCIES
OUTSTANDING ISSUANCES
$ million

Note: Percentages may not total 100% because of rounding.

• Total principal of outstanding borrowings stood at $128.8 billion as of 31

December 2020 (2019: $105.0 billion). This includes accrued interest and
commission. Reported at fair value except for unswapped borrowings which
are reported at principal amount net of unamortized discount/premium.

26 Confidential
 US DOLLAR MARKET
$4.5bn 1.625% due 2026 MS+5bps UST+14.43bps
 USD global bonds outstanding: $82bn
$2.0bn 1.50% due 2031 MS+11bps UST+18.35bps  Benchmark bonds issued in 2021: $20bn
$5.0bn 1.00% due 2026 MS+2bps UST+15.25bps  0% risk-weighted (Basel II)
 HQLA Level 1
$4.0bn 0.375% due 2024 MS‐3bps UST+9.75bps  Strong sponsorship from underwriters
$1.5bn 1.25% due 2028 MS+10bps UST+8.8bps
 Robust participation from broad investor base

$3.0 bn 0.625% due 2024 SOFR MS+13bps UST+9.1bps

2021/26

2021/26
2020/25
$ bn

2020/22
2019/21

6.00
SOFR FRN

2017/22

2020/23
2017/22

5.00
2019/24
2015/22

2018/23
2019/22
LIBOR FRN

2020/25

4.50
4.50
2021/24
4.50
5.00

2020/23

2021/24
4.35

4.00

4.00
Fixed Rate

2020/23
3.75

2020/30
3.50
4.00

2019/29
3.48

3.35

2021/31
3.25

2021/28
3.00
3.00
2019/24
3.00

3.00

2017/27
2017/27
2014/21

3.00

2020/30
2016/26
2.40

2018/28
2017/22
2019/21

2016/26

2.00
2.00
2015/25

2.00
2017/27

1.75
1.50

1.60
2.00

1.30
1.00
1.00

1.00
0.75
0.75
0.8

0.60

0.50
0.50
1.00

0.00
Sep‐21
Nov‐21
Dec‐21
Feb‐22
Feb‐22
Apr‐22
Jul‐22

Sep‐22
Jan‐23
Mar‐23
Jul‐23
Oct‐23
Jan‐24
Oct‐24
Oct‐24
Jan‐25
Mar‐25
Apr‐25
Apr‐26
Sep‐25
Feb‐26
Apr‐26

Jan‐27

Nov‐27
Jan‐28
Sep‐28
Sep‐29
Jan‐30
Oct‐30
Mar‐31
Aug‐22

Aug‐26

Aug‐27
Maturity Date
BY GEOGRAPHY (%) BY INVESTOR TYPE (%)
Asia Europe Middle East US Americas Central Banks/ Banks Fund Managers/ Others
and Africa ex-US Official Institutions Insurance/Pension
2021 27 36 5 22 10 2021 53 29 18 0
2020 33 30 5 22 10 2020 55 28 17 0
2019 45 35 1 11 8 2019 59 31 9
2018 26 35 12 16 11 2018 62 21 16 1
2017 34 29 4 25 8 2017 54 26 19 1
2016 32 29 9 20 10 2016 55 26 17 2
27 Notes: Includes fixed, floating rate note (FRN) and reopenings in Global format.
 $4.5 BILLION 5-YEAR
GLOBAL BENCHMARK BOND
Highlights
 On 27 January 2021,  ADB successfully issued a $4.5 billion 5-year global benchmark transaction due on February
ADB priced a US$4.5 2026.
billion global bond  The notes have a coupon of 0.5% and was priced with a spread of +5bps over mid-swaps,
transaction. equivalent to +14.43bps over the UST 0.375% due January 2026.

Pricing Details
Overall Distribution by Geography Overall Distribution by Investor Type
Issuer: ADB
15%
Ratings: Aaa/AAA/AAA
Format: Global 32% 32%
Size: $4.5 billion
Pricing Date: 27 January 2021 52%
Settlement
4 February 2021 33%
Date:
Maturity Date: 4 February 2026
Coupon: 0.5%
36%
Bank of America
Citi
Bookrunners: Europe, Middle East Central Banks/
HSBC Asia Americas
Official Institutions Banks Fund/Managers/ Insurance/
and Africa Pension/Others
Morgan Stanley

28
 $2.0 BILLION 10-YEAR
GLOBAL BENCHMARK BOND
 On 23 February 2021,
ADB priced a US$2.0
billion global bond
transaction.
Highlights
 ADB successfully issued a $2.0 billion 10-year global benchmark transaction due on March
2031.
 The notes have a coupon of 1.5% and was priced with a spread of +11bps over mid-swaps,
equivalent to +18.35bps over the UST 1.125% due February 2031.

Pricing Details
Overall Distribution by Geography Overall Distribution by Investor Type
Issuer: ADB
14%
Ratings: Aaa/AAA/AAA 25% 27%
Format: Global
Size: $2.0 billion
Pricing Date: 23 February 2021
30% 56%
Settlement
4 March 2021
Date:
Maturity Date: 4 March 2031
Coupon: 1.5%
48%
JP Morgan
Nomura
Bookrunners: Europe, Middle East Central Banks/
Royal Bank of Canada Asia Americas
Official Institutions Banks Fund/Managers/ Insurance/
and Africa Pension/Others
Toronto-Dominion

29
 $5.0 BILLION 5-YEAR
GLOBAL BENCHMARK BOND
 On 7 April 2021, ADB
priced a US$5.0 billion
global bond transaction.
Highlights
 ADB successfully issued a $5.0 billion 5-year global benchmark transaction due on April 2026.
 The notes have a coupon of 1.0% and was priced with a spread of +2bps over mid-swaps,
equivalent to +15.25bps over the UST 0.75% due March 2026.
 The benchmark is ADB’s largest issue size and largest orderbook ever.

Pricing Details
Overall Distribution by Geography Overall Distribution by Investor Type
Issuer: ADB
Ratings: Aaa/AAA/AAA 19%
26%
Format: Global 33%
Size: $5.0 billion
Pricing Date: 7 April 2021 53%
Settlement
14 April 2021
Date:
Maturity Date: 14 April 2026 21%
Coupon: 1.0% 48%
Bank of Montreal
Credit Agricole CIB
Bookrunners: Europe, Middle East Central Banks/
Deutsche Bank Asia Americas
Official Institutions Banks Fund/Managers/ Insurance/
and Africa Pension/Others
Goldman Sachs

30
 $5.5 BILLION 3-YEAR AND 7-YEAR DUAL
TRANCHE GLOBAL BENCHMARKS
 On 2 June 2021, ADB
successfully priced a 3-
year and 7-year dual
tranche global benchmark
transaction
Highlights
 ADB successfully priced a dual tranche global benchmark transaction consisting of a $4.0
billion 3-year benchmark due June 2024 and a $1.5 billion 7-year benchmark due June 2028.
 The 3-year has a coupon of 0.375% and was priced with a spread of 3bps below mid-swaps,
equivalent to 9.75bps over the UST 0.25% due May 2024. The 7-year has a coupon of 1.25%
and was priced with a spread of 10bps over mid-swaps, equivalent to 8.8bps over the UST
1.25% due May 2028.

Pricing Details
Issuer: ADB US$4.0 billion 3-year US$4.0 billion 3-year
Distribution by Geography (%) Distribution by Investor Type (%)
Ratings: Aaa/AAA/AAA

Tranche: 3-year 7-year Americas Asia Europe, Middle East Central Banks/ Banks
Fund Managers/ Others
and Africa Official Institutions Insurance/Pension

Size: $4.0 billion $1.5 billion 43 22 35 51 32 17

Pricing Date: 2-Jun-21 2-Jun-21
Settlement US$1.5 billion 7-year US$1.5 billion 7-year
9-Jun-21 9-Jun-21
Date: Distribution by Geography (%) Distribution by Investor Type (%)
Maturity
11-Jun-24 9-Jun-28
Dates:
Coupon: 0.375% 1.25% Americas Asia Europe, Middle East Central Banks/ Fund Managers/ Others
and Africa Official Institutions Banks Insurance/Pension
Barclays
Citi
Bookrunners: 16 42 42 67 18 15
J.P. Morgan
Toronto-Dominion

31
 $1.0 BILLION 5-YEAR
SOFR-LINKED BOND
Highlights
 ADB successfully  ADB issued its largest SOFR-linked bond, US$1.0 billion in floating-rate notes due August 2026.
priced a US$1 billion
SOFR-linked FRN in  The 5-year bond has a coupon of SOFR+100 bps and was priced with a spread of 18 bps over
19 August 2021. SOFR.

Pricing Details
Overall Distribution by Geography Overall Distribution by Investor Type
Issuer: ADB
9% 17% 9%
Ratings: Aaa/AAA/AAA
Format: Global
Size: $1.0 billion
32%
Pricing Date: 19 August 2021
Settlement
27 August 2021
Date: 59%
Maturity Date: 27 August 2026
Coupon: SOFR + 100 bps 74%
Bank of Montreal
Bookrunners: Goldman Sachs
RBC Capital Markets Europe, Middle East Central Banks/
Asia Americas
Official Institutions Banks Fund/Managers/ Insurance/
and Africa Pension/Others
 $3.0 BILLION 3-YEAR
GLOBAL BENCHMARK BOND
 On 28 September 2021,
ADB priced a US$3.0
billion global bond
transaction.
Highlights
 ADB successfully issued a $3.0 billion 3-year global benchmark transaction due on October
2024.
 The notes have a coupon of 0.625% and was priced with a spread of +13bps over SOFR mid-
swaps, equivalent to +9.1bps over the UST 0.375% due September 2024.

Pricing Details
Overall Distribution by Geography Overall Distribution by Investor Type
Issuer: ADB
11%
Ratings: Aaa/AAA/AAA 20%
Format: Global
36%
Size: $3.0 billion 24%
Pricing Date: 28 September 2021
Settlement
6 October 2021
Date: 65%
Maturity Date: 8 October 2024
Coupon: 0.625% 44%
Bank of America
Morgan Stanley
Bookrunners: Europe, Middle East Central Banks/
Nomura Asia Americas
Official Institutions Banks Fund/Managers/ Insurance/
and Africa Pension/Others
RBC Capital Markets

33
 ISSUANCE LEVELS
IN THE US DOLLAR MARKET

Note: Circle size represents issuance volume. Color represents tenor.

$4 billion $2 billion $1 billion

34
 EURO MARKET
As of 7 October 2021, ADB has €6.4 billion principal outstanding across 6 maturities.
REOFFER  REOFFER 
AMOUNT VS MID‐ VS 
COUPON MATURITY
Year of (€ bn) SWAPS  BUNDS 
Maturity (bps) (bps)
Feb‐37 0.520
0.520  1.400% +3 +48 Feb 2037
Jun‐31 1.000
1.000 0.100% +1 +33 Jun 2031
Jan‐30 1.000
Oct‐29 0.750 1.000 0.025% ‐6 +34 Jan 2030
Jul‐25 0.600 0.750 0.000% ‐8 +34 Oct 2029
May‐23 2.550
€bn 0.600 0.350% ‐17 +43 Jul 2025

2.550 0.200% ‐22 +22 May 2023

BY GEOGRAPHY (%) BY INVESTOR TYPE (%)

Central Banks/ Banks Fund Managers/ Others
Asia Europe Americas Middle East and Africa Official Institutions Insurance/Pension

2021 8 77 5 10 2021 42 38 19 1
2020 34 55 1 10 2020 63 22 12 3
2019 12 81 7 2019 75 3 22
2018 5 95 2018 21 7 73
2017 16 84 2017 13 5 82

* Bonds issued in New Safekeeping Structure (NSS). Bonds issued in NSS qualify as eligible collateral in the Eurosystem
operations, provided that, the European Central Bank is satisfied that the Eurosystem eligibility criteria have been met.

35
 KANGAROO MARKET
A$ bn
1.40
1.20
 ADB has maintained a consistent presence in 1.20 1.05 1.11 1.1
the Kangaroo market since 2006 with at least 1.00 0.925
one issuance per year. 0.80 0.70 0.70 0.75
0.68
0.60
0.55
 As of 7 October 2021, ADB has A$11.1 billion 0.60
0.40 0.35
principal outstanding. 0.40 0.35
0.22 0.20
0.19
0.20
 In 2021, ADB has issued A$1.45 billion in
0.00
Kangaroo bonds.
 Repo-eligible
Year of Maturity

BY GEOGRAPHY (%) BY INVESTOR TYPE (%)

Australia Asia Europe Americas Middle East Central Banks/ Banks Fund Managers/ Others
and Africa Official Institutions Insurance/Pension

2021 35 51 12 02 2021 30 30 40

2020 28 60 12 0 0 2020 37 32 31
2019 17 80 21 2019 50 24 26
2018 16 67 11 70 2018 15 25 60
2017 20 62 11 7 2017 16 36 48
2016 30 59 12 5 2016 28 24 48
2015 38 45 13 5 2015 43 25 32

36
 KAURI MARKET
AMOUNT
 As of 7 October 2021, ADB has NZ$4.8 billion COUPON MATURITY
(NZ$ bn)
principal outstanding across 8 maturities.
0.375 2.125% May 2031
 Repo-eligible
Year of Maturity 0.700 1.125% Feb 2028

0.750 1.500% Aug 2026

May‐31 0.375
Feb‐28 0.700 0.200  2.375% Apr 2026
Aug‐26 0.750
Apr‐26 0.200 0.325 0.375% Sep 2025
Sep‐25 0.325 0.300  1.625% Jan 2025
Jan‐25 0.300
May‐24 0.920 0.700  3.500% May 2024
Jan‐23 1.225
NZ$ bn 1.225 3.000% Jan 2023
0.000 0.200 0.400 0.600 0.800 1.000 1.200 1.400

BY GEOGRAPHY (%) BY INVESTOR TYPE (%)

Australia and Asia EMEA Americas Central Banks/ Banks Fund Managers/ Others
New Zealand Official Institutions Insurance/Pension

2021 75 20 50 2021 22 64 14

2020 71 22 4 2020 1 84 15

2019 68 13 1 18 2019 2 79 19

2018 77 11 11 1 2018 9 79 12

2017 62 11 10 2017 60 36

2016 55 44 10 2 0 1 6 10 92 8
2015 55 35 11 2015 10 65 25

37
 STERLING MARKET AMOUNT
COUPON MATURITY
 As of 7 October 2021, ADB has £7.8 billion (£ bn)

principal outstanding across 12 maturities. 0.750 0.750% Dec 2027

 Repo-eligible 0.750 0.250% Oct 2027

Year of Maturity 0.750 0.125% Dec 2026

Dec 2027 0.750 Fixed Rate Note 0.250 0.625% Sep 2026

Oct 2027 0.750 Floating Rate Note
0.575 1.125% Dec 2025
Dec 2026 0.750
Sep 2026 0.250 0.500 1.375% Mar 2025
Dec 2025 0.575
Mar 2025 0.500 1.000 FRN Mar 2024
Mar 2024 1.000
Dec 2023 1.025 1.025 1.375% Dec 2023
Oct 2023 0.800
Dec 2022 0.600 0.800 FRN Oct 2023
Mar 2022 0.250
0.600 1.000% Dec 2022
Feb 2022 0.500
0.000 0.200 0.400 0.600 0.800 1.000 1.200 £ bn 0.250 0.750% Mar 2022

0.500 FRN Feb 2022

BY GEOGRAPHY (%) BY INVESTOR TYPE (%)

Europe Americas Middle East Central Banks/ Banks Fund Managers/ Others
Asia UK
ex-UK and Africa Official Institutions Insurance/Pension

2021 10 76 12 1 1 2021 18 67 15 0
2020 72 9 2 2020 17 85 14
2019 1 88 11 0 2019 5 81 14 0
2018 86 8 2018 9 74 15 2
2017 0 66 34 0 2017 33 1 65

0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%

38
 STERLING BONDS
£1.0 billion 5-year SONIA-Linked Notes (Tapped)
Pricing Details
Overall Distribution by Geography Overall Distribution by Investor Type
Issuer: ADB 6% 12%
Ratings: Aaa/AAA/AAA
Size: £700mn / £300mn
Pricing Date: 7 Mar 2019 / 11 Sep 2019
Settlement Date: 19 Mar 2019 / 19 Sep 2019
Maturity Date: 19 Mar 2024
Compounded Daily SONIA +
Coupon:
29 bps
Citi / Citi
88%
94%
Bookrunners: HSBC / Barclays
TD Securities / TD Securities
Europe ex-UK UK Banks Fund/Managers/ Insurance/
Pension/Others

£750 million 6-year Notes

Pricing Details
Overall Distribution by Geography Overall Distribution by Investor Type
Issuer: ADB
15% 17% 16%
Ratings: Aaa/AAA/AAA
Size: £750mn
Pricing Date: 26 January 2021
11%
Settlement Date: 4 February 2021
Maturity Date: 15 December 2026
Coupon: 0.125 %
74%
Barclays 67%
Bookrunners: Citi
TD Securities

Europe ex-UK UK Asia Fund/Managers/

Banks Central
Insurance/
39 Pension/Others
Banks
 STERLING BONDS
£750 million 6-year Notes (Tapped)
Pricing Details
Overall Distribution by Geography Overall Distribution by Investor Type
Issuer: ADB 1%
4% 9%
Ratings: Aaa/AAA/AAA 25%
14%
Size: £500mn / £250mn
Pricing Date: 13 Apr 2021 / 19 May 2021
Settlement Date: 20 Apr 2021 / 28 May 2021
Maturity Date: 7 December 2027
Coupon: 0.750 %
Barclays / Barclays 81%
Bank of America / Deutsche 66%
Bookrunners:
Nomura / RBC
/ Morgan Stanley
Europe ex-UK UK Asia Americas Fund/Managers/
Banks Central
Insurance/ Banks
Pension/Others

40
 SCANDINAVIAN MARKETS
 ADB has borrowed in SEK since 2017 and has SEK12.2 billion principal outstanding
 ADB has borrowed in NOK since 2011 and has NOK6.5 billion principal outstanding

SELECTED SEK BORROWINGS

Year of Maturity
AMOUNT
COUPON MATURITY
Oct 2028 0.500 (SEK bn)

0.500 0.29% Oct 2028

Jan 2028 1.500
1.500 0.253% Jan 2028
Jul 2026 4.900 4.900 0.295% Jul 2026

Jun 2023 3.500
3.500 0.370% Jun 2023
SEK bn
0.000 1.000 2.000 3.000 4.000 5.000 6.000

SELECTED NOK BORROWINGS

Year of Maturity
AMOUNT
COUPON MATURITY
Feb 2036 0.250 (NOK bn)

Jan 2026 1.000 0.250 1.6175% Feb 2036

Oct 2025 1.000 1.00 0.877% Jan 2026
Jan 2024 2.000 1.00 0.620% Oct 2025
Jul 2023 1.500 2.000 1.683% Jan 2024
Oct 2022 1.000
1.500 1.747% Jul 2023
NOK bn
0.000 0.500 1.000 1.500 2.000 2.500 1.000 1.500% Oct 2022

41
 ONSHORE/OFFSHORE
RMB MARKET
 In 2005, ADB issued its inaugural RMB 1.0bn onshore RMB bonds (the "Panda Bonds")
in China. ADB is the first foreign issuer in the onshore RMB market.
 In 2010, ADB successfully launched its first offshore RMB bonds (the "Dimsum Bonds")
with a principal amount of RMB 1.2bn with a 10-year maturity, extending the yield
curve for the offshore RMB market.
 To date, ADB has RMB 2.9bn in outstanding publicly offered Dimsum bonds, and RMB
2.0bn in outstanding publicly offered Panda bonds.

AMOUNT
COUPON MATURITY
(RMB bn)

2.9001 2.90% Mar 2024

2.000 3.20% Mar 2026

1 Offshore.

42
 ONSHORE & OFFSHORE
INR MARKETS
 In 2004 ADB issued its inaugural Indian rupee bond issue: an INR 5.0bn “Maharaja” bond in 
the domestic market. ADB was the first foreign issuer in the onshore INR market.
 In 2014, ADB successfully launched its first offshore INR “Masala” bonds with a principal 
amount of INR 3.0bn and a 2‐year maturity
 To date, ADB has issued INR 83.4bn bonds in the domestic and international markets
 ADB currently has INR 51.5bn in outstanding  bonds all of which were issued offshore. 

Year of Maturity

Feb‐30 AMOUNT COUPON MATURITY

INR11.5 bn1 6.15% Feb 2030

INR26.0 bn2 6.20% Oct 2026

Oct‐26 INR14.0 bn 5.90% Dec 2022

1 ADB 6.15% bond due Feb 2030 has been reopened 
once since 2020
Dec‐22 2 ADB 6.20% bond due Oct 2026 has been reopened three 

times since 2016
INR bn
0 5 10 15 20 25 30

43
 RESPONSIVE
PRIVATE PLACEMENT PROGRAM
Responds to investor needs:
 Quick execution time
 Flexible issue size
$ bn  Broad maturity range
6.00  Varied currency and
106 issues 111 issues
interest rate structure
5.00 84 issues
102 issues
72 issues 60 issues
81 issues 68 issues
4.00
52 issues

3.00 35 issues
48 issues
30 issues 46 issues
24 issues
36 issues
2.00

1.00

0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD
2021

Note: Includes structured notes, institutional and retail-targeted transactions. Year 2021 figures include trades up to 7 October 2021.

44
 REDEMPTION PROFILE
OF OUTSTANDING BORROWINGS
As of 30 September 2021

Note: Based on notional amounts. Bonds with put and call options were considered maturing on the first put or call date. Includes ECPs.

45
 THEME, GREEN AND BLUE BONDS

 ADB’s theme bonds highlight its efforts to support key initiatives such as its water
programs, gender, health, and education projects through its AAA quality notes.

 ADB has issued approximately $6.2 billion equivalent in theme bonds since 2010.

 ADB has issued approximately $10.0 billion equivalent in green bonds since 2015. In
2021, ADB expanded its Green Bond Framework to become ADB’s Green and Blue
Bond Framework and refreshed the second party opinion from CICERO. Under the
expanded framework, ADB can issue green bonds and blue bonds.

 ADB issued its first blue bonds in 2021 through dual tranche issuances denominated in
AUD and NZD for a total of $301 million.

 As of 7 October 2021, the amount of outstanding theme, green, and blue bonds is
approximately $13.0 billion equivalent.

46
 OUTSTANDING THEME BONDS
Year of Maturity GENDER BONDS
2039 1.06% SEK PP of 2019
2035 1.47% AUD PP of 2020
2031 1.86% CAD PP of 2021
2031 2.125% NZD PO of 2021
2030 10.15% KZT PO of 2021
2030 1.0% USD PP of 2020
2030 0.9% USD PP of 2020
2030 0.9% USD PP of 2020
2030 0.9% USD PP of 2020
2028 2.90% CAD PP of 2018
2028 1.5% CAD PO of 2021
2027 3.45% NZD PP of 2017
2026 1.5% NZD PO of 2021
2026 1.342% NOK PO of 2021
2025 0.8% AUD PO of 2021
2023 1.275% NZD PP of 2020 Proceeds in US$ mn
0 200 400 600 800 1000

WATER BONDS
Year of Maturity

2031 1.8% AUD PP of 2021

2030 0.8% USD PP of 2020

2026 0.877% NOK PP of 2021

2022 2.25% AUD PPs of 2017

Proceeds in US$ mn
0 20 40 60 80 100 120 140

47
 OUTSTANDING THEME BONDS
HEALTH BONDS
Year of Maturity

2051 1.045% EUR PP of 2021

2041 2.39% USD PP of 2021
2036 1.59% AUD PP of 2021
2035 1.6% AUD PP of 2020
1.33% CAD PP of 2020
2035
2031 1.15% AUD PP of 2020
2030 1.166% CAD PP of 2021
2027
2024 4.05% BRL PP of 2020 3.87% NZD PP of 2017
2024 3.35% ZAR PP of 2020
2023 0.7725% GBP PP of 2020
2021 1.18% HKD PP of 2020 Proceeds in US$ mn
0 25 50 75 100

EDUCATION BONDS

Year of Maturity
2031 1.95% AUD PP of 2021
2031 1.93% AUD PP of 2021
2031 1.283% AUD PP of 2021
Proceeds in US$ mn
0 10 20 30 40 50 60 70

48
 OUTSTANDING GREEN BONDS
2061 0.92% EUR PP of 2021
2061 0% USD PP of 2021
2053 0% EUR PO of 2020
Year of Maturity 2051
0.8325% EUR PP of 2021
2051 0.715% EUR PP of 2021
2051 0.603% EUR PP of 2021
2030 0.8% USD PP of 2020
2030 1.6% AUD PO of 2019
2029 0% EUR PO of 2019
2028 0.29% SEK PP of 2020
2028 3.125% USD PO of 2018
2028 1.45% SEK PP of 2018
2028 0.253% SEK PP of 2021
2027 2.375% USD PO of 2017
2027 2.625% USD PP of 2017
2027 3.184% AUD PP of 2017
2026 0.295% SEK PP of 2020
2026 0.625% GBP PO of 2019
2026 0.295% SEK PP of 2019
2026 1.75% USD PO of 2016
2026 0.75% CAD PO of 2021
2026 6.0% BRL PP of 2021
2025 0.35% EUR PO of 2018
2025 2.0% USD PP of 2015
2025 2.125% USD PO of 2015
2024 4.7% MXN PP of 2021
2024 2.45% AUD PO of 2019
2023 10.12% KZT PO of 2020
2022 10.12% KZT PO of 2020
2022 10.12% KZT PO of 2022
2022 0.05% HKD PP of 2021
2022 1.5% NOK PP of 2019
2022 8.8% UAH PP of 2021
2022 1.875% USD PO of 2017
2022 1.57% USD PP of 2017
2022 2.0% AUD PP of 2017
2022 1.0% UAH PP of 2021
2022 0.046% HKD PP of 2021
2021 0.025% HKD PP of 2020
2021 0.035% HKD PP of 2020
2021 0.32% HKD PP of 2020
2021 0.288% HKD PP of 2020
49 2021 0.26% HKD PP of 2020 Proceeds in US$ mn

0 200 400 600 800 1000 1200

 OUTSTANDING BLUE BONDS

Year of Maturity

1.8% AUD PP of
2036
2021

2031
2.1525% NZD PP of
2021

Proceeds in US$ mn
0 20 40 60 80 100 120 140 160 180 200

50 Proceeds in US$ mn
 GENDER BOND PROJECT:
MICROENTERPRISE DEVELOPMENT PROJECT,
BANGLADESH
Total Loan
• $100 million OCR
Outputs
• Expand funding to microfinance institutions
(MFIs) for microenterprises with at least 70%
of total loan portfolio for female borrowers
• Conduct gender gap assessments in policies
and operations
• Extend microenterprise development support
using e-commerce platform
Expected Results
• 14,000 female borrowers use mobile-based
apps
• 1,400 female microenterprises use e-
commerce for product marketing
• Additional financing to help
revive microenterprises severely
affected by COVID-19
51
 HEALTH BOND PROJECT:
STRENGTHENING COMPREHENSIVE PRIMARY HEALTH CARE
INURBAN AREAS UNDER PRADHAN MANTRI ATMANIRBHAR
SWASTH BHARAT YOJANAL, INDIA

Total Loan
• $300 million OCR
Outputs
• Comprehensive primary health care services
in urban areas strengthened
• Support for improved health-seeking
behavior increased
• Health systems strengthened
Expected Results
• Equitable access to quality comprehensive
primary health care services in urban areas
improved in 13 states

52
 WATER BOND PROJECT:
SUSTAINABLE WATER SUPPLY AND SANITATION
SECTOR DEVELOPMENT PROGRAM, GEORGIA
Total Loan
• $150 million OCR

Outputs
• Improving water supply in Telavi, a
strategically important city for job
creation and economic growth
• Strengthening water utility capacity for
operation and maintenance (O&M)
• Preparing for national scale rural water
supply and sanitation investments
• Introducing high level technology into
asset management systems to
enhance efficiency and effectiveness of
O&M and water services delivery in
select cities

Implementation period
• October 2020 – June 2025

53
 EDUCATION BOND PROJECT:
MADHYA PRADESH DEVELOPMENT PROJECT, INDIA
Total Loans
Outputs and Results
OCR: $ 150 million; JFPR $ 2 million
 Assist to establish a Global Skills Park, a TVET institute of
Modality international standards for technology-oriented skills training
Project Loan for the state’s priority sectors and help to modernize 10
industrial training institutes.
Executing Agency  18,000 youth to receive internationally recognized advanced
Department of Technical Education, Skill Development and skills certificates relevant for quality jobs. Over 60,000
Employment, Government of Madhya Pradesh (MP) students and youth will benefit from skills training and
industry-led training programs.
 Contribute to increasing employability, productivity, and
incomes of the workforce, especially youth, women, and
disadvantaged groups.

Inclusion, Equity, Innovation

 30-35% of all training beneficiaries will be women.
 All facilities constructed or upgraded with barrier-free
designs for people with disability.
 1500 persons with disability will get opportunities for
training in the Global Skills Park.

Covid-19 Response and Beyond

 MP and ADB have put in place Standard Operating
Procedures for Covid-19 Management at the Global Skills
Park (GSP) supported by the project. This provides for
extensive health and safety management plans in the site of
the GSP.
Photo source: NDTV  Upskilling and reskilling short-term training programs will
facilitate job market re-entry after COVID.

54
 CONTENTS
CONTENTS

 Overview
 Credit Profile
 Funding Operations
 Green and Blue Bonds Framework
 Appendices
55
 CLIMATE FINANCE BACKGROUND
 Asia’s overall national infrastructure needs are estimated
to be around $26 trillion over 2016-2030 or approximately
$1.7 trillion per year.1
 Of the total investment needs over 2016-2030, $14.7
trillion will be for power and $8.4 trillion for transport.1
 ADB recognizes the importance of sustainable
investments in the region and have been investing an
average of $2 billion in clean energy projects each year
since 2011.
 In 2019, ADB reached its climate financing target of $6
billion by 2020 with $6.3 billion in approvals, of which $4.9
billion is for mitigation and $1.4 billion for adaptation.
 ADB will ensure that 75% of the number of its committed
operations (on a 3-year rolling average, including
sovereign and nonsovereign operations) will be
supporting climate change mitigation and/or adaptation by
2030. Climate finance from ADB’s own resources will
reach $100 billion cumulatively from 2019 to 2030.

1/ Meeting Asia's Infrastructure Needs. ADB. https://www.adb.org/publications/asia-infrastructure-needs

56
 CLIMATE FINANCE IN 2020
 Despite the challenges posed by COVID-19 pandemic in 2020 and ADB
dedicating an overwhelming share of resources to the immediate response,
ADB recorded $5,326 million in climate finance in 2020, of which 86% is
expected to contribute to mitigating climate change and 14% to adaptation.
 The bulk of climate finance is allocated to the energy (44%) and transport
(31%) sectors.

57
 PROVIDING DIRECTIONS
 In 2017, ADB approved its Climate Change Operational Framework, 2017-2030
(CCOF 2030) which will guide in enhancing resilience and strengthening climate
actions in the Asia and Pacific region.

DMC = developing member country.

Source: ADB.
58
 ACTION PLAN FOR HEALTHY OCEANS
 Asia and the Pacific depend on healthy and resilient oceans for
disaster resilience, food security, and livelihoods. Healthy oceans
also drive economies through fisheries and aquaculture.
 However, climate change, overfishing, pollution and unsustainable
development have pushed our oceans to the brink of collapse.
Eight million tons of plastic are entering the ocean every year and
mostly from Asia, along with huge volumes of agricultural
pollutants and untreated wastewater. Climate change is causing
rising sea levels, ocean warming, and acidification, while
unsustainable fishing is depleting fish stocks. Not taking action
means the death of 90% of coral reefs by 2052 and the loss of all
commercially exploitable wild fish stocks by 2048.
 ADB launched the Action Plan for Healthy Oceans and
Sustainable Blue Economies in 2019 to scale up investments and
technical assistance to $5 billion between 2019 and 2024. The
action plan has three priorities to address crucial challenges in
achieving healthy oceans and sustainable ocean economies:
 conserve and restore critical marine habitats and species
 reduce marine pollution
 grow blue economies

59
 OVERVIEW:
PROJECT CYCLE
1. Country Partnership
Strategy

ADB
5. Evaluation Project 2. Preparation
Cycle

4. Implementation 3. Approval

Source: http://www.adb.org/projects/cycle

60
 GREEN AND BLUE BOND
FRAMEWORK1
1. Project eligibility: Green bonds include
investments that support climate change
mitigation and climate change adaptation. Blue
bonds include investments that contribute to: (i)
ecosystem and natural resources management,
(ii) pollution control, and (iii) sustainable coastal
and marine development.
2. Project Selection: The project selection criteria
will be implemented by sector specialists in
coordination with the treasury department.
3. Proceeds: Green and blue bond proceeds will be
allocated to subportfolios and tracked against
disbursement of eligible projects.
4. Reporting: ADB will make available eligible
project lists and green bond and blue bond
annual newsletters online.

1/ With second opinion from CICERO Shades of Green, an

independent assessor.
Source: https://www.adb.org/sites/default/files/publication/731026/adb-green-blue-bond-framework.pdf

61
 ELIGIBLE GREEN PROJECT CRITERIA
 Eligible Green Projects: selected pool of projects funded, in whole or in part, by ADB that
promotes the transition to low-carbon and climate resilient growth as determined by ADB
 Examples of climate change mitigation and adaptation projects would typically include, but not
limited to, the following sectors:

Mitigation
• Renewable Energy
• Solar
• Wind
• Geothermal
• Small Hydro
( 20MW and below)
• Energy Efficiency1
• Sustainable Transport (excluding roads)
• Urban public transport
• Non-urban railway projects
• Non-motorized transport
• Low-carbon travel
Adaptation
• Energy1
• Water Supply and other Urban Infrastructure and Services
• Sustainable Transport
• Agriculture
1/ Excludes fossil fuels.
62 Source: ADB Green and Blue Bond Framework. https://www.adb.org/sites/default/files/publication/731026/adb-green-blue-bond-framework.pdf
 ELIGIBLE BLUE PROJECT CRITERIA
 Eligible Blue Projects: selected pool of projects funded, in whole or in part, by ADB that
contribute to ocean health. The distance from the project to the ocean is considered as a
secondary screening criterion as appropriate.
 Examples of blue projects would typically include, but not limited to, the following sectors:

Ecosystem and Natural Resources Management

• Ecosystem management and natural
resources restoration
• Sustainable fisheries management
• Sustainable aquaculture
Pollution Control
• Solid waste management
• Resource efficiency and circular
economy
• Non-point source pollution
• Wastewater management
Sustainable Costal and Marine Development
• Ports and shipping
• Marine renewable energy

Source: ADB Green and Blue Bond Framework. https://www.adb.org/sites/default/files/publication/731026/adb-green-blue-bond-framework.pdf

63
 GREEN BOND ISSUANCE
US$500 million 10-year Notes
Issuer: ADB Overall Distribution by Geography Overall Distribution by Investor Type
Ratings: Aaa/AAA/AAA
8% 1%
Format: Global 2%
16%
Size: $500mn
31%
Pricing Date: 12 Mar 2015

Settlement Date: 19 Mar 2015

22%
Maturity Date: 19 Mar 2025
22%
Coupon: 2.125%
Re-offer: Mid Swaps + 1 bp
61%
UST + 12.45 bps
Bank of America Merrill 37%
Lynch
Bookrunners:
Morgan Stanley
Asia Europe US North America Middle East Central Banks/ Banks Fund Managers/ Others
SEB AG
ex-US and Africa Official Institutions Insurance/Pension

US$1.3 billion Dual Tranche 3 and 10-year Notes

Issuer: ADB US$800 million 3-year US$800 million 3-year
Ratings: Aaa/AAA/AAA
Distribution by Geography (%) Distribution by Investor Type (%)
Tranche: 3-year 10-year
Size: $800 million $500 million
58 5 37 32 16 44 8
Pricing Date: 09-Aug-16 09-Aug-16
Settlement Date: 16-Aug-16 16-Aug-16 US$500 million 10-year US$500 million 10-year
Maturity Dates: 16-Aug-19 14-Aug-26 Distribution by Geography (%) Distribution by Investor Type (%)
Reoffer: MS + 1 bp MS + 33 bp
UST + 22.75bps UST + 21.9 bps 19 49 32 11 13 46 30
Coupon: 1.00% 1.75%
64 Bank of America Merrill Lynch
Bookrunners: Credit Agricole CIB Americas Asia Europe, Middle East Central Banks/ Banks Insurance/
and Africa
64 J.P. Morgan Official Institutions Pension/Others
Fund
Managers
 GREEN BOND ISSUANCE
US$1.25 billion Dual Tranche 5 and 10-year Notes
Issuer: ADB US$750 million 5-year US$750 million 5-year
Ratings: Aaa/AAA/AAA Distribution by Geography (%) Distribution by Investor Type (%)
Tranche: 5-year 10-year
Size: $750 million $500 million 47 24 29 38 31 31
Pricing Date: 01-Aug-17 01-Aug-17
Settlement Date: 10-Aug-17 10-Aug-17 US$500 million 10-year US$500 million 10-year
Distribution by Geography (%) Distribution by Investor Type (%)
Maturity Dates: 10-Aug-22 10-Aug-27
Coupon: 1.875% 2.375%
18 13 69 25 52 23
Reoffer: MS + 9bp MS + 25 bps

UST+16.3 bps UST + 20.5 bps

Bank of America Merrill Lynch Americas Asia Europe, Middle East Central Banks/ Banks Fund Managers/
and Africa Official Institutions Insurance/Pension
Bookrunners: Credit Agricole CIB
J.P. Morgan
€600 million 7-year Notes
Overall Distribution by Geography Overall Distribution by Investor Type
Issuer: ADB 10%
Ratings: Aaa/AAA/AAA
Format: Global
39%
Size: €600mn
Pricing Date: 4 July 2018
49%
Settlement Date: 16 July 2018
90%
Maturity Date: 16 July 2025
Coupon: 0.35%
Re-offer: Mid Swaps-17 bps 12%
DBR+43bps
Bank of America Merrill Lynch Europe, Middle East Asia Central Banks/ Banks Fund/Managers/
Bookrunners: Credit Agricole CIB and Africa Official Institutions Insurance/
65 Citi Pension/Others
 GREEN BOND ISSUANCE
US$750 million 10-year Notes
Issuer: ADB Overall Distribution by Geography Overall Distribution by Investor Type
Ratings: Aaa/AAA/AAA 24%
Format: Global 26%
Size: $750mn
45%
Pricing Date: 19 September 2018
Settlement Date: 26 September 2018
46%
Maturity Date: 26 September 2028
Coupon: 3.125%
Reoffer: Mid Swaps + 11 bps 28% 31%
UST + 16.9bps
Bank of America Merrill
Lynch Central Banks/ Fund Managers/Insurance/
Bookrunners: Asia Europe, Middle East and Africa Americas Official Institutions Banks
Citi Pension/Others
HSBC

A$1.11 billion 5-year Notes (Tapped)

Issuer: ADB Overall Distribution by Geography Overall Distribution by Investor Type
Ratings: Aaa/AAA/AAA 1% 3%
22%
Format: Global
33%
Size: A$1.0bn / A$110mn
46%
Pricing Date: 8 Jan 2019 / 5 Apr 2019
Settlement Date: 17 Jan 2019 / 16 Apr 2019
Maturity Date: 17 January 2024
Coupon: 2.45%
74%
Reoffer: Mid Swaps + 42 bps 21%
ACGB + 48.15 bps
Deutsche Bank
66 Bookrunners: Nomura
Asia Australia Europe, Middle East
and Africa
Americas
Central Banks/
Banks
Fund Managers/
TD Securities Official Institutions Insurance/Pension/Others
 GREEN BOND ISSUANCE
€750 million 10-year Notes
Overall Distribution by Geography Overall Distribution by Investor Type
Issuer: ADB 10%
Ratings: Aaa/AAA/AAA
Format: Global
Size: €750mn 44%
Pricing Date: 15 October 2019 50%
Settlement Date: 24 October 2019
90%
Maturity Date: 24 October 2029
Coupon: 0.0%
Re-offer: Mid Swaps-8 bps 6%
DBR+33.5bps
BNP Paribas Europe, Middle East Asia Central Banks/ Banks Fund/Managers/
Bookrunners: Credit Agricole CIB and Africa Official Institutions Insurance/
Goldman Sachs International Pension/Others

C$1.25 billion 5-year Notes

Overall Distribution by Geography Overall Distribution by Investor Type
Issuer: ADB 4%
22%
Ratings: Aaa/AAA/AAA
Format: Global
41%
Size: CAD1.25 bn
28%
Pricing Date: 2 February 2021
Settlement Date: 10 February 2021 50%
Maturity Date: 10 February 2026
Coupon: 0.75%
18% 37%
Re-offer: Mid Swaps-15 bps
CAN 0.5% Sep 2025 +32 bps
Bank of Montreal
Europe, Middle East Canada Asia North-America Central Banks/ Banks Fund/Managers/
Royal Bank of Canada
Bookrunners: and Africa ex-Canada Official Institutions Insurance/
Scotiabank Europe
67 Toronto-Dominion Bank
Pension/Others
 BLUE BOND ISSUANCE
 In September 2021, ADB issued its first ever dual-tranche (A$208 million 15-year and
NZ$217 million 10-year) blue bonds denominated in Australian and New Zealand
dollars that will finance ocean-related projects in Asia and the Pacific. The bonds were
issued under ADB’s expanded Green and Blue Bond Framework.
 The bonds are part of ADB’s Action Plan
for Healthy Oceans and Sustainable
Blue Economies launched in 2019.
 The funding gap to support healthy
oceans is getting wider every year and
the scale of the problem requires a leap
from small transactions to transformative
market deals. Innovative financial
products like blue bonds diversify and
expand the investor base, thereby
increasing the amount of capital that can
be invested in ocean health.
 ELIGIBLE GREEN PROJECT:
DELHI-MEERUT REGIONAL RAPID TRANSIT
SYSTEM (RRTS) INVESTMENT PROJECT
PROJECT CATEGORY: Urban public transport
TOTAL LOAN: $1.049 billion
OUTPUTS:
 The project will support construction of the 82 km
modern, high-speed Delhi–Meerut Regional Rapid
Transit System, a first of its kind in India. The transit
system project aims to help decongest Delhi and
improve regional connectivity by establishing transit
options through densely populated sections
connecting Delhi to Meerut in the state of Uttar
Pradesh.
EXPECTED RESULTS:
 Efficiency, safety, social inclusiveness, and
environmental sustainability of transport in the Delhi–
Meerut RRTS corridor
 Mobility and economic opportunities of women and
differently abled improved
 Annual greenhouse gas emissions reduced by
about 258,035 tons

69
 ELIGIBLE GREEN PROJECT:
EPIFANIO DE LOS SANTOS AVENUE
GREENWAYS PROJECT, PHILIPPINES
PROJECT CATEGORY: Urban public transport
TOTAL LOAN: $123 million
OUTPUTS:
 The project will build a total of 5 kilometers of
elevated walkways, including construction of new
disaster-resilient walkways and replacement or
widening of existing footbridges at four locations
along EDSA. The elevated walkways will be covered
and properly lit. Elevators will be attached to the
elevated walkways to address the needs of the
elderly, pregnant women and PWDs.
EXPECTED RESULTS:
 Number of pedestrians increased and pedestrian
experience improved
 Inclusive mobility and accessibility achieved through
the prioritization of people-mobility over vehicle-
mobility
 Annual greenhouse gas emissions reduced by
about 886 tons
70
 ELIGIBLE GREEN PROJECT:
FLOATING SOLAR ENERGY
PROJECT, VIET NAM
PROJECT CATEGORY: Renewable energy
generation

TOTAL LOAN: $20 million

OUTPUTS:
 Install 47.5 megawatts (MW) of floating solar
photovoltaic power generation panels and
associated facilities on the man-made
reservoir of its existing hydropower plant
 Construction and operation of the plant will
generate employment for the local
community, including economic opportunities
for women

EXPECTED RESULTS:
 Support the National Power Development
Plan to develop renewable energy sources
 Annual greenhouse gas emissions reduced
by about 30,300 tons
71
 ELIGIBLE GREEN PROJECT:
MALOLOS-CLARK RAILWAY
PROJECT, PHILIPPINES
PROJECT CATEGORY: Non-urban rail transport
TOTAL LOAN: $2.75 billion
OUTPUTS:
 Support the construction of two sections totaling 53.1
kilometers (km), including depots and stations, of the
North-South Commuter Railway (NSCR), a 163 km
suburban railway network connecting the regional
center of Clark in Central Luzon with Metro Manila
and Calamba, Laguna
 Strengthen institutional capacity through
procurement, project management, and railway
operation training programs and address the
government’s gender and development mandates to
provide quality railway services to women and
marginalized segments of the population
EXPECTED RESULTS:
 Provide affordable, reliable, and safe public transport
 Reduced emissions from vehicles, reducing carbon
dioxide emissions by about 60,000 tons per year
72
 ELIGIBLE BLUE PROJECT:
GREATER MALÉ WASTE-TO-
ENERGY PROJECT, MALDIVES
PROJECT CATEGORY: Pollution control – solid
waste management
TOTAL LOAN: $38.2 million
OUTPUTS:
 Develop a disaster- and climate-resilient
regional waste management facility, including
a 500 tons/day waste-to-energy plant
 Improve institutional capacity in sustainable
waste-to-energy delivery and environmental
monitoring
EXPECTED RESULTS:
 Annual greenhouse gas emissions reduced
by about 28,000 tons
 Solid waste treatment and disposal services in
the Greater Malé region and outer islands
improved
73
  Overview
 Credit Profile
 Funding Operations
 Green Bond Framework

74
 Appendices
 APPENDIX 1: REGIONAL
IMPROVED INFORMATION ACCESS
Asia-Pacific Remote Broadband Internet Satellite PROJECT SUMMARY:
Project
The project entails the construction, launch, and operation of a shared,
Development Extend broadband internet service to geostationary earth orbit, high-throughput satellite (Kacific-1), featuring
impact: enable better access to information, Ka-band technology, which will be dedicated to low cost, high-speed,
communication and economic easily accessible broadband internet in Asia and the Pacific.
opportunities
Sector: Information and Communication Universal access to information and communication technologies
Technology – ICT Infrastructure is critical in fostering a country’s socioeconomic growth and
development. Over 2 billion people in Asia and the Pacific do not have
Drivers of Private Sector Development access to broadband internet connections, either because they live in
Change: Partnerships areas which are not connected to a terrestrial cable network or because
internet service currently offered is too expensive.
Project Term: 2020 – 2023
Kacific Broadband Satellites Limited was created to provide low-cost,
ADB $25 million high-speed internet access to these unserved and underserved areas in
Financing: Asia and the Pacific which are hard to reach with conventional terrestrial
internet networks. The satellite will be able to operate with standard, low
cost, end-user antennas, and therefore Kacific will be able to offer
internet service at a much lower cost than currently available in the
market. Given that long-term financing for this subsector in this region
remains scarce, the ADB was requested to provide a loan facility for the
project.

75
 CAMBODIA:
ENHANCED IRRIGATION SYSTEMS
Irrigated Agriculture Improvement Project
Development impact: Inclusive economic growth
through agriculture and
irrigation attained
Sector: Agriculture, Natural Resources
and Rural Development -
Irrigation
Drivers of Change: Gender Equity and
Mainstreaming
Knowledge solutions
Partnerships
Project Term: 2020 – 2025
ADB Financing: $117 million
76
PROJECT SUMMARY:
The project will assist the Government of Cambodia to modernize and
improve the climate and disaster resilience of four irrigation systems in
Battambang, Kampong Cham, Kampong Thom, and Takeo provinces
to supply water to 43,500 hectares for almost 300,000 people.
The project will ensure sustainability of these irrigation schemes by
strengthening the institutional and financial capacity of the government
staff and farmer water user communities and improving farming
practices for increased agricultural productivity and crop
diversification. It will also establish a national water resources data
management center, a water resources information system, and an
irrigation asset management system for better water resources
management, planning, operations, and investment.
 INDIA: EXPANDED SUPPLY OF
CLEAN POWER
Solar Transmission Sector Project PROJECT SUMMARY:
Development Increased energy capacity and
impact: supply through renewable India, with its massive population and continuously growing power-
sources hungry economy, has been experiencing power deficits. The lack of a
reliable electricity supply is constraining the country’s growth potential
Sector: Energy - Electricity transmission and making electricity access difficult for 311 million people.
and distribution
Government efforts to address this increasing energy demand include
Drivers of Governance the development of solar parks.
Change: Capacity development
Knowledge solutions The project will improve the capacity and efficiency of interstate
Partnerships transmission networks, particularly in transmitting the electricity
Private sector development generated from the new solar parks to the national grid. Apart from
Project Term: 2017 – 2022 the evacuation of 2,500 megawatts (MW) of power from solar parks
in Bhadla, Rajasthan, and 700 MW from Banaskantha, Gujarat,
ADB $175 million
POWERGRID is also including two additional subprojects that will
Financing:
increase solar power generation by 4.2 gigawatt and lessen carbon
emissions by over 7 million tons every year.

The Solar Transmission Sector Project is also the first project to be

implemented following the usage of agency-level country safeguards
and procurement systems for POWERGRID to speed up processes
while providing autonomy and ownership of the project.

77
 UZBEKISTAN: UPGRADED
RAILWAY INFRASTRUCTURE
Central Asia Regional Economic Cooperation PROJECT SUMMARY:
Corridor 2 (Pap-Namangan-Andijan) Railway
Electrification Project The project will facilitate direct and efficient operation of both freight
Development Level of passenger and freight and passenger train services linking major cities in the Fergana
impact: service railway line improved Valley — home to nearly a third of Uzbekistan’s population — with
Tashkent, the country’s capital. The project will help improve
Sector: Transport - Rail transport (non- transport connectivity and encourage growth and job creation in the
urban) Fergana Valley. It will also increase regional trade along CAREC’s
Drivers of Knowledge solutions Corridor 2 as well as improve environmental and safety performance
Change: of the railway. An expected 10,000 tons of CO2 will be saved every
year as a result of the project.
Project Term: 2017 – 2021
The total project cost is estimated at $177.45 million, with
ADB $80 million O’zbekiston Temir Yo’llari (UTY) — the public railway company —
Financing: and the government contributing $97.45 million. ADB’s investment
will finance supervision consultants, procurement of plant,
procurement of maintenance equipment and machinery, and
procurement of materials for external power supply.
The project is in contribution to the ongoing efforts of UTY and the
government in upgrading Uzbekistan’s Soviet-era railway network. It
builds on the successes of other projects, including one which
recently completed the electrification of a 140 km railway track
between the historical cities of Samarkand and Karshi in the south of
the country.

78
 APPENDIX 2: CONSERVATIVE
FINANCIAL POLICIES
$ bn Lending Headroom

200.0

175.0
67 62
76
150.0 93 85

125.0

100.0

75.0
132 136
116
50.0 102 108

25.0

0.0
2017 2018 2019 2020 Jun-21

Lending Headroom Loans Outstanding, Guarantees, Equity Investments, and Other Debt Securities

Lending Limitation: Under ADB’s lending policy, the total amount of disbursed loans, disbursed equity investments and related prudential buffer,
and the maximum amount that could be demanded from ADB under its guarantee portfolio may not exceed the total amount of ADB’s unimpaired
subscribed capital, reserves, and surplus, exclusive of the special reserve.
Note: Includes other debt securities starting December 2016.

Risk Bearing Capacity: ADB’s capital adequacy framework aims to ensure that large risk events will not lead to a downgrade of ADB’s AAA rating or to
an erosion of investor confidence. The framework is designed to protect the risk-bearing capacity of ADB without relying on callable capital, and to
maintain ADB’s ability to lend even during crises and after a large nonaccrual shock. ADB’s capital utilization ratio as of 30 June 2021 was 69.0%
(69.1% – 31 December 2020), ensuring that the bank remains adequately capitalized to support the planned expansion of its operations.

Conservative Investment Guidelines: The maximum allowable average duration of all investments outstanding is 4 years, while the target policy
duration for the USD core portfolio is 3 years, with +/- one year allowable deviation. ADB’s investment guidelines permit only high-quality instruments
such as government and government-agency debt and highly-rated corporate securities. As a second line of defense, the Office of Risk
Management monitors the investment portfolio on a daily basis and ensures compliance with prescribed limits.

79
 APPENDIX 3:
SAFEGUARD POLICY STATEMENT
 Approved on 20 July 2009, the new Safeguard Policy Statement reaffirms and strengthens ADB’s
commitment to ensuring that borrowers/clients meet ADB safeguard requirements to avoid, minimize,
mitigate and/or compensate adverse impacts of ADB operations on the environment and project-
affected people.

 The policy commits ADB to assessing country safeguard systems, assisting borrowers/clients to
strengthen both their approaches and country capacity to manage environmental and social risks,
and to increasing ADB oversight during implementation.

 As a central part of ADB's mission to promote environmentally sustainable and inclusive economic
growth, the new Safeguard Policy Statement consolidates and builds upon current ADB policies on
Environment, Indigenous Peoples and Involuntary Resettlement that are already applied to all bank-
supported projects in developing member countries (DMCs).

 The policy ensures that ADB’s safeguards are harmonized with other multilateral development banks
and remain relevant to the evolving needs of DMCs and private sector clients.

 The policy contains new provisions on biodiversity conservation, community health and safety, and
physical cultural resources. Key features include emphasis on capacity development of borrowers
and more attention to safeguard implementation and supervision.

 The Safeguard Policy Statement became effective on 20 January 2010. ADB is currently conducting
a comprehensive review and update of the Safeguard Policy Statement.

For further details, please see http://www.adb.org/site/safeguards/main

80
 APPENDIX 4: ANTICORRUPTION

AND INTEGRITY POLICIES
Developing good governance and fighting corruption are core ADB strategic objectives and are crucial to effective, transparent and
accountable aid, to which ADB committed by endorsing the Paris Declaration on Aid Effectiveness.

 ADB’s Office of Anticorruption and Integrity (OAI), an independent body since October 2009, is the initial point of contact for allegations of
integrity violations involving ADB-related activities or ADB staff. Its mission is to ensure ADB and its partners maintain the highest ethical
and professional standards, and prevent resources intended to improve the lives of the poor from being used to line the pockets of the
unscrupulous.

 Any party found to have committed fraudulent, corrupt, coercive, collusive, obstructive practices, or other integrity violations identified by
ADB risks being sanctioned with debarment. Debarred entities are ineligible to participate in ADB-financed, administered or supported
activities. A debarred firm’s ineligibility extends to all employees and officers of a firm, and may extend to other principals and contractual
employees of the firm. Debarred individuals may not participate in ADB-related activity, as individuals or through nomination by an eligible
firm, unless they have completely disassociated themselves with an ineligible firm.

 Following the Harmonized Framework adopted by MDBs in 2006, the Agreement on Cross-Debarment was signed by ADB, the World Bank
Group, the African Development Bank (AfDB), the Inter-American Development Bank (IADB) and the European Bank for Reconstruction and
Development (EBRD) in Luxembourg on 9 April 2010. An important global milestone in the fight against corruption, this Agreement allows
that an entity debarred by one of the participating MDBs be subsequently cross-debarred by the other participating MDBs, and constitutes an
important step in strengthening global anticorruption efforts.

 The base sanction for integrity violations is 3-year debarment. The Integrity Oversight Committee (IOC) may impose a greater or lesser
debarment period depending on the circumstances of each case. The IOC will be guided by the following ranges: 1) First debarments
(including cases where a party has previously been given a reprimand) – 1 year to indefinite for individuals and 1 to 7 years for firms, 2)
Second debarments – up to indefinite for individuals and up to 10 years for firms, 3) Subsequent debarments – up to indefinite for individuals
and up to 20 years for firms.

 In accordance with ADB’s Anticorruption Policy, ADB’s zero tolerance to corruption is linked to broader support for governance and
improvement in the quality and capacities of developing member countries (DMCs), with fraud and corruption detection training given to
government agencies in several of these DMCs.

 ADB also organizes knowledge support activities to improve integrity awareness and skills. Since 2010 it is mandatory for all ADB staff to be
briefed on the importance of fighting corruption and adherence to ADB’s Anticorruption Policy.

For further details, please see http://www.adb.org/site/integrity/main

81
 APPENDIX 5: SHAREHOLDERS
31 DECEMBER 2020
Year of NON-REGIONAL Year of
REGIONAL MEMBERS Rating Rating Rating
Membership MEMBERS Membership
Afghanistan NR/NR 1966 Mongolia B3/B Austria Aa1/AA+ 1966
Armenia Ba3/NR 2005 Myanmar NR/NR Belgium Aa3/AA 1966
Australia Aaa/AAA 1966 Nauru NR/NR Canada Aaa/AAA 1966
Azerbaijan Ba2/BB+ 1999 Nepal NR/NR Denmark Aaa/AAA 1966
Bangladesh Ba3/BB- 1973 Niue NR/NR
Finland Aa1/AA+ 1966
France Aa2/AA 1970
Bhutan NR/NR 1982 New Zealand Aaa/AA+
Germany Aaa/AAA 1966
Brunei Darussalam NR/NR 2006 Pakistan B3/B-
Ireland A2/AA- 2006
Cambodia B2/NR 1966 Palau NR/NR
Italy Baa3/BBB 1966
People's Republic of China A1/A+ 1986 Papua New Guin B2/B-
Luxembourg Aaa/AAA 2003
Cook Islands NR/B+ 1976 Philippines Baa2/BBB+ The Netherlands Aaa/AAA 1966
Fiji B1/B+ 1970 Samoa NR/NR Norway Aaa/AAA 1966
Georgia Ba2/BB 2007 Singapore Aaa/AAA Portugal Baa3/BBB 2002
Hong Kong, China Aa3/AA+ 1969 Solomon Islands B3/NR Spain Baa1/A 1986
India Baa3/BBB- 1966 Sri Lanka Caa1/CCC+ Sweden Aaa/AAA 1966
Indonesia Baa2/BBB 1966 Taipei,China Aa3/AA Switzerland Aaa/AAA 1967
Japan A1/A+ 1966 Tajikistan B3/B- Turkey B2/B+ 1991
Kazakhstan Baa2/BBB- 1994 Thailand Baa1/BBB+ United Kingdom Aa3/AA 1966
Kiribati NR/NR 1974 Timor-Leste NR/NR United States Aaa/AA+ 1966
Republic of Korea Aa2/AA 1966 Tonga NR/NR
Kyrgyz Republic B2/NR 1994 Turkmenistan NR/NR
Lao People's Democratic Rep. Caa2/NR 1966 Tuvalu NR/NR
Malaysia A3/A- 1966 Uzbekistan B1/BB-
Republic of the Maldives Caa1/NR 1978 Vanuatu NR/NR
Marshall Islands NR/NR 1990 Viet Nam Ba3/BB
Micronesia, Fed. States of NR/NR 1990

Note: Moody’s and Standard & Poor’s ratings are as of 30 September 2021. (Source: Bloomberg)
82
 APPENDIX 6:
FINANCING INSTRUMENTS
GLOBAL FUNDING PRIVATE
BENCHMARK BONDS PLATFORMS PLACEMENTS

 Denominated in US Dollar and

Euro  Tailor-fit to meet investor
 Included in various indices: requirements (currency, size, tenor,
 Barclays Capital Global Aggregate Index
In 2, 3, 5, 7, 10, and 20-year structure)
  Citigroup WBIG

maturities  JPM Euro Sterling Index

 Markit iBoxx USD Indices  Theme bonds: Water, Green,
 Typically about $1 billion to $5.0
 UBS Composite Bond Index – Australia Health, Gender, and Education
 UBS Supra-Sovereign Index bonds
billion in size1
Documentation and Clearing
 Issued at least three times a year  GMTN Program - Euroclear and  Uridashi notes
Clearstream; DTC
Documentation
 AUD MTN Program - Austraclear; Euroclear  Retail-targeted bonds
and Clearstream
 GMTN Program  NZD MTN Program – NZ Euroclear and
 Structured notes
Clearstream
Clearing  ACN Programme - CDP; HKMA; BNM;
 Federal Reserve Book-Entry PDEx (if applicable), TDCC; Euroclear and Documentation
System
Clearstream  GMTN Program
 Euroclear and Clearstream  ACNP Program

1/ Green bond global benchmarks are typically $500 million and above.

83
 APPENDIX 7: SOURCES OF
ADDITIONAL INFORMATION
ADB website www.adb.org
Investor relations website www.adb.org/investors
www.adb.org/documents/strategy-2030-prosperous-
Strategy 2030
inclusive-resilient-sustainable-asia-pacific
Country Operations www.adb.org/countries
Annual Reports www.adb.org/documents/series/adb-annual-reports
Funds and Resources www.adb.org/funds
Sectors and Themes www.adb.org/focus-areas
Data and Research www.adb.org/data
Asian Bonds Monitor asianbondsonline.adb.org
News and Events www.adb.org/news
Bloomberg ADB <GO>

84
 Disclaimer
Every effort has been made to ensure the accuracy
of the data used in this publication. Variations in
data in the Asian Development Bank (ADB)
publications often result from different publication
dates, although differences may also come from
source and interpretation of data. ADB accepts no
responsibility from any consequence of their use.

This presentation is for informational purposes only and does not constitute an offer to sell or solicitation
of an offer to buy any ADB securities in any jurisdiction to any person to whom it is unlawful to make such
an offer or solicitation.

- The term “country”, as used in the context of ADB, refers to a member of ADB and does not
imply any view on the part of ADB as to the member’s sovereignty or independent status.

- In this publication, $ refer to US dollars.

85
Fighting Poverty in Asia and the Pacific
Asian Development Bank
Treasury Department
Funding Division
6 ADB Avenue, Mandaluyong City
1550 Metro Manila, Philippines

Email capitalmarkets@adb.org
Investor Website www.adb.org/investors
Bloomberg ADB <GO>
Tel. No. +632 8683-1204
Fax No. +632 8632-4120

All images are from the ADB Photo Library.