New Development Bank Issues USD 1.75 Billion 3-Year Benchmark Bond

On July 16, 2026, the New Development Bank (NDB) priced a USD 1.75 billion 3-year benchmark bond, issued in the international capital markets under the Bank’s USD 50 billion Euro Medium Term Note (EMTN) Programme. The bond was priced at SOFR plus 39 basis points, with a coupon of 4.375%.

The issuance received robust demand from a broad range of investors, with 65% allocated to Asia-Pacific (APAC), 32% to Europe, the Middle East and Africa (EMEA), and 3% to the Americas. By investor type, Banks accounted for 49%, Central Banks and Official Institutions for 37%, Hedge Funds/Brokers/Others for 12%, and Fund Managers/Corporations for 2%. The issuance was 1.8 times oversubscribed, with the final order book exceeding USD 3.2 billion.

“Investor participation in the USD 1.75 billion 3-Year benchmark bond issuance demonstrates strong market confidence in the New Development Bank’s robust credit standing and its development mandate of mobilizing resources for infrastructure and sustainable development projects in NDB member countries and other emerging economies and developing countries. The bond issuance also underscores NDB’s access to diversified sources of international capital,” said Mr. Daopeng Fu, Vice-President and Chief Financial Officer of NDB.

The bond will be listed on the London Stock Exchange and Nasdaq Dubai.

Bank of China, Credit Agricole CIB, Daiwa Capital Markets, ICBC, Standard Bank and Standard Chartered Bank acted as Joint Lead Managers for the transaction.