Beijing, China, May 09, 2019

AIIB reaches new milestone by pricing debut global bond to unlock financing for infrastructure

  • USD 2.5 billion five-year bond demonstrates investor commitment to driving socio-economic development in Asia.
  • This much-anticipated inaugural transaction in the debt capital markets attracted over 4.4 billion orders from over 90 investors across the globe representing 27 countries.
  • Capital raised will further catalyze sustainable infrastructure development, cross-border connectivity and ESG Investing Principles in Emerging Asia.
  • High-impact transport, water, and clean-energy projects will be among those to benefit from AIIB’s access to the capital markets.

London, UK - The Asian Infrastructure Investment Bank (AIIB) today priced its first global bond. The five-year bond raised USD 2,500,000,000 and will drive AIIB’s priorities of investing in sustainable infrastructure, developing cross-border connectivity, and promoting Environmental, Social and Governance (ESG) investing in Emerging Asia.

The pricing of this bond is the latest milestone for AIIB, now only in its fourth year of operations.  The successful pricing of the global bond highlights investor support for AIIB’s lean, clean and green operating principles as well as recognition of the Bank’s efforts to help its clients meet their commitments under the Paris Agreement and the Sustainable Development Goals.

Thierry de Longuemar, AIIB’s Chief Financial Officer hailed the pricing of the bond as “a landmark transaction for the market,” commenting: “This bond is reflective of investor demand globally for high quality sustainable investments. AIIB’s outlook has always been global with founding members from Asia, Africa, South America and Europe.  We were delighted to see demand from such a diversified group of investors in the book and look forward to showing our global investor base the positive contribution that this capital will have in Asia and beyond.”

The inaugural bond benefits from triple-A ratings from Standard & Poor’s, Moody’s and Fitch, which reflect the Bank’s commitment to the highest standards of governance, enhanced transparency and accountability. AIIB has a Bank of International Settlements 0% risk weighting and its addition to the European Banking Authority’s CRR list of multilateral development banks was recently approved by the European Parliament.

AIIB is committed to best practices and modern risk management; and it has implemented an economic capital and stress test policy framework to manage its capital. This is further supported by a robust policy framework providing for the institutionalization of measured risk-taking decisions by each business line.

“The growing institutional demand for fiscally sustainable, revenue-positive projects and support for AIIB’s unique operating model is evidenced by the almost USD 8 billion of financings already approved by the Bank,” said AIIB President Jin Liqun. “By participating in capital markets, we can harness further financial support from a global investor base, which will enable us to catalyze infrastructure investment and accelerate adoption of ESG Investing Principles in Emerging Asia.”

AIIB funds will focus on, among other things, high-impact investments that promote sustainable development and climate resilient infrastructure. Examples of projects AIIB finances include metro lines in India, clean water projects in Egypt and Indonesia and bringing electricity to rural residents in Bangladesh.

Martine Mills Hagen, Head of Funding added: “Today’s bond pricing is a major milestone for AIIB. It is a testament to the Bank’s recognized credit quality, diverse membership base, liquidity, capital strength, and commitment to putting in place best-in-class governance and risk management. We have met 250 investors over the last 20 months, and we look forward to continuing our conversations with them as well as increasing our investor base. This inaugural transaction is an important first step in the establishment of a diversified funding program with further issuance to follow suit in the near future.”

Lee Cumbes, Managing Director, Head of Public Sector at Barclays said: “Barclays is very proud to lead the inaugural bond for the Asian Infrastructure Investment Bank, helping magnify the entity’s reach and deliver on its potential. This is an impressive first, historic, step towards AIIB’s long term future in the international capital markets, ensuring a presence capable of supporting an important mission in Asia to foster sustainable economic development, create wealth and improve infrastructure connectivity. Congratulations to AIIB.  We are honored to have played our role.”

Tanguy Claquin, Managing Director, Global Head of Sustainable Banking at Crédit Agricole CIB said: “During the preparation of this inaugural bond, AIIB made sure that ESG rating agencies would have the opportunity to understand AIIB’s goal to finance sustainable infrastructure and recognize that it did set up the right governance and organization to reach these goals, including by enshrining these objectives in the bonds Use of Proceeds. This proactive approach on ESG rating agencies has been extremely well received by specialized investors. For such an iconic inaugural trade, it demonstrates the high commitment of AIIB’s management to sustainability and the ever-growing importance of corporate responsibility in Asia. CACIB is proud to have been part of this landmark transaction.”

Alf Costanzo, Managing Director, Head of Fixed Income (Asia) and Origination, Syndicate and Distribution (Europe) at TD Securities said: “An exceptional beginning to AIIB’s funding program, this debut bond offering reflects the superb credit quality and appeal of AIIB. Fixed income investors across the globe demonstrated their commitment to the multilateral development bank sector through the diversified participation in this deal. TD was honored to work on this inaugural deal and we congratulate the AIIB team for a diligently prepared and outstandingly priced transaction.”

Lars Humble, Managing Director, Head of SSA Syndicate at Goldman Sachs said: “We are honored and thrilled to have been involved in the inaugural transaction for AIIB. This landmark transaction is the culmination of a fairly long process involving significant work by the AIIB team and they have been rewarded with such a highly successful transaction, which is a joy to behold. The final pricing outcome of MS+6bps instantly positions AIIB amongst its correct peers as a global supranational. In addition, the global central bank participation demonstrates the breadth and appeal of the credit to the highest quality investors. We’re confident that AIIB will be able to follow with many successful transactions in the future from this auspicious beginning.”

Kenneth J. Madill, Head of Syndicate (EMEA), Debt Capital Markets Centre (EMEA) Bank of China said: ‘It is particularly notable that the deal benefited from early Indications of Interest and anchor orders out of Asia that helped drive the momentum and subsequent pricing of this inaugural landmark global transaction. We are very pleased to have been able to play our part.”

USD 2.5 Billion 5-Year Notes Due 2024

Bond Summary Terms:


Asian Infrastructure Investment Bank (AIIB)



Issue rating:

Aaa / AAA / AAA (stable / stable / stable)


Global (SEC-registered)


USD2.5 billion




May-16-2019 (T+5)


2.25%, Fixed, SA 30/360


MS +6bps, 9.65bp v T 2 ¼ 04/30/24 (spot:100-05+, HR 100%)


99.718,  2.310% (S/A)


USD1k + USD1k


Issuer’s SEC Registration Statement


Issuer ratings available from ISS-Oekom and Sustainalytics


Bank of China, Barclays, CACIB, GSI (B&D) and TD Securities



The notes are expected to be listed on the London Stock Exchange’s regulated market


US04522KAA43 /04522K AA4 / 199379127

Target Market         

For MIFID II purposes, target market is eligible counterparties and professionals only (all distribution channels)


Priced. TOE: 15.37 LDN


Execution Timeline:

  • The Asian Infrastructure Investment Bank (“AIIB”) announced the mandate for its inaugural USD SEC-Registered Global Benchmark at 15:45 LDN on Thursday, May 2, 2019.
  • The next day, AIIB announced it would hold a netroadshow, hosted by AIIB’s Head of Funding Martine Mills Hagen, such that investors could have the latest update on AIIB’s story. There were more than 190 participants on the call, which was held on Monday the following week.
  • At 12:00 noon on Wednesday, May 8, 2019, AIIB invited indications of interest (“IoIs”) on its transaction, with initial price thoughts (“IPTs”) of m/s+8bp area.
  • There was strong interest in the transaction from the onset, and at just before 8:00 LDN the morning of Thursday, May 9, 2019, with IoIs in excess of USD3.25 billion, books officially opened with tightened guidance of m/s+7bp area.
  • The orderbook continued to develop strongly and at 10:16 LDN, with books in excess of USD4.5 billion, the spread was tightened and set at m/s+6bp. Books in EMEA and Asia went subject at 11:00 LDN.
  • At 12:00 LDN, the transaction was launched as a USD2.5 billion, and it was announced US books would close at 14:00 LDN.
  • The transaction priced USD2.5 billion at 15.37 LDN with a spread of m/s+6bp and UST+9.65bp


Investor Distribution:

By Geography By Investor Type
Asia 49% Central Banks and /Official Institutions 67%
EMEA 35% Banks 25%
Americas 16% Fund Manager 5%
  Insurance / Pension

Media Contacts:

Please forward all queries to Individual contacts below – please note time zones.

  • AIIB lead – Beijing (BST+7): Laurel Ostfield, T: +86 13810162871
  • AIIB press office – London: Amanda Kiddle T: +44 7771 389 234; Edel Bach T: +44 7788267702


About AIIB

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, we began operations in January 2016 and have now grown to 97 approved members worldwide. By investing in sustainable infrastructure and other productive sectors in Asia and beyond, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.

This news release is not for public release, publication or distribution, directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

This news release is not an offer of the securities for sale in the United States of America. These securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of these securities in the United States will be made by means of a prospectus that contains detailed information about the issuer and management, as well as financial statements, which prospectus may be obtained from AIIB. A registration statement relating to the public offering of these securities in the United States has been filed with the U.S. Securities and Exchange Commission (SEC) and has become effective under the U.S. Securities Act of 1933, as amended.

This news release may contain forward-looking statements. Statements that are not historical facts are statements about the bank’s beliefs and expectations and may include forward-looking statements. These statements are identified by words such as “expect” and “will” and words of similar meaning. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual financial and other results may differ materially from the results discussed in the forward-looking statements. Therefore, you should not place undue reliance on them. Factors that might cause such a difference include, but are not limited to, those discussed in the registration statement (including a prospectus) that AIIB has filed with the SEC, such as the effects of losses from the bank’s financing or investment activities.

This news release is directed only at persons (i) outside the United Kingdom, (ii) that have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (iii) falling within Article 49(2)(a) to (d) (‘high net worth companies, unincorporated associations, etc.’) of the Order (all such persons together being referred to as “relevant persons”). This news release must not be acted or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

Relevant stabilization regulations including FCA/ICMA apply. 

MiFID II professionals/ECPs only – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels).

* A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.


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Lingxiao He

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+86 10 8358 0683

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