The Asian Infrastructure Investment Bank (AIIB, AAA/Aaa/AAA) has completed its 2025 public funding program with the successful issuance of a 3-year SEC-registered USD benchmark bond.
The USD2 billion transaction attracted an order book in excess of USD6.2 billion from more than 110 investors, enabling a 3-basis point tightening to price at a reoffer spread of +31 basis points versus mid swaps, equivalent to 3.5 basis points above U.S. Treasuries. This brings year to date funding to USD9.5 billion and completing 95 percent of the Bank’s annual program.
Priced on September 3, this was AIIB’s third USD benchmark in 2025 following earlier 5-year and 10-year transactions. It marks the first time the Bank has issued three USD benchmarks in a single calendar year, strengthening AIIB’s USD curve and reinforcing the Bank’s commitment to maintaining a robust and liquid curve.
“We are thrilled to conclude the 2025 funding program with such a strong result,” said Domenico Nardelli, Treasurer at AIIB. “This year, AIIB has completed nine benchmark issuances across seven currencies, reflecting exceptional support from our global investor base and their confidence in AIIB’s mission.”
“Our objective for 2025 was to issue three USD benchmarks across the curve and we have achieved this with consistently strong investor demand,” added Darren Stipe, AIIB Head of Funding. “The resilience of the SSA bond market, even against tightening spreads to U.S. Treasuries, highlights the strength of investor support.
Key Transaction Terms
Issuer |
Asian Infrastructure Investment Bank (“AIIB”) |
Rating * |
Aaa/AAA/AAA (Moody’s, S&P and Fitch), all stable |
Issue Amount |
USD 2,000,000,000 |
Status |
Direct and Unsecured |
Pricing Date |
3 September 2025 |
Settlement Date |
10 September 2025 (T+5) |
Maturity Date |
15 September 2028 |
Coupon |
3.625%, Semi-Annual, 30/360, Following, Unadjusted |
Re-offer Spread to mid swaps |
+ 31bps |
Re-offer Price |
99.934 |
Re-offer Yield |
3.648% |
ISIN |
US04522KAR77 |
Listing |
London Stock Exchange’s Main Market |
Lead Managers |
HSBC, Morgan Stanley, RBC Capital Markets, TD Securities |
Investor Distribution
By Investor Type |
|
Central Banks/Official Institutions |
59% |
Bank Treasuries |
30% |
Asset Managers/Pension Funds |
11% |
By Investor Region |
|
EMEA |
44% |
Americas |
30% |
APAC |
26% |
About AIIB
The Asian Infrastructure Investment Bank is a multilateral development bank dedicated to financing “Infrastructure for Tomorrow,” with sustainability at its core. AIIB began operations in 2016, now has 110 approved members worldwide, is capitalized at USD100 billion and is AAA-rated by major international credit rating agencies. AIIB collaborates with partners to mobilize capital and invest in infrastructure and other productive sectors that foster sustainable economic development and enhance regional connectivity.
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