Scarcity of water hits Metro Cebu

MANILA (AFP) - The Asian Development Bank said Wednesday it has issued a five billion-Philippine peso bond, its second since October 2005.

With a five-year maturity and a fixed rate of 5.23 percent, the issue was oversubscribed among institutional investors including banks, pension funds, insurance companies, fund managers and trusts, the Manila-based lender said in a statement.

Proceeds will support the bank's non-concessional lending operations.

"This bond issue is another milestone in ADB's commitment to develop regional bond markets," said ADB treasurer Mikio Kashiwagi.

"It accentuates ADB's confidence in the Philippine capital markets and we are very grateful for the support of the Philippine authorities in making this transaction possible."

Since early 2004, ADB has launched market-opening local currency bond deals in China, India, Malaysia and Thailand.