North American Development Bank Completes $250 Million Bond Issuance
The North American Development Bank (NADB), a San Antonio-based international financial institution, has completed a US$250 million bond issuance. BNP Paribas and BofA Merrill Lynch jointly managed the issuance. The bond will mature on October 26, 2022 and pay a coupon rate of 2.40%. Net proceeds will be used to fund NADB's lending operations.
Established in 1994, the NADB makes loans and grants and provides technical assistance for the development of infrastructure that promotes a clean and healthy environment in the U.S.-Mexico border region.
“We are pleased with this transaction which was very well received by the market. This is a reflection of NADB's credit ratings, Aaa and AA+ by Moody's and Standard & Poor's, respectively,” stated NADB Managing Director Gerónimo Gutiérrez, adding, “The terms obtained by NADB will ultimately benefit our project sponsor communities throughout the U.S.-Mexico border region.”
The North American Development Bank is a financial institution established and capitalized in equal parts by the United States and Mexico for the purpose of financing environmental infrastructure projects along their common border. As a pioneer institution in its field, the Bank works to develop environmentally and financially sustainable projects with broad community support in a framework of close cooperation and coordination between Mexico and the United States.
More information regarding the NADB and its operations can be obtained at www.nadb.org.
North American Development Bank
Juan Antonio Flores, 210-231-8000