ASIAN DEVELOPMENT BANK — Capital/Financing Update 2020

Mar 17, 2020

Series No.: AUD 008-04-1

Tranche No.: 5

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ASIAN DEVELOPMENT BANK Australian Dollar Medium Term Note Programme

Issue of

A$100,000,000 5.00% Notes due 9 March 2022

(“Notes”)

(to be consolidated, form a single series and be fungible with the A$500,000,000 5.00% Notes due 9 March 2022 issued on 9 March 2012, the A$300,000,000 5.00% Notes due 9 March 2022 issued on 2 October 2012, the A$200,000,000 5.00% Notes due 9 March 2022 issued on 18 July 2017 and the A$100,000,000 5.00% Notes due 9 March 2022 issued on 16 March 2020)

This Pricing Supplement (as referred to in the Information Memorandum dated 21 December 2016 in relation to the above Programme) relates to the Tranche of Notes referred to above. The particulars to be specified in relation to such Tranche are as follows.

The Notes will be issued under the Deed Poll dated 13 February 2006. The terms and conditions of the Notes are set out on pages 13 to 28 of the Information Memorandum dated 20 November 2006 (which apply in lieu of the terms and conditions set out on pages 18 to 35 of the Information Memorandum dated 21 December 2016). The Information Memorandum dated 20 November 2006 is provided for the purposes of giving information in relation to the terms and conditions of the Notes only. Any other information contained in that Information Memorandum is accurate only at 20 November 2006.

The Issuer is not a bank which is authorised under the Banking Act 1959 of Australia. The Notes are not the obligations of any government and, in particular, are not guaranteed by the Commonwealth of Australia.

1	Description of Notes:	Notes
2	Issuer:	Asian Development Bank
3	Lead Manager and Dealer:	Nomura International plc

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• 4 Registrar: Reserve Bank of Australia 5 Type of Issue: Syndicated Issue

• 6 Currency:

• of Denomination: A$

• of Payment: A$

• 7 Aggregate principal amount of A$100,000,000 Tranche:

• 8 If interchangeable with existing Series:

• To be consolidated, form a single series and be fungible with the A$500,000,000 5.00% Notes due 9 March 2022 issued on 9 March 2012, the A$300,000,000 5.00% Notes due 9 March 2022 issued on 2 October 2012, the A$200,000,000 5.00% Notes due 9 March 2022 issued on 18 July 2017 and the A$100,000,000 5.00% Notes due 9 March 2022 issued on 16 March 2020.

• 9 Issue Date: 20 March 2020

• 10 (i) Issue Price:

  • 107.907% of the aggregate principal amount of the Tranche plus A$149,000 on account of accrued interest for 11 days from and including 9 March 2020 to but excluding 20 March 2020.

• (ii) Net Proceeds: A$107,994,000

• 11 Denomination(s):

• A$1,000, subject to the requirement that the amount payable by each person who subscribes for Notes when issued in Australia must be at least A$500,000.

See Condition 3.1 as set out in the Information Memorandum dated 20 November 2006 for details of the restrictions on transfer of the Notes.

• 12 Definition of Business Day:

A day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in Sydney.

• 13 Interest:

• (a) If Interest bearing:

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	(i)	Interest Rate:	5.00% per annum paid semi-annually in arrear.
	(ii)	Interest Amount	A$25.00 per Note of A$1,000 denomination,
			payable on a semi-annual basis.
	(iii)	Interest Payment Dates:	9 March and 9 September of each year,
			commencing on 9 September 2020 up to and
			including the Maturity Date.
	(iv)	Interest Period End Dates:	9 March and 9 September of each year,
			commencing on 9 September 2020 up to and
			including the Maturity Date, subject to no
			adjustment.
	(v)	Applicable Business Day	Following
		Convention:
	-	for Interest Payment Dates:	As above
	-	for Maturity Date:	As above
	-	for Interest Period End Dates:	Not applicable
	-	any other dates:	As above
	(vi)	Day Count Fraction:	RBA Bond Basis
	(vii)	Interest Commencement Date	9 March 2020
		(if different from the Issue
		Date):
	(viii)	Minimum Interest Rate:	Not applicable
	(ix)	Maximum Interest Rate:	Not applicable
	(x)	Issue Yield:	0.94% (semi-annual compounding)
	(b)	If non-interest bearing:
	(i)	Amortisation Yield:	Not applicable
	(ii)	Amortisation Yield
		compounding method for
		calculation of Amortised Face
		Amount:	Not applicable
14	Maturity Date:		9 March 2022
15	Maturity Redemption Amount:		Outstanding Principal Amount

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• 16 Early Termination Amount: Outstanding Principal Amount

• 17 Listing:

Australian Securities Exchange

• 18 Any Clearing System other than Austraclear System. Austraclear:

Interests in the Notes may also be traded through Euroclear and Clearstream, Luxembourg as set out on page 11 of the Information Memorandum dated 21 December 2016.

• 19 Other Conditions:

Not applicable

• 20 Additional Selling Restrictions:

The Selling Restriction for Singapore set out in the Information Memorandum dated 21 December 2016 is amended as set out in the Schedule to this Pricing Supplement.

• 21 Foreign Securities Number (ISIN/Common Code):

• 22 Calculation Agent:

• ISIN: AU0000ATBHI7

Common Code: 075580711

• Not applicable

• 23 Recent Developments:

• On 22 April 2019, Ahmed M. Saeed succeeded Stephen P. Groff as Vice-President for Operations 2.

On 4 May 2019, ADB’s Board of Governors approved the following with respect to its 2018 reported net income of U.S.$726.1 million, after appropriation of guarantee fees to the special reserve:

• (a) U.S.$139.0 million, representing adjustments for the net unrealized loss for the year ended 31 December 2018, be added from the cumulative revaluation adjustments account;

• (b) U.S.$23.7 million, representing the adjustment to the loan loss reserve as of 31 December 2018, be added to the loan loss reserve;

• (c) U.S.$499.0 million be allocated to the ordinary reserve;

• (d) U.S.$259.4 million be allocated to the Asian Development Fund;

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• (e) U.S.$80.0 million be allocated to the Technical Assistance Special Fund; and

• (f) U.S.$3.0 million be allocated to the Financial Sector Development Partnership Special Fund.

On 17 January 2020, Masatsugu Asakawa succeeded Takehiko Nakao as President.

CONFIRMED

ASIAN DEVELOPMENT BANK

By: ........................................................

Name: MARIA A. LOMOTAN Title: Assistant Treasurer Date: 18 March 2020

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SCHEDULE

SINGAPORE SELLING RESTRICTION

The Singapore selling restriction set out in paragraph 6 of the section entitled “Selling Restrictions” in the Information Memorandum dated 21 December 2016 is deleted and replaced with the following:

“ 6 Singapore

This Information Memorandum has not been and will not be registered as a prospectus with the Monetary Authority of Singapore (“ MAS ”) under the Securities and Futures Act, Chapter 289 of Singapore, as amended (“ SFA ”). As the Issuer is an international financial institution in which Singapore holds membership, pursuant to Section 279 of the SFA, Subdivisions (2) and (3) of Division 1 of Part XIII of the SFA shall not apply to an offer of the Notes to persons in Singapore and, accordingly, no prospectus is required to be registered with the MAS in relation to any such offer of the Notes.

Each Dealer has represented and agreed that it has not offered or sold and will not offer or sell the Notes, whether directly or indirectly, to any person in Singapore other than to (a) an accredited investor, (b) an expert investor, (c) an institutional investor, or (d) any other person that is not an individual (as such terms are defined in the SFA).”

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