MANILA - The Asian Development Bank (ADB) said on Thursday that it returned to the US dollar bond market with the pricing of a 3.5 billion 5-year global benchmark bond issue, proceeds of which will be part of ADB's ordinary capital resources.

"The transaction was our first global benchmark outing of the year and the timing pleased our investor base," ADB Treasurer Pierre Van Peteghem said in a statement.

"We watched as the first wave of sovereigns, supranationals, and agencies supply was well absorbed by the market and secondary marks tightened steadily reflecting solid performance. ADB's decision to go out was duly rewarded with a strong orderbook that held together at the tightest pricing for a 5-year global benchmark bond so far in 2019," he added.

The Manila-based bank said the 5-year bond, with a coupon rate of 2.625 percent per annum payable semi-annually and a maturity date of Jan 30, 2024, was priced at 99.498 percent to yield 14.9 basis points over the 2.625 percent US Treasury notes due December 2023.

"With over 80 investors taking part, the issue achieved wide primary market distribution with 44 percent of the bonds placed in Asia, 41 percent in Europe, Middle East, and Africa, and 15 percent in the Americas," the ADB said.

By investor type, the ADB said 54 percent of the bonds went to central banks and official institutions, 36 percent to banks, and 10 percent to fund managers and other types of investors.

ADB plans to raise around $23 billion from the capital markets in 2019.