Asian Development Bank (ADB) (AAA/Aaa/AAA) launched the first Kauri bond of 2020, on 14 January. The five-year, minimum NZ$200 million (US$132.6 million) transaction is being marketed at 33 basis points area over mid swap, equivalent to 42.5 basis points area over New Zealand government bond. BNZ and TD Securities are joint lead managers for the deal, which is expected to price on the day after launch.