LONDON - The Asian Development Bank (ADB) plans to issue a $3 billion five-year bond after investor demand reached more than $5 billion, IFR reported on Thursday.

Guidance has tightened to mid-swaps plus 40 to 43 basis points from an initial level of plus around 45 basis points, said IFR Markets, a Thomson Reuters online news and market analysis service.

Deutsche Bank, HSBC, JP Morgan and Morgan Stanley are managing the transaction, IFR said.