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Local currency issuance


The EBRD's local currency issuance assists in the development of domestic capital markets in the Bank's countries of operations. The key advantages of such issues are:

  • a triple-A credit curve gives corporations wishing to access the market an alternative pricing benchmark to the government curve
  • innovative techniques used by the Bank help to foster the overall development of the market
  • providing a triple-A conduit allows new investors to gain exposure to the local market, allowing the dissociation of credit and currency allocation risks.This is often a precursor to these investors participating in the local government and corporate/bank debt market
  • for domestic investors, an issue by the EBRD provides an opportunity for credit diversification in their portfolios


GEL 50 million domestic bond
EBRD marked an historic milestone in Georgia with the first-ever bond issue by an international financial institution in Georgian lari. The two-year bond totaling 50 million lari (€20.7 million) is the first bond placed by the foreign issuer in Georgia and also represents the first floating rate note on the domestic market.

AMD 2 billion domestic bond
The Bank has issued its first-ever bond in Armenian Dram (AMD), helping to drive forward the development of the local capital market and providing funds for the EBRD’s own lending to the Armenian economy in local currency. The one-year bonds for a total of AMD 2 billion (approximately USD $5 million) were placed via an auction on the NASDAQ OMX Armenia exchange in Yerevan on 31 January.

RUB 1 billion domestic bond
EBRD places 5-year RUB 1 billion bond linked to DJ-UBSCISM commodity index

RUB 7 billion domestic bond
The Bank placed an eight-year, capital-protected RUB 7 billion bond whose final return is linked to the performance of the Russian Depository Index.

RUB 3.5 billion and RUB 3.5 billion domestic bonds
The Bank executed two new long term domestic issues denominated in RUB. Both transactions are 8-year public deals each with a principal amount of RUB 3.5 billion.

The offerings have an issue price of 100% and will mature at 100% on 28 September 2018.  The notes, which carry a 0.015% coupon payable annually also pay a supplementary final coupon linked to the performance of a basket of commodities comprising gold, silver and platinum

RUB 5 billion and RUB 3 billion domestic bond
The Bank returned to the Russian capital market in 2009 with the launch of two rouble bond issues, underscoring its commitment to the development of the domestic capital market and supporting its strategy of local currency lending in Russia. 

The five-year RUB 5 billion and RUB 3 billion Floating Rate Notes (FRN) are linked to MosPrime.

More information about the RUB 5 billion (2005) RUB 5 billion (2006) and RUB 7.5 billion (2006) including Terms and Conditions.

RON 130 million domestic/international bond
In February 2009 EBRD launched its inaugural issue in Romanian leu which was increased in May 2009. The offering represented the first ever bond to be launched simultaneously in the Romanian and the international markets and the first ever tap issue in Romania. The 10-year issue is cleared through Clearstream, Euroclear and the Romanian Central Depository. Bonds are listed on both the Bucharest Stock Exchange and the London Stock Exchange. This issuance, which forms part of the Bank’s strategy to assist in the development of the capital markets in Romania, enabled the Bank to access the domestic Romanian investor base, in addition to capturing demand for RON from the international investment community. More information about this transaction (33KB - PDF)

RUB 3.5 billion global bond
In December 2007 the EBRD issued a three-year Russian Rouble Global bond which pays a coupon of 6.50 per cent. The bond aimed at international investors was increased twice, which brings the total issue size to RUB 3.5 billion (€ 96.4 million).

RUB 6.5 billion eurobond
In January 2007 the Bank launched a 2 billion rouble fixed rate eurobond which has a 5-year maturity and pays a coupon of 6 per cent. The issue was increased six times, which brings the total issue size to RUB 6.5 billion. The bonds are cleared through Clearstream and Euroclear.

HUF 13 billion eurobond
In September 2004 the Bank issued a two year Hungarian forint bond with a 10 per cent coupon. The issue sent a positive message to the market, signalling that investors had expectations of the strengthening of the Hungarian currency and that interest rates were starting to fall.

HUF 10 billion eurobond
In January 2004 the Bank launched a Hungarian forint 10 billion Eurobond issue with a five year final maturity.  The issue, which was well-received by the investment community, took advantage of demand for Hungarian Forint assets from retail and institutional investors in continental Europe ahead of Hungary's accession to the European Union. 

SKK 1.3 billion eurobond
In October 2002 EBRD launched a Slovakia koruna 1.3 billion zero-coupon bond with a 15 year final maturity.  This was placed with domestic institutional investors seeking duration through a AAA asset. The EBRD had not issued in the Slovakia koruna market since 1999, consequently this transaction built on the reputation already established by the EBRD in this market.

RUB 1,581 million promissory notes
In December 2001, the Bank transacted its inaugural issue of Russian rouble denominated debt targeted to Russian investors. It sold RUB 396 million of zero coupon promissory notes with a three month final maturity. Subsequently it has issued five similar tranches of notes, most recently in March 2003. With this programme, the EBRD was the first international financial institution to borrow in the domestic Russian market, where it is currently seeking to strengthen its capital market activities and to offer highly rated assets to investors, in order to meet its need for rouble financing.

CZK 4 billion eurobond
The Bank launched its first Czech koruna issue in two years in November 2001. The CZK 2 billion zero coupon issue, subsequently tapped for a further CZK 2 billion, had a 15-year maturity. It took advantage of renewed investor appetite for CZK assets, owing to a scarcity of 15 year Czech government new issue supply, and the success of the issue was underlined by the subsequent increase.

HUF 20 billion global bond
In June 2001 the EBRD issued the first-ever global bond denominated in Hungarian forint. The HUF 20 billion bond has a one-year maturity, carried a coupon of 9.25 per cent and was priced to yield 9.55 per cent. The financing followed the Hungarian government's decision to relax restrictions on the country's HUF foreign exchange laws. The issue was part of the EBRD’s normal funding programme and, most importantly, it was a strong signal of the Bank’s ongoing commitment to the Hungarian capital markets.

PLN 1 billion global bond
In November 2000 the EBRD issued the first-ever Polish zloty 1 billion global bond, building on its success in the Polish market over a long period. With more than 18 issues in the Polish market since its inception, including the first-ever “true” (non-synthetic) eurobond in September 1999 and the first synthetic issue in January 1996, the Bank has maintained a leading presence in the Polish capital markets.

EEK100 million eurobond
The Bank launched an Estonian kroon 100 million eurobond issue in 1999 with a three year final maturity.

Related links and documents

Local currency financing presentation (1MB - PDF)

Презентация Финансирование в национальных валютах (1MB - PDF)


Mosprime rates

MosPrime rate presentation (155KB - PDF)

Презентация MosPrime rate (471KB - PDF)

EBRD issuance in local currencies (chart) (6KB - PDF)

Local currency issued bonds (table) (20KB - PDF)

Considerations for Local Currency Operations (166KB - PDF)

Last updated 19 October 2010


Nothing in this site or any materials shall be construed, implicitly or explicitly as containing any investment recommendation or advice, and constituting an offer of, or an invitation by or on behalf of, EBRD to purchase or sell any securities.