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The EBRD is renowned for its flexibility and the diversity of its debt products. The timing and nature of the EBRD's issuance is driven by opportunities that arise across all markets. The proceeds of transactions are typically swapped into a floating US Dollar LIBOR or EURIBOR pool, to facilitate asset and liability management. However, owing to rising demand for local currency financing, the EBRD increasingly holds proceeds in the currencies of its countries of operations.
The EBRD will continue to follow three paths:
Under the 2014 Borrowing Programme EBRD is expected to borrow up to €6 billion.
The EBRD actively supports its own debt in the secondary market. By offering investors a bid for its bonds, the Bank seeks to enhance their liquidity and trading performance.
In the case of private placements, the EBRD commits to being the buyer of last resort, and allows investors to restructure notes to reflect a changed investor market view.
EBRD's commitment to buy back its bonds, which has been critical for private placement investors over the years, has resulted in the Bank repurchasing 11 per cent of its debt. In the current climate, with market illiquidity, this undertaking has never been more important.
The EBRD draws on its extensive and varied experience in the issuance of structured debt products to execute transactions that satisfy investors' needs. In all our issues a great deal of care is taken to ensure that investors' interests are protected.
Past structured issues have included:
Local Currency Bond Issuance
The EBRD issues bonds in the currencies and markets of its countries of operations as part of its mandate to stimulate and encourage the development of capital markets, as enshrined in the Agreement establishing the Bank.
More about Local currency funding.
EBRD has also played an active and innovative role issuing in other markets, such as South African Rand, New Taiwan Dollars, Turkish Lira, Mexican Peso and Brazilian Real. The Bank has issued in more than 40 different currencies.
Last updated 29 December 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.