Treasury and Capital Markets

Overview
About Treasury
Investor relations and Funding
Local currency financing and financial market development

Disclaimer: 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.

With over 30 years of experience, the EBRD plays a significant role in the international capital markets through a broad range of activities.

Our Treasury department is involved in:

funding
financing the EBRD's projects, conservatively investing the Bank's capital and liquidity, actively managing interest rate and FX risk,
development of local financial markets and the provision of local currency funding
structuring and advisory for client projects.

The Bank has established conservative operational and lending guidelines, which are reflected in its AAA/Aaa/AAA credit rating. By maintaining prudent capital and liquidity levels, and with strong shareholder commitment, the EBRD offers its investors the highest quality assets.

Capital Markets and EBRD's Issuance

Investor information

We are an established provider of debt products that are flexible and suit the individual needs of investors.

Socially Responsible Investments

EBRD strives for a high standard of sustainable development in all its operations.

Bonds issued

The EBRD is an established debt issuer in the capital markets.

Local currency issuance

The EBRD's local currency issuance assists in the development of domestic capital markets in the Bank's countries of operations.

Contact the Treasury

Axel van Nederveen, Treasurer

Telephone:

+44 20 7338 7370

Email:

vannedea@ebrd.com

Isabelle Laurent, Deputy Treasurer & Head of Funding

Telephone:

+44 20 7338 6129

Email:

laurenti@ebrd.com

The EBRD Treasury is organised into six main business areas combined with a Treasury-wide quantative analytical support unit and market data administrator. The six main units are: Funding, Portfolio Management - Credit, Hard Currency Balance Sheet Management, Local Currency Balance Sheet Management, Client Solutions Group, Equity Capital Markets.

Funding

The EBRD has issued in 60 different currencies, including "vanilla" benchmark bonds, green bonds, social bonds and structured, tailor-made products. The Bank's debt instruments take the form of eurobonds, global bonds and domestic issues in selected markets.

Portfolio Management - Credit

The Portfolio Management-Credit desk manages the long-term credit portfolio of the Bank. The portfolio is managed with the dual objective of protecting the Bank’s capital and optimising returns on the portfolio within defined market, liquidity and credit risk parameters, as well as with due consideration of sustainability risks. In taking exposures, the Bank is guided by the principles of conservative and responsible investment, expressed through the credit quality and, increasingly, through the ESG characteristics of assets invested.

Hard Currency Balance Sheet Management

The Hard Currency Balance Sheet Management (HCBSM) group has functional responsibility for the management of all financial hard currency risks in the Bank’s balance sheet. It is organised along three core activities:

Managing the interest rate and currency composition of the Bank's balance sheet;
Investing in a highly liquid pool of government securities that form part of the liquidity pool of the Bank; and
Raising and managing short dated liquidity, including through ECP issuance and investing in short dated assets.

Local Currency Balance Sheet Management

The Portfolio Management – EMEA Group is the nexus for the local currency operations of EBRD’s Treasury. The desk has functional responsibility for the management of all financial risks to the Bank associated with the Bank’s local currency activities.The core function of Portfolio Management – EMEA is the management and provision of liquidity in support of the Bank’s local currency lending activities. As such the team manages EBRD's local currency interest-rate, FX and liquidity risks.Furthermore, as the core of practical financial markets expertise in the Bank the Portfolio Management – EMEA desk leads the policy dialogue to support the creation of an efficient interest transmission mechanism. As such it is involved in supporting policy dialogue on monetary policy design and implementation and all elements that support the local banking system being able to manage the risks associated with a more dynamic interest and FX market. As such, the team leads the Bank’s work to develop money and derivatives local currency markets.

Client Solutions Group

The Client Solutions Group (‘CSG’) is both an advisory and transaction group which focuses on the Bank’s clients across its countries of operations. It provides structuring expertise, advice and execution services on all derivative and debt capital market products. CSG is by definition focused on the provision of prudent, sustainable financing solutions to clients and offers robust financial risk management expertise to the Banking division. The product range includes financial derivatives (FX, interest rate and commodity), debt capital market execution services as well as advising on local currency lending and guarantees.

CSG also advises on LIBOR transition. Find out information on LIBOR transition and the EBRD-proposed LIBOR Replacement Rate in loan agreements.

Equity Capital Markets

ECM is in charge of the execution of all equity capital market transactions – investments and divestments - undertaken by the Bank. An important part of its function is to provide market intelligence and insight to the Equity Committee and other forums. Working with the Equity and Risk teams, it is involved in the active monitoring and management of the Bank’s listed equity portfolio.

Treasury Organisational Chart

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Funding

Capital Markets and EBRD's Issuance

Investor information

We are an established provider of debt products that are flexible and suit the individual needs of investors.

Socially Responsible Investments

EBRD strives for a high standard of sustainable development in all its operations.

Bonds issued

The EBRD is an established debt issuer in the capital markets.

Local currency issuance

The EBRD's local currency issuance assists in the development of domestic capital markets in the Bank's countries of operations.

Overview

To be able to offer affordable local currency loans in incomplete markets with features that meet borrowers’ needs, EBRD:

Develops where it can liquidity pools, allowing to depart from back-to-back financing
Raises local currency financing via a mix of instruments including swaps and bond issuances
Participates in domestic markets with domestic counterparties.

Most of our Countries of Operation have bank dominated financial systems, who can lack the tools to manage the financial risks on their balance sheet. Participating in domestic markets is both key to manage liquidity pools and help develop domestic markets. In order to operate more efficiently in local markets, we support local market development. This in turn supports sustainable growth of local currency financing capacity for all market participants, which enhances financial stability

Monetary policy advice,
Deepening of money markets,
Money market indices
Development of derivative markets,
Legal and regulatory reform
Valuation tools
Capacity building

Related resources

Framework for Developing Money Markets in Frontier and Emerging Market Economies (English)

PDF format / 2.36 MB

Download

Framework for Developing Money Markets in Frontier and Emerging Market Economies (Russian)

PDF format / 3.11 MB

Download

Barry Eichen's green paper on developing ‘Local Markets’

PDF format / 0.18 MB

Download

Financial market development in Georgia

PDF format / 1.70 MB

Download

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Treasury and Capital Markets

Capital Markets and EBRD's Issuance

Investor information

Socially Responsible Investments

Bonds issued

Local currency issuance

Contact the Treasury

Funding

Portfolio Management - Credit

Hard Currency Balance Sheet Management

Local Currency Balance Sheet Management

Client Solutions Group

Equity Capital Markets

Related

Funding

Capital Markets and EBRD's Issuance

Investor information

Socially Responsible Investments

Bonds issued

Local currency issuance

Overview

Related resources