The EBRD issues USD 2 billion 4.250% Global Benchmark due May 2031

Transaction Highlights

On Thursday 21st May 2026, the European Bank for Reconstruction and Development (“EBRD”), rated Aaa/AAA/AAA/AAA all stable (Moody’s/S&P/Fitch/Scope) successfully priced a new USD 2 billion 5-year Global Benchmark due May 2031, the Bank’s first USD fixed rate benchmark bond issuance since March 2024 and achieved its tightest ever pricing to US Treasuries.

Encouraged by a positive market backdrop, the mandate for a new EBRD USD 5-year benchmark transaction was announced on Wednesday 20th May at around 1.40pm UKT with Initial Pricing Thoughts of SOFR MS+32bps area. The transaction received meaningful interest from the outset and Indications of Interest built steadily throughout the European and US sessions and into the Asian morning the following day.

By Thursday morning books had exceeded USD 3.2 billion (excluding JLM interest) enabling the Bank to release guidance at SOFR MS+30bps area, 2bps inside IPTs.

Despite the spread revision the momentum continued to grow, and at around 10.10am UKT the spread was set a further 1bp tighter at SOFR MS+29bps, at which point books were in excess of USD 4.8 billion (excluding JLM interest). At around 1.50pm UKT final terms were released with the size of the new issue set at USD 2 billion.

Global books closed with final orders in excess of USD 4.9 billion (excluding JLM interest) from more than 80 investors. The transaction was priced at 3.19pm UKT with a re-offer yield of 4.305%, equivalent to a spread of 2.8bps vs UST, the tightest re-offer spread vs US Treasuries achieved by the Bank.

The issuance attracted a broad and high-quality investor base, including Central Banks and Official Institutions (41%), Banks (41%), and Asset Managers (14%). Distribution was well diversified across geographies, with Americas (47%), EMEA (28%) and APAC (25%).

The success of the transaction underscores EBRD’s credit strengths and furthers its unique mandate to support the transition to market-oriented economies and the promotion of private and entrepreneurial initiative in its countries of operation across three continents.

This transaction was joint-lead managed by BMO, Citi, Daiwa and Goldman Sachs International.