In accordance with its mandate to stimulate and encourage the development of capital markets in its countries of operations, the Bank issued a RUB 5 year domestic floating rate note in April 2009. This was EBRD’s first appearance in the domestic bond markets since 2006, and the demand for MosPrime-linked investments allowed the Bank to price the initial coupons at a margin below MosPrime for the first time. The margin of 25 basis points below MosPrime was set for the first four quarterly coupons, which reduces to 12.5 basis points below MosPrime in the second year, reverting to MosPrime flat thereafter. This was followed up by a second 5-year transaction for RUB 3 billion, which was oversubscribed, allowing the Bank to achieve a deeper spread of 55 basis points below MosPrime for the initial coupons.
As with its previous domestic rouble bonds, these 2 bonds are listed and traded on the Moscow Interbank Currency Exchange (MICEX) and qualify for use in repo transactions with the Central Bank.
18 June 2009: RUB 3,000,000,000 floating rate note linked to MosPrime
15 April 2009: RUB 5,000,000,000 floating rate note linked to MosPrime