EBRD may place Eurobonds in rubles
MOSCOW. Nov 5 (Interfax) - The European Bank for Reconstruction and Development (EBRD) has tapped Raiffeisen Bank International as its organizer for a possible placement of ruble-denominated Eurobonds, Raiffeisenbank said in a statement for investors.
The placement timeframe will depend on market conditions. The securities are slated to be placed at a floating rate pegged to the ROISFix rate.
ROISfix is an index based on RUONIA Overnight Interest Rate Swaps. This would be the first time it has been used as an indicative Eurobond rate. The rate is set by the National Forex Association on the basis of quotations offered by fixing operators.
Instruments carrying the ROISFix rate are attractive to investors because they confer the right to use them in Central Bank of Russia REPO operations.
The EBRD placed a 7.5 billion ruble floating-rate note issue at 45 basis points over the three-month ROISFix rate back in January. Raiffeisen Bank International was the organizer then, too.
The bank also placed $1 billion worth of seven-year Eurobonds at 99.496% of face value and with a semiannual coupon rate of 1.5% per annum, which yields 1.575% per annum. The leading organizers of the issue were JP Morgan, HSBC, Morgan Stanley, and RBC Capital Markets. The co-organizers were BNP Paribas, Citigroup, Daiwa Capital Markets, Deutsche Bank, and TD Securities.
